Job Title: Payment Specialist
Location: VIP360, 39 Fitzroy Square, London, W1T 6EZ, United Kingdom
Department: Payments Operations
Reports To: Head of Payment Operations
The Payment Specialist will be responsible for managing and optimizing the payment processes within the organization. This role will involve handling payment operations, ensuring regulatory compliance, fraud prevention, and maintaining relationships with payment service providers and banks. The specialist will also support the development of new payment products and services, including cards, accounts, and digital wallets, ensuring that the company meets its growth objectives while staying fully compliant with all regulations.
– Manage the daily processing of payments, including SEPA, SWIFT, FPS, BACS, CHAPS, and internal transfers.
– Ensure timely and accurate execution of both inbound and outbound payments.
– Reconcile payment transactions and address discrepancies in coordination with finance and customer service teams.
– Monitor payment flows, ensuring optimal speed and cost-effectiveness across multiple banking partners.
– Ensure proper settlement processes are in place, maintaining compliance with financial reporting standards.
– Ensure that all payment activities comply with UK FCA regulations, PSD2 (Payment Services Directive), and local laws.
– Monitor adherence to AML (Anti-Money Laundering), KYC (Know Your Customer), and other compliance regulations in payment processing.
– Collaborate with the compliance team to ensure all payment processes are aligned with regulatory changes and updates.
– Assist with regulatory reporting (e.g., EMIR, FATCA, and CRS) and audits.
– Work closely with the IT and development teams to ensure smooth integration of new payment solutions.
– Assist in the testing and implementation of new payment gateways, APIs, and payment infrastructure upgrades.
– Monitor and troubleshoot any issues with payment systems and platforms, ensuring minimal downtime.
– Collaborate in the development and improvement of automated payment workflows to increase operational efficiency.
– Identify and mitigate payment risks, including fraud, chargebacks, and unauthorized transactions.
– Collaborate with the risk management team to develop and implement fraud detection and prevention strategies.
– Monitor real-time transaction data for unusual or suspicious activity, escalating issues where necessary.
– Manage relationships with payment providers, banks, acquirers, and card schemes (Visa, MasterCard, etc.).
– Negotiate fees, contracts, and SLAs (Service Level Agreements) with banks and other partners.
– Ensure smooth onboarding and management of new payment providers and service enhancements.
– Provide second-level support to customer service teams to resolve complex payment-related issues.
– Handle escalated inquiries regarding delayed payments, failed transactions, and refund requests.
– Maintain clear and effective communication with internal teams and external clients regarding payment-related matters.
– Prepare reports on payment performance, transaction volumes, reconciliation, and other metrics for management and stakeholders.
– Analyze payment data to identify trends, inefficiencies, and opportunities for improvement.
– Provide insights to support decision-making on payment product development, pricing, and expansion.
– Bachelor’s degree in finance, economics, business administration, or a related field.
– Professional qualifications related to payments (e.g., ACI Payments Institute certifications, or relevant AML/KYC certifications) are advantageous.
– 3+ years of experience in payment operations, preferably within an EMI or financial services institution.
– Experience with UK and EU payment systems (FPS, SEPA, SWIFT, BACS, etc.) is essential.
– Familiarity with electronic money institutions’ regulatory frameworks, particularly FCA regulations and PSD2.
– Proven track record of handling high-volume payments, reconciliation, and resolving discrepancies.
– Experience working with payment gateways, APIs, and fraud detection systems.
– Proficiency with payment systems and platforms (e.g., SWIFT, SEPA, FPS).
– Experience with reconciliation tools and payment monitoring software.
– Understanding of card scheme rules (Visa, MasterCard) and PCI DSS requirements.
– Strong analytical skills and proficiency in Excel and data analytics tools.
– Familiarity with API integration for payment platforms.
– Strong attention to detail and accuracy in payment processing.
– Excellent organizational skills and the ability to manage multiple tasks simultaneously.
– Strong communication skills, both written and verbal, to interact with internal teams and external partners.
– Ability to work effectively in a fast-paced environment and adapt to changes in regulatory and market conditions.
– Proactive approach to problem-solving and process improvement.
This role offers the opportunity for career progression within the payments team, with potential to move into senior roles such as Head of Payment Operations, Compliance Specialist (Payments), or Product Manager for Payment Solutions.
VIP Payments Ltd, registered in England and Wales no. 09841893 as a Small Payment Institution with the Financial Conduct Authority no. 750503, of 39 Fitzroy Square, London, W1T 6EZ, UK. VIP Payments is a member of the BLK Financial Group.
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