Reconciliation and Settlement Officer at Umba

Job Description

Head of Settlement is a role reporting to the Finance Manager. The incumbent will take charge of the day-to-day monitoring of transactions, reconciliation, settlements, and resolution of exceptions and disputed transactions.

Responsibilities

• Ensure daily processing of net settlement files of banks via Nigeria Interbank Settlement Systems, Interswitch, or any other entity in line with SLA and industry standards.
• Liaise with counterparties (NIBSS, processors, settlement banks) in relation to all daily settlements
• Daily reconciliation of all balances and transactions on electronic settlements/payments accounts with correspondent banks to internal general ledgers
• Render daily and periodic reconciliation reports.
• Review of account statements and settlement reports.
• Addressing unallocated loan repayments
• Review and ensure that all partner charges in respect of payment services are accurate.
• Ensure that all relevant transactions are posted accurately from both an accounting and customer perspective.
• Ensure that failed settlement transactions are tracked and resolved daily
• Take ownership and respond to transaction issues, queries and other reconciliation and settlements escalations
• Investigate and effectively manage the resolution of disputed transactions in collaboration with relevant stakeholders
• Review of expectations when not available and appropriate escalation
• Review of exceptions (items outstanding post reconciliation; that is a comparison of internal expectations with statements/settlement entries).
• Escalation of exceptions to the relevant stakeholders
• Ensure no loss of funds. Detect and escalate any loss of funds to all stakeholders promptly.

Essential Skill/Qualities

• Understanding of payment industry transaction dynamics
• Ability to work with a massive data set
• Attention to details
• Understanding of reconciliation
• Microsoft Excel skills

Qualifications and Experience

• Bachelors’ degree in Banking & Finance, Accounting or related discipline
• Must have banking experience
• Minimum of 4-5 years experience in a settlement and reconciliation role in a regulated financial institution
• Experience in setting up reconciliation and settlement processes as well as process improvement
• Supervisory experience

Work Status

Valid work authorization for Nigeria