Senior Settlement & Reconciliation Officer

Role Description

The Senior Settlement & Reconciliation Officer is a full-time, on-site role based in Baghdad. This position is responsible for managing and monitoring daily settlement and reconciliation activities across electronic payment services, including prepaid cards, digital wallets, POS terminals, payment gateways, and other payment channels.

The role involves reconciling transaction records between internal systems, banks, payment networks, and external partners, investigating discrepancies, and ensuring timely and accurate settlement. The Senior Settlement & Reconciliation Officer coordinates with relevant internal teams and external partners to resolve settlement-related issues.

The position also supports settlement system testing, operational readiness, reporting, process improvement, and compliance with applicable regulatory requirements, payment network rules, and internal procedures.

Qualifications

• Candidates should possess strong Settlement and Reconciliation knowledge, including transaction matching, settlement cycles, balance verification, and discrepancy resolution.

• Candidates should possess strong Analytical Skills to review transaction data, identify discrepancies, investigate unmatched transactions, and resolve settlement-related issues.

• Candidates should possess advanced Microsoft Excel skills, including Pivot Tables, formulas, data analysis, and reconciliation reporting.

• Candidates should possess effective Communication skills for preparing accurate reports and coordinating with internal teams, banks, payment networks, and external partners.

• Candidates should possess good knowledge of Electronic Payment Systems, including prepaid cards, digital wallets, POS terminals, payment gateways, and transaction processing.

• Candidates should possess good Problem-Solving skills to investigate failed, reversed, pending, and disputed transactions and identify their root causes.

• Familiarity with Visa, Mastercard, and other payment networks, including their settlement and reconciliation processes, is an advantage.

• Familiarity with settlement systems, reconciliation tools, and opportunities for process automation is preferred.

• Bachelor’s degree in Accounting, Finance, Banking, Business Administration, Computer Science, Information Technology, Information Systems, or a related field.

• Minimum 2 years of relevant experience in settlement, reconciliation, banking, financial operations, electronic payments, or FinTech.

• Ability to work under pressure, manage multiple priorities, meet settlement deadlines, and maintain a high level of accuracy, confidentiality, and professional integrity.

  Main Responsibilities and Duties

• Manage and monitor daily settlement and reconciliation activities across the company’s electronic payment services.

• Perform daily reconciliation of transactions related to prepaid cards, digital wallets, POS terminals, payment gateways, merchants, and other payment channels.

• Reconcile transaction records between internal systems, banks, payment networks, and external partners.

• Review settlement files and identify unmatched, failed, reversed, pending, and disputed transactions.

• Investigate reconciliation discrepancies, identify their root causes, and coordinate with relevant teams and partners to resolve them.

• Monitor settlement balances and ensure timely and accurate settlement with banks, payment networks, merchants, and other partners.

• Support settlement and reconciliation activities related to Visa, Mastercard, and other payment networks, as applicable.

• Prepare and analyze daily, weekly, and monthly settlement and reconciliation reports.

• Monitor outstanding reconciliation items and ensure timely follow-up and resolution.

• Coordinate with relevant internal teams, banks, payment networks, and service providers to resolve settlement-related issues.

• Maintain accurate settlement records, reconciliation reports, and supporting documentation.

• Support settlement system testing, reconciliation procedures, and operational readiness before the launch of new payment services.

• Support internal and external audits and provide settlement-related information and documentation when required.

• Identify process gaps and recommend improvements to settlement and reconciliation procedures, including opportunities for automation.

• Ensure compliance with approved Standard Operating Procedures (SOPs), company policies, payment network rules, and applicable regulatory requirements.

  Key Performance Indicators (KPIs)

• Timely and accurate completion of daily settlement and reconciliation activities.

• Accuracy and completeness of transaction reconciliation across internal systems, banks, payment networks, and external partners.

• Timely identification, investigation, and resolution of reconciliation discrepancies.

• Reduction of outstanding and unresolved reconciliation items.

• Compliance with settlement deadlines and approved settlement procedures.

• Accuracy and timely submission of daily, weekly, and monthly settlement and reconciliation reports.

• Effective coordination with internal teams, banks, payment networks, and external partners.

• Accuracy and completeness of settlement records and supporting documentation.

• Effective identification of process gaps and implementation of reconciliation improvements.

• Compliance with applicable regulatory requirements, payment network rules, and internal policies.