Senior Reconciliations Analyst

Overview
As a Senior Analyst within the Settlement, Investigation, and Reconciliation team, this role encompasses a broad range of responsibilities. Key duties include ensuring accurate reconciliation of financial transactions, investigating complex payment discrepancies, providing support to team members, liaising with internal and external stakeholders, and continuously improving processes. The role also requires strong analytical skills, attention to detail, effective communication, and a deep understanding of financial systems and banking operations. Additionally, the Senior Analyst will be responsible for mentoring junior staff, assisting in compliance efforts, and maintaining flexibility to meet evolving business needs.

Responsibilities

• Payment Reconciliation & Transaction Verification:
• Perform daily reconciliation of Nostro accounts to ensure all transactions are accurately recorded, discrepancies are identified, and promptly assigned to the respective department for resolution.
• Verify and reconcile bank statements with internal records to ensure consistency and accuracy.
• Enter non-automatic bank statements into the reconciliation system to maintain up-to-date and accurate records.
• Conduct intersystem cash reconciliations using spreadsheet-based methods.
• Perform intraday matching to update cashflows in the back-office system, ensuring transactions are processed efficiently.
• Identify and resolve format issues in reconciliations, and follow up on missing statements to ensure no discrepancies remain unresolved.
• Issue Investigation & Complex Discrepancy Resolution:
• Investigate and resolve complex payment discrepancies, delays, and failures, ensuring they are addressed in a timely and efficient manner.
• Analyse transaction patterns and payment data to identify the root causes of recurring issues, helping to implement proactive solutions.
• Liaise with internal teams (Settlement/Investigation) and external parties (remitting, correspondent, intermediary, and beneficiary banks) to resolve payment-related issues.
• Address escalated issues that require higher levels of expertise and judgment, ensuring resolution is reached promptly and effectively.
• Client & Stakeholder Communication:
• Communicate effectively with internal and external stakeholders, providing timely updates on payment issues, resolutions, and status reports.
• Build and maintain strong relationships with financial institutions, including banks and payment providers, to ensure smooth and accurate transaction flows.
• Ensure clear and concise communication with clients regarding payment statuses, discrepancies, amendments, and other concerns.
• Process Improvement & Efficiency:
• Analyse matching rates and propose new rules to increase Straight-Through Processing (STP), improving the efficiency and accuracy of the reconciliation and settlement processes.
• Identify inefficiencies in current processes and recommend improvements to enhance operational performance.
• Participate in brainstorming sessions and process improvement discussions to optimize workflows and tackle ongoing challenges.
• Monitor and mitigate risks related to financial crime, fraud, and regulatory breaches, ensuring compliance with all internal and external standards.
• Team Support & Mentorship:
• Provide guidance and mentorship to junior staff and analysts, assisting them with case resolutions and day-to-day tasks.
• Support Team Leads in managing group tasks, ensuring the team functions efficiently and delivers on its responsibilities.
• Act as a point of contact for escalations within the team, helping to manage workloads and ensuring smooth operations.
• Assist in workload distribution to ensure an even and efficient handling of tasks among team members.
• Foster an inclusive and collaborative work environment, encouraging team members to work with trust, respect, and a shared sense of purpose.
• Compliance & Risk Management:
• Ensure all activities adhere to company policies, regulatory standards, and internal compliance requirements, particularly in relation to financial crime prevention and fraud detection.
• Actively engage in ensuring compliance with approval limits and process guidelines, escalating issues as needed.
• Assist in root cause analysis for errors or Actionable Service Levels (ASLs) and work towards resolving issues to prevent recurrence.
• System & Procedure Management:
• Help facilitate transitions concerning new procedures, systems, or deal flows, leveraging knowledge accumulated over years of practice in a payment reconciliation department.
• Maintain Reconciliation Desk Notes and ensure that processing exceptions and procedures are clearly documented in a central location.
• Support testing of new systems or tactical enhancements to ensure smooth transitions, addressing any issues that arise during the process.
• Assist in preparing monthly financial reports, analyzing discrepancies, and ensuring timely and accurate reporting.
• Ad Hoc Duties & Flexibility:
• Perform additional duties and responsibilities as assigned by management, including troubleshooting, system enhancements, and operational tasks.
• Demonstrate flexibility in working across different shifts and providing holiday coverage as required by business needs.
• Show accountability for the successful completion of assigned tasks, ensuring deadlines and quality standards are met.
• Ensure all tasks under your responsibility are executed within specified approval limits and guidelines, escalating issues promptly when necessary.
• Team Collaboration & Process Management:
• Assist Team Leads (TLs) in managing team operations and ensuring smooth functioning of all processes.
• Demonstrate flexibility by adjusting to changing business requirements, including managing priorities and assisting with holiday coverage.
• Actively participate in team-building activities, contributing to a positive and cohesive work environment.
• Showcase ownership of tasks and projects, ensuring their successful completion while maintaining clear communication with stakeholders.

Qualifications
Skills & Competencies:

• Analytical & Problem-Solving Skills:

• Strong ability to investigate, analyze, and resolve payment discrepancies and complex transaction issues. Skilled in identifying trends and root causes of recurring problems and providing effective solutions.

• Attention to Detail & Accuracy:

• High level of attention to detail, ensuring that financial data is handled with precision, and discrepancies are identified and resolved promptly.

• Payment Processing & Banking Knowledge:

• Comprehensive knowledge of payment processing systems (such as SWIFT and other platforms), banking operations, and reconciliation procedures. Familiar with handling both automatic and manual transaction types.

• Communication & Interpersonal Skills:

• Effective verbal and written communication skills, with the ability to liaise with clients, external stakeholders, and internal departments. Strong interpersonal skills to foster relationships and collaboration.

• Proficiency in Tools & Systems:

• Proficient in using Microsoft Excel, MS Office, and payment platforms. Familiar with reconciliation systems, spreadsheets, and financial software to manage data and transactions.

• Leadership & Mentorship:

• Ability to provide guidance to junior staff, mentor them in resolving complex issues, and ensure smooth task execution. Capable of acting as a backup to Team Leads, ensuring team responsibilities are met.

• Compliance & Risk Management:

• In-depth understanding of compliance requirements, financial crime prevention, fraud detection, and regulatory standards. Adept at adhering to company and regulatory policies.

• Flexibility & Adaptability:

• Able to adjust to changing business priorities and work across varying shifts, demonstrating flexibility and commitment to business continuity.