Nova

Introducing Nova: Gross to Net Payroll Engine

We’re excited to announce the launch the initial release of 3rd generation Gross to Net Payroll 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.

Release timeline

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:

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 Payroll 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 Payroll 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.