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Card Scheme Compliance Specialist

  • Location

    London

  • Discipline:

    Compliance

  • Job type:

    Contract

  • Salary:

    £250.00 - £450.00 per day

  • Consultant:

    James Flood

  • Email:

    jflood@merje.com

  • Job ref:

    JF/14735

  • Published:

    12 days ago

You will be responsible for understanding and managing the various technical interfaces with Visa, MasterCard and other card schemes as required. You will design and maintain robust processes around data exchange and ensure that daily operational procedures are completed accurately and on time. You will understand the fee structures charged by the various schemes and ensure that at all times the business is receiving the best possible rates at both a transaction and service level.

 

Your day-to day work will consist of:

  • Scheme Reconciliation & Process Automation
  • Ownership & operation of card scheme interfaces such as Visa Edit Package & MasterCard GCMS
  • Checking daily file & message exchanges to ensure successful completion of clearing & settlement batches
  • Leading Investigation and remediation of any errors or discrepancies in clearing and/or settlement processes, often in conjunction with other departments such as Finance, IT Operations & Development;
  • Ensuring daily remittance runs are approved and successfully transacted
  • Fee Analysis & Remediation
  • Regular review & analysis of Interchange Rate Designators in use to ensure the business is leveraging optimal scheme pricing
  • Liaison with scheme relationship management teams to remediate any pricing discrepancies
  • Working with Sales & Marketing to develop and maintain pricing strategies for target markets based on detailed knowledge of scheme fees
  • Scheme Relationship Management
  • Reviewing & where applicable, acting upon scheme member communications, bulletins & technical updates
  • Managing & maintaining online access administration to scheme repositories
  • Maintaining scheme documents library
  • Monthly, quarterly and other periodic and ad-hoc scheme returns (including High Risk, Fraud & PCI-DSS returns)
  • You will have a detailed understanding of card scheme operations from daily clearing and settlement processes to reconciliation and pricing. You will have good knowledge of card scheme rules and guidelines and be able to provide consultative support to compliance, sales & risk functions.
  • Experience working in the card acceptance industry with a principal card scheme member is essential. Other experience within the financial services/banking sector and experience of dealing with the FCA would be an advantage and an understanding of;
  • Visa Fundamentals of the Payments Business
  • Visa Fundamentals of Transaction Processing
  • Visa Effective Authorisation Management
  • Visa Effective Clearing and Settlement
  • MasterCard Four Party Model Economics & Interchange
  • MasterCard Clearing Workshop
  • Acquiring with MasterCard
  • MasterCard Financial Reconciliation