OCC – Transaction Calculation Engine

OCC – Transaction Calculation Engine

A transaction calculation engine is a new addition to the EC-OCC Solution that performs calculations related to financial transactions. It is commonly used in various industries, including banking, e-commerce, and accounting, to accurately determine the financial outcomes of transactions.

The specific calculations performed by a transaction calculation engine can vary depending on the requirements of the business or industry. Some common calculations include:

• Total Amount: Calculating the total amount of a transaction by summing up the individual prices or quantities of items or services being purchased.
• Discounts: Applying discounts or promotions to transactions based on predetermined rules or conditions.
• Taxes: Calculating and applying applicable taxes, such as sales tax or value-added tax (VAT), to the transaction amount.
• Shipping Costs: Calculating the cost of shipping or delivery charges based on factors like distance, weight, or shipping method.
• Currency Conversion: Converting the transaction amount from one currency to another based on current exchange rates.
• Payment Processing Fees: Calculating any fees or charges associated with payment processing services, such as credit card transaction fees or transaction settlement fees.
• Subtotals and Totals: Generating subtotals and grand totals for transactions, including itemized breakdowns if required.
• Multi-line Discounts: Calculating and applying discounts based on the total value or quantity of items in a transaction.
• Rounding: Rounding the transaction amount or individual item prices to a specified precision or rounding rule.
• Final Amount: Providing the final amount that needs to be paid or received for the transaction.