Manager, Payments Reconciliation and Financial Administration

Company Description

We’re embarking on something BIG...

Central 1 is the partner of choice for financial, digital banking and payment products and services – fueling the success of businesses across Canada. We leverage our scale, strength and expertise to power progress for more than 250credit unions and other financial institutions, enhancing the financial well-being of more than five million customers from coast to coast. For more information, visit Central1.com

Job Description

The Manager of Reconciliation and Financial Administration leads a team of National staff in Vancouver and Toronto who balance, settle and reconcile daily transactional volumes with the Bank of Canada.

You will handle highly complex tri-level currency settlement processes for the credit union network dealing with balances that exceed 1 Billion Canadian daily. You will identify, manage, and implements cross-functional financial projects, audits, and financial traces. You will provide a detailed analysis and reporting of monthly variances of financial performance and play a key role in preparing annual budgets for review by the Director and the AVP of Payments Operations. The Manager provides relationship management and contact resolution to Credits Unions for Paper, Image, and Electronic payments. The Manager also provides leadership in risk control, ensuring control policies, standards, practices are followed. The Manager acts in the capacity of a subject matter expert and provides direction and thought leadership to cross-functional leaders and partners in payments, client services, digital, policy, and treasury.

What you’ll be doing:

• Oversees the financial reconciliation of all Payment Products; monitors and identifies the risks associated with paper and electronic clearings.
• C1/BoC as the representative of the Group, C1 to GC members (centrals), and C1 to C1 Class A/B/C members.
• Collaborates with Payment teams to correct errors, provides expert advice on resolving out-of-balance entries, and prevents further errors.
• Identifies the work process gaps and drives change from a LEAN perspective to improve quality and quantity of output to reduce costs.
• Establishes and maintains key contacts and relationships with credit unions, vendors, suppliers, banking systems providers, corporate clients, and counterparts at other financial institutions to ensure quality service levels are achieved and resolve service issues and complaints.
• Provides information and expert advice to Credit Unions relating to paper clearings, electronic clearings returned and re-directed items, and other such matters, and acts as the Credit Unions’ first step of escalation for resolving items in dispute.
• Monitors and assesses the performance and effectiveness of systems, applications, and procedures.
• Analyzes workflow activity, identifies priorities, assesses resources; designs and leads the implementation of new processes to meet deadlines and achieve unit objectives.
• Monitors activity and through relationship management; recommends changes to Credit Union procedures, forms, and fees, etc. to streamline processes and improve effectiveness and profit.
• Acts as a Subject Matter Management Expert for cross-functional projects and efforts involving billing, reconciliation, banking/accounting systems, and postings.
• Owns the budget preparation process for Payment Operations, works with Director and AVP to develop the division budget and meet corporate goals.
• Ensures budget in divisions outside Payments Operations is aligned with overall Payments budget and provides support to the divisions when there is inconsistency.
• Oversees the billing functions conducted within the Payment Operations, maintaining a line of sight and understanding of how, when, and what is billed for each month.
• Reviews billing process on regular basis and implements changes for enhancing efficiency and internal controls.
• Builds and maintains statistical information on billing/volume counts for budgeting, variance analysis, and reconciliation of actual billing versus volumes processed.
• Tracks, reviews, analyzes the trends, and reports on Payments’ financial performance monthly.
• Prepares variance explanation and trend analyses on a regular/ad hoc basis.
• Committee chair and sub-committee support in new projects
• CPA rules application and mastery.
• POC for Audit including, but not limited to, CEO/CFO Certification, External Audit, and Internal Audit.
• Develops and leads the implementation of new procedures for cross-functional areas according to audit findings as needed.
• Maintains expertise and processes requests for changes to the CPA FIF for all Central 1 Credit Unions/Clients.
• Provides Project Management expertise for Payment Operations and other internal/external stakeholders.
• Acts as a Relationship Manager to all Credit Unions in paper, image, electronic, and audit.
• Coordinates change management in cross-functional areas to align with Central 1 strategic initiatives and priorities.
• Develops effective procedures, standards, and practices for all departmental functions ensures that confidentiality, security, and risk management controls are well documented and maintained.
• Creates an environment oriented towards trust, open two-way communication, and cohesive team effort to develop and maintain interdepartmental relationships.
• Provides initial and ongoing staff training and coaching to ensure performance meets objectives; encourages and motivates staff to upgrade their skills continually, and ensures staff are cross-trained to enhance their development objectives and provide the necessary support for vacation/sick-day coverage.
• Conducts performance evaluations with staff; facilitates the identification of career objectives and preparation of staff development and learning plans; keeps Director apprised of performance issues and implements approved disciplinary measures; and participates with the Manager in hiring, salary adjustment, and performance management decisions.
• Support the Director and AVP with ad-hoc analysis as needed to achieve the business and corporate goals.
• As requested, act as backup for vacation and casual sick days for Director.

Qualifications

What you’ll have:

• An accounting designation with proficiency in managing financial performance
• 7+ years relevant experience in a financial institution or related environment.
• Experience in the leadership of professionally designated staff
• Ability to think strategically and identify opportunities to increase business value and improve operational efficiencies.
• Ability to manage diverse and complex financial issues with multiple stakeholders.
• Advanced communication, interpersonal, and customer relations
• Highly developed analytical, problem solving, planning skills
• Creation and implementation of large scale projects
• Project Management
• Relationship Management

Additional Information

As much as we believe in working hard, we also believe in personal growth and taking time for ourselves. Accordingly, our total rewards philosophy amounts to one of the best compensation and benefits packages in the industry – from performance-based incentives and extended benefits, to training and education reimbursements and ample vacation time.

Central 1 is committed to building a diverse and inclusive workforce by creating an environment where everyone feels like they belong and has the opportunity to be successful. We are welcoming of all applicants and we will provide an accessible candidate experience.

Reporting to: Director, Payment Operations
Grade: G
Date Posted: August 9, 2021
Internal Applicant due date: August 16, 2021; External Applicant due date: August 23, 2021
Location: Vancouver, BC; Toronto and Mississauga, ON