Banking Operations Executive

iFAST Global Bank Ltd; City Of London; Hybrid; GBP 30,000 - 40,000; Full time

Job summary

A financial services provider is looking for a Banking Operations Executive in London to manage payment processing, ensure compliance with Bacs scheme obligations, and support the Operations team. The ideal candidate will have a degree related to Banking or Finance, strong organisational and communication skills, and an interest in UK payment systems. This role includes benefits like hybrid working and private medical insurance.

Benefits

25 days annual leave plus 8 bank holidays

Pension scheme with 4% employer contribution

Private Medical Insurance

Free gym access

Qualifications

• Bachelor’s degree or in final stages of completion in a relevant field.
• Strong organisational skills with the ability to manage multiple tasks.
• Interest in learning about UK payment systems.

Responsibilities

• Support day-to-day operations for Bacs payments processing.
• Maintain operational oversight of Bacs obligations.
• Liaise with stakeholders on Bacs file submissions and queries.

Skills

Organisational skills

Communication skills

Interest in UK payment systems

Detail-oriented

Education

Bachelor’s degree in Banking, Finance, Economics, or related field

Job description

Reporting to the Operations Manager, the role of Banking Operations Executive is to support the Operations Department in managing all payment processing within the given SLA, including Bacs processing and scheme-related activities, and assisting with the production and validation of test plans. For all payments and settlements, ensure that all risk, controls, and compliance processes are complied with, including prompt and effective risk escalation and resolution, and that bank operations escalation policies are implemented and adhered to. Additionally, liaising with 3rd party providers and maintaining existing relationships with UK payment schemes, including active scheme management and compliance with Bacs scheme rules and standards.

MAIN DUTIES

Key responsibilities include but are not limited to:

• Responsible to support day-to-day Operations to ensure payments, including Bacs Direct Credits and Direct Debits, are processed within agreed SLAs.
• Support and maintain operational oversight of Bacs scheme obligations, ensuring adherence to scheme rules, operational calendars, and submission deadlines.
• Ensure the operational reports required are sent as evidence of success at the end of the day.
• Assisting on any ad hoc payments tasks when required.
• Assist in developing procedures and controls for the Payments team, particularly in relation to Bacs payment processing and scheme compliance.
• Liaise with relevant stakeholders and third-party providers on Bacs file submissions, exceptions, rejections, and settlement queries.
• Assist other areas of Operations as and when required.
• Support in all departmental UAT testing, including test scenarios for Bacs payment workflows and scheme rule changes.
• Support team members to ensure all allocated work is completed in a timely manner with high standards being maintained.

Qualifications

• Bachelor’s degree in Banking, Finance, Economics, or a related field (or in final stages of completion).
• Strong organisational skills with the ability to manage multiple tasks and priorities.
• Interest in developing knowledge of UK payment systems, including Bacs, CHAPS, and SWIFT.
• Basic understanding of or willingness to learn Bacs payment processing and scheme governance.
• Awareness of ISO20022 MX and ISO8583 messaging standards is advantageous.
• Familiarity with financial messaging and settlement workflows is a plus.
• Excellent written and verbal communication skills.
• A proactive, detail-oriented approach and a willingness to learn in a fast-paced environment.

Benefits

• 25 days annual leave entitlement plus 8 bank holidays
• Pension scheme, 4% employer contribution
• Private Medical Insurance
• 60-40 Hybrid working after successful probation period
• Training and development
• Free gym access in the building