Business Systems Analyst - Payments Modernization

Finance Professionals Inc.; Toronto; Hybrid; CAD 90,000 - 120,000; Full time

Job summary

A leading financial institution in Downtown Toronto is seeking a Business Systems Analyst for a 6-month project focused on Payments Modernization. The role involves collaborating with teams to analyze requirements, ensuring compliance with payment regulations, and driving process improvements. Candidates should have extensive experience in financial services, particularly in payments, and possess strong documentation skills.

Qualifications

• 8+ years of experience as a Business Systems Analyst in financial services.
• Strong knowledge of ISO 20022 and payments modernization.
• Proficiency in creating detailed documentation.

Responsibilities

• Collaborate with business and technology teams to analyze and document requirements.
• Conduct gap analysis of current payment systems.
• Own and drive testing efforts by defining test cases.

Skills

ISO 20022 messaging standards

Payments modernization

Documentation creation

Communication

Interpersonal skills

Education

Bachelor Degree

Tools

VISIO

MS Office Suite

SharePoint

PowerBI

JIRA

Confluence

Job description

Job Description

Location: Hybrid (Downtown, Toronto)

Duration: 6 months (Possibility for an extension)

Our client, a leading financial institution in Downtown Toronto, is looking for a Business Systems Analyst - Payments Modernization. The role involves delivering tasks related to the program, ensuring proper documentation of artifacts, requirements, and solutions, supporting the team’s business strategies and objectives. The successful candidate will have the opportunity to work with one of the Top 5 Banks in Canada.

Typical Day in Role

Accountabilities:

1. Champion a customer-focused culture to deepen client relationships and leverage broader Bank relationships, systems, and knowledge.
2. Supervise day-to-day operational activities, including verification of daily settlements, cash control functions, investigation of settlement issues, and involvement with related projects.
3. Support, communicate with, and maintain excellent working relations with front office, clients, technology, and other stakeholders to ensure accurate and timely processes.
4. Provide accurate and informative analysis to management.
5. Act as the first point of contact for client escalations.
6. Seek opportunities for process improvements to maximize efficiencies.
7. Consider the Bank’s risk appetite and culture in day-to-day activities and decisions.
8. Ensure operations adhere to business controls to meet obligations related to operational risk, regulatory compliance, AML/ATF, and conduct risks.

Key Responsibilities:

1. Collaborate with business and technology teams to analyze and document requirements for multiple payment systems, ensuring stakeholder alignment and management buy-in.
2. Conduct gap analysis of current payment systems against project objectives and industry standards (e.g., ISO 20022).
3. Develop detailed business and technical requirement documents, use cases, and process flows using tools like VISIO, MS Office Suite, SharePoint & PowerBI.
4. Work closely with project managers, developers, and QA teams to ensure successful implementation.
5. Act as a liaison between stakeholders to gather feedback, resolve issues, and align priorities.
6. Ensure compliance with international payment regulations and industry best practices.
7. Own and drive testing efforts by defining test cases, validating outcomes, and facilitating UAT, coordinating with BAU teams.
8. Create and maintain project artifacts, including user stories, functional specifications, and workflow diagrams.

Must-Have Skills

1. 8+ years of experience as a Business Systems Analyst in financial services, focusing on payments and/or money transfer projects.
2. Strong knowledge of ISO 20022 messaging standards and its implications for payment systems.
3. Understanding of payments modernization initiatives, including real-time payments, digital payment ecosystems, and related technologies.
4. Experience with cross-border and international payment systems, including SWIFT.
5. Proficiency in creating detailed documentation such as functional specifications, process flows, and use cases.
6. Experience with applications used by FX Operations teams (e.g., Wallstreet, FXALL, MISYS, GTSS, Bloomberg) and understanding of FX products and derivatives (e.g., swaps, options, forwards, etc.).

Nice-To-Have Skills

1. Experience with payment infrastructure modernization projects in Canada or major markets.
2. Knowledge of compliance and risk considerations for cross-border payments (e.g., AML, KYC).
3. Hands-on experience with tools such as JIRA, Confluence, Visio, or similar.
4. Familiarity with Agile and Waterfall methodologies.

Soft Skills Required

• Excellent communication and interpersonal skills, with the ability to engage effectively with technical and non-technical stakeholders.

Education

• Bachelor Degree

We are committed to creating an inclusive environment for all team members and clients. We welcome applicants of all abilities and backgrounds, providing an accessible candidate experience. We advocate for diversity regardless of race, religion, gender, disability, or age.