Reconciliation & Settlement Officer
HugoBank · Karachi
The Reconciliation & Settlement Officer manages daily end-to-end transaction matching, net position calculations, settlement General Ledger (GL) postings, and regulatory reporting across digital payment channels. This role ensures total financial accuracy, zero variance in net settlement positions, and strict compliance with State Bank of Pakistan (SBP) regulatory standards.
Key Responsibilities
1. Transaction Reconciliation & Data Validation
- Perform daily end-to-end reconciliation across digital payment channels, including 1Link (IBFT, BPS, ATM), SBP Raast, Visa/PakPak (POS/E-commerce).
- Extract, consolidate, and validate transaction data from internal systems and external payment network files.
- Execute transaction-level matching using key identifiers including STAN, RRN, ARN, transaction IDs, timestamps, and amounts.
2. Exception Management & Discrepancy Resolution
- Identify, investigate, and track operational exceptions, including missing transactions, duplicate entries, network timeouts, and Store and Forward (SAF) cases.
- Pass reconciliation variance entries into designated suspense and settlement General Ledgers (GLs) for timely investigation and knock-off.
- Maintain exception tracking logs and coordinate with stakeholders to ensure prompt resolution within defined SLA timelines.
3. Net Settlement & GL Posting
- Prepare daily and cycle-wise net settlement summaries for 1Link, SBP Raast, and Visa, determining exact payable and receivable balances with zero variance.
- Prepare settlement GL entries and treasury transfer vouchers, mapping product-level GLs to treasury settlement GLs in accordance with internal financial controls.
- Coordinate prefunding requirements with Treasury and Finance teams to ensure smooth network settlement execution.
- Submit all settlement calculations, GL vouchers, and summaries for Manager review under maker-checker governance controls.
4. Regulatory Reporting & Audit Preparedness
- Prepare and submit required State Bank of Pakistan (SBP) regulatory and settlement reports accurately within prescribed deadlines.
- Ensure reported figures reconcile with internal GL records, settlement summaries, and network reports.
- Archive working files, settlement evidence, and reconciliation logs in designated repositories for internal and external audit compliance.
5. Stakeholder Coordination
- Collaborate with internal Technology and Finance teams for data validation, system issue resolution, and operational enhancements.
- Liaise with external payment network partners (1Link, SBP Raast, Visa) for transaction verification and settlement queries.
Requirements
Education & Experience
- Education: Bachelor’s degree in Finance, Accounting, Banking, or a related field.
- Experience: 2 to 5 years of experience in payment operations, reconciliation, or settlement within banking or fintech operations.
Technical Knowledge & Skills
- Payment Systems: Hands-on experience with digital payment networks, including 1Link (IBFT/BPS/ATM), SBP Raast, Visa Scheme, PayPak, and SBP PRISM.
- Accounting & Controls: Solid understanding of double-entry accounting, General Ledger (GL) mapping, net settlement calculations, and maker-checker control frameworks.
- Data Analysis: Advanced Microsoft Excel / Google Sheets skills for data manipulation, transaction matching, and exception reporting.
Core Competencies
- Meticulous attention to detail and high numerical accuracy.
- Analytical thinking and systematic problem-solving skills.
- Strong ownership mindset with the ability to meet strict operational deadlines.