Role

Settlement & Reconciliation Manager

Type

Full-time, W2

Location

Prefer Chicago, but open to US based remote candidates.

Reports to

Payments Leader

The Company

The bank operates in Chicago and reports more than $425M in assets. It is one of the city’s oldest and safest savings and loan institutions. Leadership added a commercial lending line and engaged outside advisors to expand into payments and build a BIN. Work is underway to launch an acquiring program. Licensing updates are in progress, and discussions are taking place with a prospective ISO that would use the BIN, with the bank serving as the settlement bank. The initial focus is BIN sponsorship only. The ISOs will handle their own underwriting and daily risk.

The Opportunity

The Settlement and Reconciliation Specialist will develop and manage the daily settlement and reconciliation processes for the bank’s merchant acquiring BIN Sponsorship business. The role involves reviewing card brand reports, verifying that funds received from Visa and Mastercard match amounts credited to merchant accounts, and tracking withheld funds for risk, chargebacks, and other exceptions. The specialist will ensure all transactions are properly accounted for, build necessary reports, and reconcile daily activity, including chargebacks, fees, and fines. The position requires experience in establishing or managing settlement and reconciliation functions and provides visibility into funds, merchant payments, and net revenue.

Responsibilities

• Review, reconcile, and validate daily settlement transactions and reports for all acquiring card brands (Visa, Mastercard).​
• Ensure timely and accurate processing of settlements funded by payment networks and that appropriate disbursements are credited to merchant accounts.​
• Manage the reconciliation and exception handling for withheld funds, chargebacks, and risk-mitigated holds.
• Investigate, resolve, and escalate discrepancies or variances between card brand reports, processor files, and merchant statements.​
• Coordinate with operations, risk management, and finance to adjust merchant balances as necessary and resolve transaction exceptions.​
• Prepare, post, and monitor general ledger entries related to merchant settlement and reconciliation activities.​
• Prepare monthly reporting as part of the independent sales organization KPI’s that validates settlement and reconciliation.
• Prepare and submit monthly and quarterly settlement proofing and reconciliation reports for audit and compliance review.​
• Maintain a high standard of accuracy and completeness for all reconciliation processes, automate and innovate settlement reporting protocols.​
• Communicate proactively with Independent Sales Organizations, processors, and internal teams to address settlement and payment inquiries.
• Support internal and external audits related to settlement and reconciliation controls.

Qualifications, skills, and experience

Required Skills and Competencies

• Strong working knowledge of merchant acquiring, payment networks, clearing, and settlement processes.​
• Experience with reviewing, validating, and reconciling large volumes of financial transactions, especially card payments and chargebacks.​
• Familiarity with exception management, dispute resolution, and risk-based fund holds in the acquiring space.​
• Proficiency in financial systems, reconciliation software, and advanced Excel skills.
• Attention to detail with high accuracy, and ability to resolve data discrepancies and transactional variances promptly.​
• Excellent problem-solving, analytical, and communication skills.

Qualifications and Experience

• Bachelor’s degree in Accounting, Finance, Business Administration, or related field.​
• Minimum 5 years of relevant experience in reconciliation, settlement, or financial operations, preferably in a payments, banking, or merchant acquiring environment.​
• Experience with payment processors, card scheme reporting, or merchant service operations is strongly preferred.​

Preferred Competencies

• Experience supporting audits, risk mitigation, and compliance related to settlement operations.​
• Proficiency in automation, process improvement, and reporting best practices.
• Knowledge of GL Accounting and reconciliation posting to core banking systems.​
• Background in merchant onboarding or working with acquiring processors is an advantage.

Miscellaneous:

• The company cannot sponsor a Visa.