Settlement & Reconciliation Associate at Fincra

Role Overview

The Settlement & Reconciliation Associate will be responsible for managing the daily reconciliation and settlement of all transactions processed by Fincra, executing operational processes around how we settle payouts to merchants, managing daily weekly and monthly reconciliation of settlements, and escalations to banking partners, liquidity providers, payment processors and more for any risk-related issues.

You will be responsible for following through with unreconciled items for assigned accounts, and analyzing and recording all appropriate debit and credit adjustments. The ideal candidate will be a dedicated, laser-focused, and highly organized team player. You’ll be reporting directly to the Head, Transaction Processing.

What you will be doing everyday

• Managing all Fincra collection accounts in all the various banks i.e treasury and liquidity management.
• Managing transaction disputes and reconciliation of all transactions on a daily basis
• Managing the day to day working relationship with Settlement Banks from an accounts perspective
• Liaise with counterparts (NIBSS, Interswitch, banks) in relation to all daily settlements.
• Maintain a complete and current database of settlement details with approved counterparts
• Perform reconciliations between Fincra and related systems in accordance with approved practice.
• Ensure all discrepancies are promptly investigated and remedial action is taken
• Ensure reporting is performed in accordance with pre-established time frames.
• Actively monitoring the Fincra Financial Summary Module and preparing system revenue positions daily.
• Ensuring that all internal systems and work processes operate efficiently and that workload backlogs are prevented and maximum permitted transaction processing timelines are not breached.
• Monitoring transaction authorization requests, dealing with exception items and referrals and identifying any suspicious transaction behavior.
• Reviewing system performance MIS reports and dealing with any issues arising.
• Regularly tracking systems and transaction processing performance against agreed parameters/SLA levels.
• Manage the daily clearing and settlement and reconciliation process, reconciling transaction incoming and outgoing files provided by both Fincra and the settlement Banks.
• Monitor balance on the Settlement Bank pool account daily. Make records of merchants deposits.
• Monitor all processing-related expenses charged to the Fincra and manage the monitoring and resolution of any monetary rejects or discrepancies reported by Fincra.
• Monitor and validate Fincra monthly billing statements.
• Ensure Fincra and other service providers/partner invoices are validated and paid on time without incurring penalty charges.
• Monitor and control the billing process ensuring that the system flags any late or non-payments through the production of exception reports.
• Performs additional duties and responsibilities as required.

Minimum Requirements

• Cultural and Value fit
• 5+ years of experience working in a similar role in banking, fintech or financial services industry.
• Experience in local and international cards and payment, fully integrated into all aspects of settlement and daily reconciliation process.
• In-depth knowledge of bank reconciliation and settlement dynamics and processes.
• You have strong knowledge of internal controls and financial reporting.
• Excellent Data Analysis & Reporting skills - You have the ability to turn large data sets into meaningful insights.
• You have the appetite to jump headfirst into a fast-moving, fast-growing, mission-driven team that values creativity and output.
• Excellent organizational skills, ability to prioritize effectively and handle multiple tasks simultaneously in a very fast-paced environment. Essentially, you need to be able to deliver under pressure.
• Adaptive: You are curious, optimistic and a skilled problem-solver. You embrace the unknown and are able to adapt to shifts in priorities. You look outside your day-to-day to ensure you keep learning and growing.
• Proven understanding of the Fintech space and the disruptive opportunities being created.
• Sound judgment, a high degree of professionalism, and the ability to maintain confidentiality.a