Settlement Reconciliation Specialist

About the position

The Settlement and Reconciliation Specialist at Veritex Bank is responsible for resolving issues related to electronic transactions and performing automated back-office processing, including dispute processing, settlement, reconciliation, and reporting. This role involves creating charts of accounts and providing insights to developers and product managers to ensure accurate settlement and reconciliation processes.

Responsibilities

• Define and maintain the bank's processing and settlement procedures for card processing and bin sponsorship partners.
• Process and settle transactions initiated from various platforms including account/wallet transfers and debit/credit cards.
• Develop processes for chart of accounts to ensure accurate settlement and reconciliation of transactions.
• Implement strategies to reduce operational risk and ensure reliable settlement processing.
• Perform daily reconciliation of accounts for exceptions and escalate issues to vendors or third parties for resolution.
• Understand and comply with internal and external policies related to banking regulations.
• Interface with Card Associations and product specialists as necessary.
• Complete assigned special projects and training as requested.
• Monitor daily file transfer submissions to/from processors and partners.
• Process daily settlement/drawdown wires for corresponding payments networks.
• Prepare spreadsheets and schedules using Microsoft Excel for accounting entries and daily settlement.
• Keep detailed records of work and research for retention purposes.
• Inform internal stakeholders about activities, projects, and accountabilities of the team.
• Develop and maintain processes for effective business continuity for the department.
• Liaise with IT and software developers to create and update systems and processes as needed.
• Serve as a backup during team members' absences to ensure service standards are met.

Requirements

• Minimum 5 years of banking or bank operations experience with an emphasis on electronic payments (ACH, EFT).
• Experience in Card Product Operations and credit processing preferred.
• Understanding of IT interfaces between the bank, processor, and program managers.
• Proficient in banking payment regulations: NACHA Operating Rules, Visa and MasterCard Rules.
• Ability to collaborate and work well with all bank departments and technology partners.
• Strong customer service skills and ability to communicate effectively with customers and internal employees.
• Good judgment and critical thinking skills.
• Strong verbal and written communication skills.
• Proficient in Microsoft Outlook, Word, and Excel.

Nice-to-haves

• Experience with Visa/MasterCard Commercial Card operations.
• College education in a business-related field preferred.

Benefits

• Health insurance
• 401k retirement plan
• Paid holidays
• Professional development opportunities