The company said Payroll Exchange allows employers to automatically calculate and record payroll deductions for employees, determine future deductions, and communicate the changes.
By automating the process, E-Duction said Payroll Exchange eliminates the need for manual administration of payroll deductions. It also creates either a single payroll slot or a user-defined number of payroll slots for the aggregation and delivery of all core and voluntary benefit deductions, the company said. .
For overburdened payroll managers, the company claimed Payroll Exchange can save time and expense by automatically accounting for deductions across the organization and among multiple vendors and providers.
This in turn replaces paper administration with a more accurate and automated system that allows for easy updating of eligibility, premium deductions, improved record keeping and reconciliation.
Companies also can choose to include Clear, E-Duction’s payroll deduction card, as part of the Payroll Exchange benefit.
E-Duction said Clear allows employees to make interest-free purchases at more than 28 million MasterCard acceptance locations worldwide and then pay for them through payroll deductions administered via Payroll Exchange.