Settlements & Reconciliation Officer Job Network International

Finance Jobs, Network International Jobs.

About The Role:

To contribute significantly to the smooth and accurate functioning of financial and settlement operations, facilitating the company’s financial success and adherence to operational standards.

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Responsibilities

Settlement Operations

• Settlement Completion Rate: Ensure that settlements to merchants are completed daily as received and within agreed timelines.
• Settlement Approval Compliance: Guarantee that all settlements follow the proper approval process to minimize errors and prevent unauthorized transactions.
• Daily T+2 Settlement Forecast Accuracy: Prepare and circulate the Daily T+2 Settlement forecast to stakeholders, enabling accurate prediction of settlement amounts for better financial planning.
• Funding Gap Resolution: Share funding gap details with Treasury at least two days before the settlement date to identify and address any shortfalls promptly.
• Unremitted/Bounced Payment Resolution: Process credit for any unremitted or bounced payments within 24 hours and update the failed settlement tracker weekly to ensure timely rectification.
• Unreturned Funds Recovery: Follow up on outstanding funds to ensure prompt recovery and minimize financial losses.
• Settlement Swift Details: Obtain settlement swift details from banks upon request to prevent delays and ensure timely completion of settlements.

Daily Bank Reconciliation:

• Perform daily reconciliations between the DPO system and bank statements to ensure completeness of funds received.
• Monitor bank settlements against SLA (Service Level Agreement) and promptly follow up on any delays.
• Notify the line manager of any unsettled amounts that exceed two days past agreed timelines.
• Submit the Merchant Receivable schedule for unsettled transactions per bank to Finance by the second working day of the following month.
• Ensure 100% collection of all unsettled transactions by the 5th working day of the following month.
• Close all outstanding bank receivables for the current period by the following month and escalate exceptions promptly.
• Act as the primary contact with Finance for exceptions and red flags identified during reconciliation.
• Verify that the team completes daily reconciliations and submits them to Finance within agreed timelines.
• Ensure financial operations tickets are responded to and closed within stipulated timelines.

Daily MNO Reconciliation

• Perform daily MNO reconciliations and share reports with relevant stakeholders.
• Ensure login credentials are functional and liaise with MNOs to resolve access issues.
• Respond promptly to all MNO-related queries from stakeholders.
• Maintain custody of MNO phones and login credentials.
• Ensure daily completion of MNO reconciliations and timely closure of related tickets.

Other Responsibilities

• Request and monitor monthly reports from systems for newly activated terminals (Banks & MNOs) to ensure all transactions are reconciled.
• Implement and track automation initiatives to enhance financial operations efficiency.
• Communicate and escalate any identified errors, gaps, or failures that could result in financial loss or operational challenges.
• Collaborate with the systems team to ensure alignment between financial operations and system processes.

Qualifications

Experience:

• Hands-on experience processing daily merchant settlements within strict timelines.
• Experience working with approval workflows for settlements to prevent errors or unauthorized transactions.
• Ability to prepare and circulate daily settlement forecasts (e.g., T+2 forecasting).
• Experience resolving funding gaps by working closely with Treasury teams.
• Demonstrated ability to resolve unremitted, bounced, or failed payments within stipulated SLAs.
• Experience in tracking and recovering unreturned funds.
• Ability to obtain and manage bank settlement SWIFT details.
• Minimum 3 years of experience in:
  • Financial operations
  • Bank or MNO reconciliations
  • Settlement processing
  • Treasury or finance support functions

Education: 

• CPA-K OR a degree in a Business-related field (e.g., Finance, Accounting, Business Administration).

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How to Apply

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