Settlement Officer

ROLE PURPOSE

The Settlement Officer is responsible for the daily settlement, reconciliation, balancing and financial exception management activities across the Bank’s Cards & Payments portfolio, supporting both Issuing and Acquiring.

The role ensures that transactions processed through local and international payment networks, card schemes and processors are accurately reconciled and settled to the appropriate accounts within established timelines and control requirements.

KEY ACCOUNTABILITIES

Settlement Processing & Control

• Perform daily settlement activities across assigned Cards & Payments products and channels.
• Execute and validate scheme settlement activities, including settlement positions, adjustments, and daily close-out requirements.
• Process settlement activities associated with local and international card schemes and payment networks, as applicable.
• Review settlement reports and files received from schemes, processors, and other payment service providers.
• Validate settlement amounts against supporting transaction and reconciliation records.
• Ensure settlement activities are completed accurately and within established cut-off times and SLAs.
• Escalate material, unusual, or unresolved settlement differences to the Lead, Cards & Payments Settlement & Control.

Reconciliation, Balancing & Exception Management

• Perform daily reconciliation of Issuing and Acquiring transactions against processor, scheme, network, and internal records.
• Complete end-of-day balancing for assigned settlement accounts, systems, and transaction files.
• Identify and investigate unmatched transactions, variances, and reconciliation breaks.

Scheme, Processor & Internal Coordination

• Liaise with LINX, card schemes, processors and payment service providers on settlement and reconciliation matters.
• Investigate differences between internal records and scheme, processor or network settlement reports.
• Coordinate resolution of exceptions with Finance, Reconciliation, Technology, Operations, and other relevant stakeholders.

Financial Control & Reporting

• Maintain accurate settlement and reconciliation records, reports, and supporting documentation.
• Prepare daily, weekly, and monthly settlement and exception reporting as required.
• Monitor settlement and reconciliation trends and highlight recurring or emerging control concerns.
• Maintain appropriate evidence of preparation, review, approval, and adjustments to support financial control and audit requirements.

Dispute & Chargeback Support

• Provide settlement and transaction information required to support dispute and chargeback investigations.
• Assist with reconciliation of financial entries arising from chargebacks, representments, refunds and other dispute-related adjustments.
• Support chargeback processing during the interim operating model where required.
• Ensure dispute-related financial adjustments are accurately reflected in settlement and reconciliation records.

Controls, Risk & Compliance

• Adhere to maker-checker, segregation of duties, access management, and approval controls.
• Identify and escalate control gaps, unusual transactions and potential financial or fraud concerns to the appropriate function.
• Safeguard confidential cardholder, merchant, transaction, and financial information.

Process Improvement & Operational Readiness

• Maintain and support the development of settlement and reconciliation SOPs, process guides, and control checklists.
• Participate in UAT, settlement testing and reconciliation validation for new products, channels, and system enhancements.
• Support settlement readiness prior to activation of new products, merchants, or payment capabilities, where applicable.

KEY PERFORMANCE INDICATORS

• Timely completion of daily settlement and reconciliation activities within established SLAs.
• Accuracy and completeness of settlement processing and balancing.
• Number and ageing of outstanding settlement and reconciliation exceptions.
• Timely investigation, resolution, and escalation of settlement differences.
• Accuracy and completeness of settlement records, reconciliations, and supporting audit evidence.
• Compliance with maker-checker, segregation of duties and financial control requirements.

QUALIFICATIONS & EXPERIENCE

• Diploma, Bachelor’s Degree or equivalent professional qualification in Accounting, Finance, Banking, Business Administration or a related field.
• Minimum 1–3 years’ experience in banking operations, processing, settlement, reconciliation, payments, or a related financial operations environment.
• Experience with scheme, card settlement, transaction reconciliation, or payment processing would be an asset.
• Working knowledge of General Ledger reconciliation, financial controls, and exception management.
• Strong numerical, analytical, and investigative ability.
• Proficiency in Microsoft Excel and operational/financial reporting tools.