NovaGross to Net Pay Engine
Introducing Nova: Gross to Net Pay Engine
We’re excited to announce the launch the initial release of 3rd generation Gross to Net Pay Engine – Nova. Designed specifically for global payroll, this purpose-built engine represents a significant milestone in the industry, ushering in a new era of efficiency and accuracy in payroll processing. With its groundbreaking features and customer-centric approach, Mercans is poised to transform the way organizations manage their payroll processes worldwide.
We’re currently on version 3 of G2N pay engine
Check out the below section to understand more about the release timeline and upcoming versions.
This is just the beginning! Following our initial release of Nova in July, 2023, you can expect the release timeline to look as following for our upcoming features:
There may be some slight differences in the release timeline of Nova between the various data regions (US, EU, AU).
The timeline above outlines current plans, however, it is not a commitment.Plans may change at Mercans’ sole discretion.
A Purpose-Built Engine for Global Payroll
Traditionally, managing payroll across multiple countries has been a complex task, often requiring the adaptation or repurposing of existing ERP systems. However, Mercans took a different path by developing a Gross to Net Pay Engine from the ground up, catering to the unique requirements of global payroll. This strategic decision enabled Mercans to create a sophisticated engine that seamlessly covers over 160 countries, without relying on retrofitting existing systems.
Automatic Payroll Event Recognition
The Gen 3 Gross to Net Pay Engine introduces enhanced features that redefine efficiency and accuracy in payroll processes. Automatic payroll event recognition is a game-changer, as the engine intelligently analyzes HR data to identify relevant payroll events. This automated process creates precise payroll events and seamlessly integrates them into the gross-to-net calculation process, saving time and reducing the risk of errors. Additionally, the engine offers seamless data extraction from Human Capital Management (HCM) systems, simplifying data integration and enhancing overall payroll accuracy.
Horizontal Design for Standardized Excellence
A key aspect of Mercans’ Gross to Net Pay Engine is its horizontal design approach. Unlike traditional standalone payroll engines for each country, Mercans developed a unified, cross-location solution. This design ensures consistent functionality across all geographies, providing organizations with a standardized experience and streamlined processes. Moreover, this horizontal design allows for easy implementation in new countries, simplifying the expansion process and reducing time and effort.
Algorithm Based Payment Gateway Solution
This advanced algorithm represents a significant leap forward in payroll processing. The Payment Gateway Algorithm operates on the principle of constant adaptation and optimization. In an ever-changing financial landscape, exchange rates fluctuate, transaction speeds vary, and costs differ across payment channels. Mercans’ algorithm leverages real-time data feeds, keeping a pulse on the dynamic nature of the global financial market. By analyzing these up-to-date insights, the algorithm identifies the most efficient and cost-effective payment solution available at any given moment.
For instance, let’s consider a client named Company X, which utilizes the Gen 3 Gross to Net Pay Engine. Company X has two payment channels at their disposal: Channel A and Channel B.
When Company X initiates payroll processing on a specific day, the Payment Gateway Algorithm instantly reviews the prevailing currency exchange rates, transaction speeds, and associated costs for both channels. Based on its analysis, the algorithm then recommends the most optimal payment channel to Company X.
If Channel A offers a more favorable exchange rate, faster transaction speed, and lower costs compared to Channel B, the algorithm suggests utilizing Channel A. This enables Company X to maximize efficiency, minimize costs, and ensure a seamless payroll experience for its employees.
The channel-agnostic nature of Mercans’ Payment Gateway Algorithm further distinguishes it from industry competitors. While others rely on signing partners individually, Mercans has embraced a forward-thinking approach that is adaptable and agnostic to specific payment channels. This flexibility empowers Mercans to continuously evaluate and integrate new payment providers, ensuring that clients always have access to the most optimal solutions available in the market. By transcending the limitations of individual partnerships, Mercans demonstrates its commitment to delivering the best possible payment experience to its clients.
Modular Structure for Adaptability
Mercans’ unique approach involves designing payroll as modular components. Each component, such as payroll generation, prorated calculations, and input evaluations, is carefully crafted to seamlessly integrate with the engine, resulting in a highly efficient and adaptable payroll solution.
This modular structure enables Mercans to effortlessly integrate additional countries onto the same engine, ensuring scalability and flexibility for organizations of all sizes.
Seamless Integration and Customization Capabilities
Mercans’ Gross to Net Pay Engine seamlessly integrates with various HCM systems, empowering organizations to retain their existing infrastructure.
Acting as a seamless and owned solution for gross-to-net calculations, companies can leverage Mercans’ advanced payroll capabilities while maintaining their preferred HCM systems. To optimize the integration process and streamline payroll data consumption, Mercans has developed an Application Programming Interface (API) tailored specifically for payroll-related data.
This API allows organizations to define and consume only the relevant events and data, simplifying workflows and eliminating unnecessary overhead.
Mercans’ Gen 3 Gross to Net Pay Engine marks a monumental advancement in the world of global payroll. This purpose-built engine revolutionizes payroll processing by providing organizations with unparalleled efficiency, accuracy, and adaptability. With its horizontal design, modular structure, and seamless integration capabilities, Mercans is committed to delivering a fully digital payroll experience that empowers organizations to thrive in a rapidly evolving global marketplace.
Your feedback counts!
As always, we would love to hear what you think about the changes we make to our G2N engine! If you’re interested in providing us with feedback on your experience with Mercans, please reach out to us on [email protected]
If you have any questions, please reach out to our team right here. We’re available 24/7 and happy to help.