The Settlement & Reconciliation Officer is responsible for executing accurate and timely processing of financial transactions whilst ensuring the integrity of financial transactions by performing daily, monthly, and periodic reconciliations across bank accounts, payment systems, and third-party platforms. You will play a critical role in safeguarding financial accuracy by ensuring seamless reconciliation across banking systems. This role involves investigating discrepancies, resolving exceptions, and implementing process improvements to enhance efficiency and compliance within a fast-paced fintech banking environment.
Job Details
Settlement Processing
Execute daily settlement of transactions across multiple payment systems, including bank transfers and digital wallets.
Monitor and process batch settlements from payment processors, ensuring timely and accurate fund movements.
Manage settlement queues across payment channels and partner networks.
Reconciliation and Financial Control
Perform daily, weekly and monthly reconciliations of bank statements, internal ledgers, payment processor accounts and POS transactions.
Review daily reconciliation exceptions and escalate them to the switch, vendors or other third parties for resolution.
Examine incoming and outgoing funds to ensure accurate recording and processing in line with organisational standards and procedures.
Ensure all reconciliation activities are accurately documented and approved in line with audit requirements.
Exception Handling and Discrepancy Resolution
Identify, investigate and document discrepancies, non-reconciled transactions and ledger errors, and escalate unresolved items to Finance, Operations and Compliance.
Liaise with switching companies on settlement issues, and collaborate with Operations and Customer Support to resolve reconciliation breaks within agreed timelines.
Recommend and implement corrective and preventive measures to avoid recurring discrepancies.
Process Improvement and Automation
Develop, implement and maintain internal controls and procedures that minimise errors and strengthen the settlement and reconciliation process.
Recommend and implement enhancements to improve settlement accuracy and efficiency.
Work with IT and fintech partners to automate reconciliation workflows using ERP systems.
Maintain up-to-date reconciliation procedures and controls documentation.
Compliance and Reporting
Prepare reconciliation reports highlighting results, discrepancies, risks and trends, with recommended corrective actions, and present them to senior management.
Support internal and external audits by providing documentation and explanations.
6. Stakeholder Collaboration
Collaborate with Finance, Operations and Customer Support to ensure the accuracy and consistency of financial data across the business.
Liaise with external partners, including banks, payment processors and fintech providers, to resolve reconciliation issues.
Requirements
Key Requirements
Bachelor's degree in finance, Accounting, Economics or a related field.
Minimum of 3-5 years' experience in reconciliation, settlements or financial operations within fintech, banking or financial services.
Expert knowledge of reconciliation practices and financial software; knowledge of payment systems is a plus.
Strong understanding of financial principles, accounting standards and reconciliation methodologies.
Intermediate Excel skills (VLOOKUP, PivotTables, macros); familiarity with SQL or Python is a plus.
Exceptional attention to detail and organisational skills.
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