Careers for a Changing World of Islamic Banking
Merchant Settlement & Accounts Specialist
Posted On: 04 Dec, 2024
Type: Permanent
Job Category: Card Operations Division
JOB PURPOSE
- Manage accurate and timely settlement of Merchant Transactions.
- Maintain merchant account details, prepare monthly and quarterly reports, and ensure adherence to schemes billing requirements.
- Submit Quarterly Member reporting to Visa & MasterCard.
- Coordinate closely with teams, ensuring compliance with financial standards and addressing merchants' queries related to Payments, Transactions, Chargebacks, etc.
KEY ACCOUNTABILITIES
- Efficiently handle daily schemes settlement, ensuring accuracy and timeliness.
- Reconcile Settlement data between internal systems, Schemes, payment gateways, and banking partners/Merchants.
- Identify and resolve settlement discrepancies, failed transactions, and correct them for resubmission.
- Coordinate with relevant teams, monitor settlement reports, and provide detailed insights to management.
- Maintain accurate records of merchant accounts, fee structure, and ensure compliance with internal policies and regulatory requirements.
- Respond to merchant inquiries regarding account details, settlements, and transactions.
- Manage risk by monitoring and identifying suspicious or high-risk merchant activity.
- Prepare detailed financial and performance reports for merchants and management.
- Analyze trends and provide actionable insights to improve merchant operations.
- Ensure compliance with scheme billing requirements, including interchange fees and processing fees.
- Liaise with card schemes to stay updated on billing, mandates, and compliance requirements.
- Monitor data integrity edits from MasterCard.
- Reconcile schemes fees with settlement reports and flag any discrepancies.
- Handle audits and reviews.
- Possess a strong understanding of Schemes Rules & regulations, payment settlement processes, and merchant accounts.
- Be proficient in financial reconciliation and settlement systems.
- Analyze large volumes of transaction data to identify trends or discrepancies.
- Maintain a high level of accuracy in handling financial transactions and reporting.
- Exhibit strong written and verbal communication skills to interact with internal teams, merchants, and stakeholders.
- Identify and resolve issues related to settlements, billing, and account discrepancies.
- Familiarity with PCI-DSS standards and regulatory requirements.
- Ensure timely and accurate settlement and account maintenance.
- Submit quarterly reports on time.
Qualifications, Experiences & Technical Skills:
- Familiarity with Merchant systems, onboarding platforms, and digital tools.
- Ability to address and resolve issues during the onboarding process.
- Knowledge of KYC, AML, and other regulatory requirements.
- Ability to manage multiple onboarding processes simultaneously.
- Years of experience: 3 to 5 years.