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Settlement Specialist

Company: Central Bancompany
Location: Jefferson City
Posted on: June 7, 2021

Job Description:

The Settlement Specialist is responsible for settling funds between card product processors and affiliate banks, ensuring proper reporting with the general ledger, and controlling exposure to liability.

Job Specific Responsibilities:

At a summary level, this position is responsible to control exposure to potential liability by providing detailed accountability and control records for all transactions. This position interacts with almost all areas of the bank and affiliates. Effective communication skills are required to obtain information to resolve settlement or balancing problems, seek help to answer questions concerning settlement and error resolutions and escalate concerns to management.

Responsibilities include but are not limited to:

  • Identify, research and perform the necessary clearance actions to ensure accurate and timely resolution of all open transactions.
  • Ensure the settlement clearing account is reimbursed for customer expense items not directly billable to customers.
  • Ensure outgoing merchant transactions are confirmed and paid for by appropriate Associations.
  • Prepare data for regulatory reporting required for card associations.
  • Provide customers supporting documentation for batch transactions.
  • Correctly perform necessary functions for all exception customers.
  • Analyze all items for trends and possible system problems.
  • Work closely with accounting and settlement peers, and other internal departments to resolve general ledger issue and research unprocessed items related to bank card products.
  • Ensure processes all incoming cardholder transactions to allow reimbursement for payment to Associations.
  • Ensure flow of cash between Associations and clients matches each day's reported transaction activity.
  • Ensure the General Ledger postings from cash flow, account adjustments, and system transmission activity accurately reflect Settlement's monetary status and maintain an "in balance" position.
  • Ensure all differences in any of the preceding areas, system out of balances, and interchange fee differences applicable to ticket transactions are identified, inquired about, and resolved.

The Settlement Specialist is responsible for settling funds between card product processors and affiliate banks, ensuring proper reporting with the general ledger, and controlling exposure to liability.

Job Specific Responsibilities:

At a summary level, this position is responsible to control exposure to potential liability by providing detailed accountability and control records for all transactions. This position interacts with almost all areas of the bank and affiliates. Effective communication skills are required to obtain information to resolve settlement or balancing problems, seek help to answer questions concerning settlement and error resolutions and escalate concerns to management.

Responsibilities include but are not limited to:

  • Identify, research and perform the necessary clearance actions to ensure accurate and timely resolution of all open transactions.
  • Ensure the settlement clearing account is reimbursed for customer expense items not directly billable to customers.
  • Ensure outgoing merchant transactions are confirmed and paid for by appropriate Associations.
  • Prepare data for regulatory reporting required for card associations.
  • Provide customers supporting documentation for batch transactions.
  • Correctly perform necessary functions for all exception customers.
  • Analyze all items for trends and possible system problems.
  • Work closely with accounting and settlement peers, and other internal departments to resolve general ledger issue and research unprocessed items related to bank card products.
  • Ensure processes all incoming cardholder transactions to allow reimbursement for payment to Associations.
  • Ensure flow of cash between Associations and clients matches each day's reported transaction activity.
  • Ensure the General Ledger postings from cash flow, account adjustments, and system transmission activity accurately reflect Settlement's monetary status and maintain an "in balance" position.
  • Ensure all differences in any of the preceding areas, system out of balances, and interchange fee differences applicable to ticket transactions are identified, inquired about, and resolved.

Keywords: Central Bancompany, Jefferson City , Settlement Specialist, Other , Jefferson City, Missouri

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