Settlement Officer (Cards Issuing & Acquiring)

Role Summary

The Settlement Officer is responsible for the timely and accurate processing of settlement activities relating to card issuing and merchant acquiring operations. This role is responsible for monitoring cash movements, performing reconciliations of card transactions, merchant payouts, and card scheme settlements, as well as managing exceptions and discrepancies. The incumbent will ensure compliance with operational procedures, regulatory requirements, and established service level agreements while meeting critical processing deadlines.

Key Responsibilities

Settlement Operations

• Perform daily settlement processing for card issuing and merchant acquiring transactions.
• Ensure timely and accurate settlement of Visa, Mastercard, UnionPay, and other card scheme transactions.
• Process merchant funding and settlement payouts within agreed service levels.
• Monitor settlement files and investigate and resolve settlement discrepancies promptly.
• Handle settlement-related enquiries from merchants, card schemes, banks, and internal stakeholders.
• Monitor daily cash movements and ensure all settlements are processed accurately and within prescribed timelines.

Reconciliation & Control

• Perform daily reconciliation of card transactions, settlement accounts, and bank movements.
• Investigate and resolve reconciliation breaks, unmatched transactions, and outstanding variances.
• Monitor outstanding items and ensure timely resolution of exceptions.
• Support month-end closing activities, financial reporting, and audit reviews.
• Maintain accurate records and supporting documentation for settlement and reconciliation activities.
• Ensure compliance with internal policies, operational controls, and regulatory requirements.

Stakeholder Management

• Build and maintain effective working relationships with internal and external stakeholders, including banks, merchants, payment schemes, processors, and service providers.
• Identify opportunities for process enhancement, automation, and operational efficiency improvements.
• Participate in system enhancements, testing, and implementation of operational initiatives where required.

Requirements

Qualifications & Experience

• Diploma or Degree in Banking, Finance, Accounting, Business Administration, or a related discipline.
• Minimum 1–5 years of experience in card operations, payment operations, settlement, reconciliation, merchant acquiring, and card issuing environments.
• Hands-on experience with Visa, Mastercard, UnionPay, and other payment scheme settlement processes.
• Familiarity with merchant acquiring, card issuing, settlement lifecycles, and payment processing workflows.
• Experience in fintech, digital payments, banking, and card services industries will be an advantage.

Technical Knowledge

• Strong understanding of card payment ecosystems and settlement processes.
• Experience in transaction reconciliation, exception management, and cash management processes.
• Familiarity with card management systems, payment platforms, and reconciliation tools is preferred.
• Knowledge of payment infrastructure, like FAST, GIRO, MEPS, TT and PayNow are required.
• Proficiency in Microsoft Excel and other Microsoft Office applications.

Competencies

• Strong analytical and problem-solving skills.
• High level of accuracy and attention to detail.
• Ability to manage multiple priorities and work effectively under tight deadlines.
• Good communication and stakeholder management skills.
• Proactive, independent, responsible, and a strong team player.
• Ability to work in a dynamic and fast-paced environment.