Senior Officer - Revenue Assurance

About the Role
The role is pivotal in ensuring that every dirham is accounted for within the financial ecosystem of the organization. The Senior Officer is responsible for overseeing transaction reconciliation, payout controls, and revenue assurance. They will develop automation for existing manual processes to enhance operational efficiency in a high-volume environment.

Responsibilities

1. Transaction Reconciliation

   • Run the daily transaction-level reconciliation between credits to merchant and entity wallets and the end-of-day (EOD) file from acquirer PJR files and the payment gateway.
   • Reconcile transactions across all channels and partners, including acquirers, banks, exchange houses, and billers.
   • Conduct multi-way reconciliations for clients needing detailed matches between various service and transaction data.
   • Investigate and resolve breaks, unmatched items, and suspense balances within agreed timelines; escalate unresolved items accordingly.

2. Payouts and Settlement

   • Before initiating payouts, verify that the total balance matches the calculated payout amount.
   • After payouts, ensure funds have been received in the beneficiary's account and address any failures or returns.
   • Check that refunds, chargebacks, and third-party payments are accurately netted off against the next settlement.
   • Ensure settlements to multiple beneficiaries comply with client agreements.

3. Revenue Assurance

   • Confirm that all transaction fees and MDR charged align with client contracts.
   • Verify acquirer, scheme, and partner invoices against agreed rates prior to payment.
   • Reconcile client funds in wallets against bank balances adhering to Central Bank of the UAE stored value requirements.
   • Generate monthly revenue assurance reports outlining revenue, costs, and margins by client and product.

4. Revenue Leakage Detection

   • Implement regular checks to identify revenue leakage proactively, monitoring expected fees versus actually charged fees.
   • Audit pricing setups in the system against signed contracts and maintain records of pricing changes.
   • Identify and address warning signs indicating potential revenue issues, such as zero-cost transactions or unbilled services.
   • Maintain a log of identified leaks, recovery actions, and process improvements, providing reports monthly.

5. Accounting Plans for New Products

   • Design accounting plans for new products, including fund flow, ledger setup, and reconciliation processes before go-live.
   • Work collaboratively with Product, Finance, and IT to ensure accurate transaction posting from launch.
   • Engage in user acceptance testing for validation of accounting entries and controls.

6. Automation and Process Improvement

   • Assess manual reconciliation and payout processes to identify automation opportunities.
   • Collaborate with IT and Data teams to automate matching, reporting, checks, and leakage detection.
   • Enhance controls including audits and approvals, while reducing closing times.

7. Controls, Audit, and Reporting

   • Maintain documentation for reconciliation and evidence for audits and regulatory reviews.
   • Assist in month-end financial closes, including accruals and reconciliations.
   • Report monthly on key reconciliation, payout, and revenue assurance metrics to the Director of Commercials.

Education

• Bachelor's degree in Accounting, Finance, or a related field.
• Professional finance qualification preferred: CPA, ACA, ACCA, CMA, or Chartered Accountant (CA).

Experience

• 5+ years in revenue assurance, reconciliation, financial control, or audit.
• Practical experience reconciling high volumes of transactions and managing payouts.
• Familiarity with digital wallets, payment processing, or fintech is advantageous.
• Background in accounting for new products or business flows is desirable.
• Experience in automating finance or reconciliation processes is preferred.

Technical Knowledge

• Understanding of card payments and digital wallet operations, including authorisation, clearing, and settlement.
• Knowledge of payment pricing structures and Central Bank accounting requirements.
• Proficiency in Excel, with SQL and familiarity with BI tools like Power BI being advantageous.
• Experience with ERP or accounting systems is beneficial.

Skills

• Detail-oriented with a strong control mindset.
• Analytical skills for identifying patterns in data sets.
• Capable of investigating issues to root causes and implementing fixes.
• Strong communication skills for explaining findings to various teams.
• Ability to manage multiple tasks and deadlines independently while maintaining confidentiality.