Job Description

Job Type Full-Time

Vacancy Status: This posting is for an existing vacancy

Target Salary Range: $43,000-$54,500

The compensation for this position is determined by a combination of skills, experience and is aligned to the market in which the job is posted. Your recruiter will provide additional details about our total rewards package during the hiring process.

Scope of Position

The Clearing Operations Representatives are responsible for processing and reconciling and taking necessary corrective action as relates to electronic transactions internally and externally with other financial institutions using various databases and systems. They verify and balance all incoming and outgoing transactions. Extensive independent judgment is critical, on a daily basis, within prescribed authority along with some direction using documented procedures and guidelines, escalating issues to the Manager or delegate as appropriate over their authority. Evaluate and recognize indicators that would identify possible Fraud/Money Laundering situations.

They ensure productivity standards that are held with internal and external providers are consistently achieved and Service Level Agreements are met or exceeded. They identify and recommend process improvement

They must be fully knowledgeable and remain knowledgeable at all times and be able to perform all the electronic payment processes for Alterna Bank and Alterna Savings accurately, efficiently and within pre-established timeframes and with prescribed authority.

Major Responsibilities

• Evaluate and research exceptions to make an enlightened decision to pay, dispute or return items for many of the processes within the department to prevent any losses to the organization
• Post Member and GL transactions accurately and according to procedure
• Audit and authorise outgoing wires and incoming wires up to approved limit (nationally and internationally according to policy and procedure
• Liaising with other Financial Institutions to provide clarification and/or promptly resolve issues to minimize member/client service interruption while preventing loss for either organization and to resolve problems related to missing or incorrect information that needs to be amended and initiate trace requests on behalf of member/client
• Liaising with internal and external agencies including members/clients, branches, couriers, Central 1, EFT Canada, regional Government pay offices, for problem resolution
• Communicate with Financial Services provider to ensure timely problem resolution
• Investigate all trace requests from other financial institutions to determine action/resolution
• Ensure all electronic transfers are set up, processed and documented within the set time standard. Contact with members and customers as required for problem resolution
• Proactive in managing and acting as a resource person/subject matter expert on all payment issues for all Alterna Bank and Alterna Savings employees by responding to inquiries via telephone, in person, or in writing, to solve problems and escalating problems where there is potential loss within department time standards
• Evaluate and recognize indicators that would identify possible Fraud/Money Laundering situations and report and escalate to Branch, Fraud Analyst, /Compliance Manager and/or delegate immediately
• Manage and monitor the scheduling of all pay offices for the salary deduction process for accurate and timely posting to member/client accounts
• Ensure all EFT Canada customers are set up, and the account opening are approved and processed for service, by working with the member on a one on one basis.
• Managing the EFT Canada file uploads and file validation emails for rejected files within the time standard on a daily basis.
• Ensuring daily work and reports are completed thoroughly for auditing purposes.
• Ensuring all reports, blotters and work is scanned filed and labelled correctly and filed in the Department shared drive.
• Balancing department general ledgers, investigating and resolving any outstanding entries for all processes, and correcting in a timely manner abiding by the pre-established roles and responsibilities document
• Proactively identifying enhancements to Clearing key business processes and workflow which contributes to an excellent customer experience.

Expectations / Outcomes

• Adherence to operational policies, procedures and guidelines as well as external acts and legislations related to the functions of this department
• All time standards and service levels are met or surpassed.
• Clearing rules are adhered to, resulting in no loss of income to the organizations and also giving the best service to our member and clients.
• Loss associated to fraudulent items is minimized by consistent and quick detection and appropriate escalation methods.
• Audits are satisfactory or above and all outages are quickly found and resolved to ensure a sound organization.
• CPA and Money Laundering Act are well understood and abided by resulting in no regulatory or other sanctions or penalties.
• Monitoring and ensuring all processes are completed and balanced
• Educates and provides direction to internal departments on all processes.
• Act as Subject Matter Experts to our internal and external partners with respect to in and out clearing key business processes.
• Actively participate in providing training to co-workers

Knowledge / Skills

• Knowledge of the Canadian Payments Associations rule (CPA)
• Knowledgeable of regulations, standards and procedures issued by the Canadian Payments Association (CPA) all payment streams: Wire, etransfers, automated debits and credits, cheques, bill payment, AFT, salary deductions,
• Knowledge of the Bank Act
• Knowledge of the Caisses Populaires and Credit Unions Act
• Knowledge of branch banking procedures
• Knowledge of corporate operational policies, regulations and Money Laundering Act

About Alterna Savings

Alterna Savings and Credit Union Limited (Alterna) has delivered The Good in Banking® for over 115 years creating financial services that transform lives for the better, all while giving back to our community. Alterna is made up of Alterna Savings and Credit Union Limited and its wholly owned subsidiary, Alterna Bank.

Alterna is the first full-service, member-owned cooperative financial institution outside Quebec, sharing its expertise with over 210,000 members through a network comprised of 40 branches across Ontario, a call centre and multiple digital channels. Members and customers also benefit from an industry-leading online brokerage and investment management services.

To learn more about Alterna Savings, please visit alterna.ca, X, Facebook, Instagram, or LinkedIn

Working at Alterna

We are incredibly proud of our corporate culture, embodying our core values: Collaboration, Integrity, and Respect, where everyone works together towards a common goal; the financial wellbeing of our employees, members, and customers. This commitment has earned us several prestigious employer awards, including the National Capital Region's Top Employers award for nine consecutive years.

* We appreciate all applicants; however, preference will be given to candidates who most closely meet the qualifications, key skills, and competencies outlined above.

* Alterna is compliant with the Ontarians with Disabilities Act and our team strives to provide an accessible accommodation experience. If you have a disability and require accommodations during the recruitment process, please contact our Recruitment Team and let us know how we can accommodate you.

* Alterna does not currently use Artificial Intelligence (AI) to screen, assess, or select applicants