Settlement and Reconciliation Specialist Job at Korapay

Korapay is a payment infrastructure servicing a wide band of businesses making local and international payments. We are a marketplace for digital financial services across Africa. Our vision, which is at the core of what we do every day, is to create a world void of digital financial barriers across Africa. We are committed to delivering reliable, secure, and easy to use digital financial solutions to every single customer with a guarantee that it is improving their lives.

We are recruiting to fill the position below:

Job Position: Settlement and Reconciliation Specialist

Job Location: Lagos
Job Type: Full time
Category: Operations

About The Role

• As the Settlement & Reconciliation Specialist at Kora, you will be responsible for managing the daily reconciliation and settlement of all transactions processed by Korapay, designing and executing operational processes around how we settle payouts to merchants, managing daily weekly and monthly reconciliation of settlements, and escalations to banking partners, liquidity providers, payment processors and more for any risk-related issues.
• You will be responsible for following through with unreconciled items for assigned accounts, and analyzing and recording all appropriate debit and credit adjustments.
• The ideal candidate will be a dedicated, laser-focused, and highly organized team player.

Here are a couple of things you'll be doing:

• Ensure daily reconciliation of all transactions and provide daily/weekly reconciliation and settlement reports.
• Ensure the business is not exposed to any material risks emanating from reconciliation variances.
• Develop models that assist in the reconciliation process to speed up reconciliation and provide accuracy.
• Document processes, procedures, resolution guides etc. for the settlement team.
• Contribute to financial reporting and balance sheet management.
• Manage internal and external controls for payment processes, escalate and resolve payment issues while working with the Product, Business and Engineering team.
• Things can only scale by automation. We expect you to be very data-driven and come up with ways we can automate as many of the processes involved in ensuring our financial health.
• Liaise with partners such as exchanges, liquidity providers, bank partners, payment processors etc that contribute to possible variances on fiat and crypto reconciliation.
• Liaise with partners (banks and processors) to ensure optimal cost structures and verify daily settlements.
• Perform daily and weekly revenue recognition and cost optimization exercises.
• Protect business interest and financial position by identifying loopholes within the system, and working with relevant teams for prompt resolution.
• Executes chargebacks and dispute resolutions of local and international card transactions.
• Identifying unsettled transactions and actively engaging with partners for resolution.
• Investigating and identifying unsuccessful transactions and processing refunds into customers’ and merchant accounts.
• Work with the Compliance team to design and maintain a process for reporting fraudulent activity to the appropriate regulatory authorities.
• Coordinate with internal teams to develop risk mitigation strategies for payment processing and merchant management.
• Monitor backend processes that are critical for delivering a great experience for merchants, and processors.
• Engage with the Merchant Success team for transaction-related inquiries and resolution pathways.
• Serve as a contact point for internal units regarding transaction risk management.

Requirements
Here's what are we looking for:

• 8+ years of experience working in a similar role in the banking, fintech or financial services industry.
• Experience in local and international cards and payment, fully integrated into all aspects of settlement and daily reconciliation process.
• In-depth knowledge of bank reconciliation and settlement dynamics and processes.
• Excellent organizational skills, ability to prioritize effectively and handle multiple tasks simultaneously in a very fast-paced environment. Essentially, you need to be able to deliver under pressure.
• You have strong knowledge of internal controls and financial reporting.
• Excellent Data Analysis & Reporting skills - You have the ability to turn large data sets into meaningful insights.
• You have the appetite to jump headfirst into a fast-moving, fast-growing, mission-driven team that values creativity and output.
• Adaptive: You are curious, optimistic and a skilled problem-solver. You embrace the unknown and are able to adapt to shifts in priorities. You look outside your day-to-day to ensure you keep learning and growing.
• Proven understanding of the Fintech space and the disruptive opportunities being created.
• Sound judgment, a high degree of professionalism, and the ability to maintain confidentiality.

Benefits

• Health Insurance
• Stock Options
• Sponsored and Tailored training
• Annual Performance Bonus
• Interest-free Loans
• Employee Assisted Programs
• Paid Parental Leave
• Paid Time Off
• Flexible Work Style
• Internet Contribution
• Day off on your Birthday :)
• Great company culture and the opportunity to work with a highly collaborative team building something great!