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E-Duction’s proprietary technology platform, Payroll Exchange, is the best-in-class solution for electronic payroll payment and reconciliation solutions. Since 2001, E-Duction’s Payroll Exchange has powered payroll payment solutions by delivering guaranteed-issue products and error-free processing to the benefits administration arena. Financial institutions, insurers and employers all benefit from the technology’s ease of implementation, automated processing, accuracy and reliability.
The core of all E-Duction payroll payment solutions, Payroll Exchange, eliminates the historic concern that the payroll deduction process is manual, time-consuming, and error-prone. Payroll Exchange automates the collection, aggregation, calculation, and remittance of variable payroll deduction amounts. Now, an unlimited number of transactions from any source can be combined into one payroll deduction or a company-defined number of payroll deductions, electronically, with no HR/payroll intervention.
How do we do this?
The diagram below shows a sample transactional process flow. It consists of three distinct components: the Enrollment Process, the Purchase Process, and the Payroll Deduction Process.
The Enrollment Process begins when an employee completes an application or enrolls in a benefit.
The enrollment information is electronically verified with the employer via a standard, automated weekly census feed and sent to the issuer or carrier. Approval is communicated to the employee and E-Duction books the decision in the transaction system.
E-Duction electronically manages the required data exchanges with Employers and the benefits issuer or carrier. E-Duction supports the enrollment process with query resolution, as well as manages the appropriate decision trees within the process.
The Purchase Process begins when an employee activates a benefit, funds an account or makes a purchase.
The employee activates a benefit, funds an account, or makes a purchase with his card.
The employee uses his card or is billed for his benefit.
E-Duction receives all transactions on a nightly basis.
The Payroll Deduction Process begins several days before the employee’s payday.The payroll process begins when E-Duction generates and transmits a deduction file to the employer’s payroll system.
The employer payroll system deducts the specified amount from the employee’s paycheck. On payday, the employee receives a paycheck or direct deposit less the deduction amount.
Receipt confirmation of the deduction file is transmitted from the employer’s payroll system to E-Duction and is used to apply payments and trigger the appropriate funds settlement.
Next, a payment file is transmitted from E-Duction to the benefit system and E-Duction generates a file that initiates an automatic electronic funds transfer (EFT) for each employer or supports a employer initiated funds push if required.
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