- Senior Associate in the Cash Management team, working for one of the big pension providers in the UK.
- UK based workplace pension scheme, set up by the government as part of its workplace pension reforms to help employees save for retirement.
- Responsibilities handled have been captured below:
Internal Account Transfer (IAT)
- The core work involves managing the transfer of funds between different internal accounts, likely in response to employee and employer financial actions. These transfers are a result of investments and withdrawals made by employees or employers, which trigger the accounting entries.
- Improving the internal accounting processes to enhance the efficiency and accuracy of the Oracle system.
- Identify and reduce manual errors in financial transactions through rigorous attention to detail, and thorough reconciliation procedures.
- Responsible for verifying the accuracy of these automated entries, ensuring that the system accurately posts financial movements, and that accounts are correctly balanced.
- Raising a service request in the system in case of dual accounting entries created by Oracle.
- Responsible for generating reports, or extracting data, to provide information on these internal transfers.
Cash Reconciliation
- Prepare an incident report to identify whether there is a shortfall or excess amount lying in a particular account, as per the system-generated report.
- Perform a reconciliation to gauge whether there is any difference in a given account by comparing it with the report provided by the client.
- Take necessary actions to address and resolve any accounting differences.
- Transfer funds from various accounts to ensure that a given account has a sufficient balance so that the payouts can be processed accordingly.
- Reduced discrepancies in financial reports by conducting thorough cash reconciliations.
- Managed daily cash reconciliation tasks, ensuring timely resolution of discrepancies and accurate recordkeeping.
Bank Reconciliation
- Check if there are any negative balances in any account, and accordingly raise a service request to remove the negative balance.
- IAT entries that were passed are reconciled with the system to ensure the balances match with the ledgers.
- The same process is followed with other transactions (withdrawals, claim failures, refund failures, payouts, etc.).
Unit Reconciliation
- Compare the internal records of unit holdings with those reported by the client.
- Ensure the accuracy of investor unit balances, and identify and resolve any discrepancies.
Payment Processing
- Managed high-volume wire transfers, ensuring accuracy, adherence to compliance regulations, and payouts.
- Facilitate smooth communication between the finance department and other internal stakeholders regarding cash-related matters.
- Collaborated with cross-functional teams to develop and improve the cash management solutions.
- Providing timely, accurate, and comprehensive cash management reports.
- If, in case, an employer or employee raises a request for a faster payout, we process that payment faster so that they receive the funds on the same day.
- Increased customer satisfaction with efficient management of suspense transactions, addressing inquiries promptly and accurately.
- Streamlined workflow processes for improved efficiency and productivity in managing suspense account activities.
- Provided regular updates to senior management on the status of outstanding suspense items and progress toward resolution goals.
DDIC (Direct Debit Indemnity Claim)
- Responsible for managing DDIC (Direct Debit Indemnity Claim).
- DDIC is a customer-initiated refund process triggered by an unauthorized or incorrect direct debit transaction under the Direct Debit Guarantee. It includes an immediate refund to the payer's account.
- Responsible for actioning and handling such DDIC requests, where the entire process is spread over 14 days, which involves investigations of the claim, issuing letters to employers or members, and accordingly taking informed action for the refund process.
Pro-active actions to increase team performance
- Identified areas for improvement within existing processes and recommended solutions, increasing overall effectiveness.
- Developed a comprehensive understanding of various payment systems, enabling efficient tracking and reconciling of transactions.