When you talk to Jayant Ramchandani, you immediately get a sense that he thinks in terms of systems.  With training as an engineer and experience as an entrepreneur and executive, Ramchandani has seen enough mistakes being made when people extrapolate from isolated incidents; instead, he suggests, we have to understand how each gear connects to each wheel, in order to make wise decisions in both business and life.

The IIT and Stanford-educated leader has set his sights on the Payments industry as an area where this approach can help usher in a new paradigm.  Despite years of tech-talk and hyperbolic assertions, many areas in the Payments ecosystem remain error-prone, friction-laden and cumbersome to the point of failure.  Other elements work as-is but otherwise create real problems for users. 

Within Payments, what is known as “Gig Work” continues to confound.  With over 10% of the US workforce now employed fully in Gig Work, 34% using gigs to supplement income, and Gig Work contributing 7% of US GDP, it is no longer a fringe or corner case to be solved for.  Much more is at stake.

Ever the systems-thinker, Ramchandani asks “How can we use innovations in both technology but also business architecture to help Gig Workers get paid immediately after a task is completed?”  The question, though it might appear anodyne, is a fundamental one.  After all, for people who are in an unstable or precarious financial situation, the notion of “paycheck to paycheck” doesn’t cut it.  A vast swath of Americans need to be paid much more regularly. 

According to Ramchandani, systems-thinking requires its counterpart in a technology platform in order to accommodate scenarios like task-by-task payments for Gig Workers.  Platforms allow for third-party innovation to extend the set of offerings, scenarios, use-cases, and verticals for customers.  As VP of Product of Zact, a leading platform for payments apps, he has developed The Gig Worker Solution Framework

Critics suggest that many of the so-called “innovative” Silicon-Valley companies are really just faux solutions searching for non-problems.  Not so with Zact’s payments work. 

“Great companies put themselves in the shoes of the ultimate consumer, “says Ramchandani.  He adds, “Gig Workers need their payment pains solved sustainably.” Ramchandani is definitely one to watch.

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