Business Systems Analyst - Payments Modernization

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 to be responsible for delivering on all tasks associated with the program and ensure proper documentation of artifacts, requirements, and solutions are executed/delivered in support of 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. Effectively 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. Consistently seek opportunities for process improvements to maximize efficiencies.
7. Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
8. Actively pursue effective and efficient operations while ensuring adherence to business controls to meet obligations related to operational risk, regulatory compliance risk, AML/ATF risk, 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 senior 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 an array of tools including but not limited to VISIO, MS Office Suite, SharePoint & PowerBI as required.
4. Work closely with project managers, developers, and QA teams to ensure successful implementation of solutions.
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 user acceptance testing (UAT) through coordination with BAU teams and ensure effective collaboration.
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, with a focus on payments and/or money transfer projects.
2. Strong working knowledge of ISO 20022 messaging standards and its implications for payment systems.
3. Strong 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 and other payment networks.
5. Proficiency in creating detailed documentation, including functional specifications, process flows, and use cases.
6. Proficiency with applications used by the FX Operations team (e.g., Wallstreet, FXALL, MISYS, GTSS, Bloomberg) with an understanding of FX products supported (e.g., Cash trades, SPOT trades, FX Forwards, Swaps) as well as Derivatives products (e.g. Cross Currency Swap, Single Currency Swap, Credit Default Swap, Inflation Swap, Total Return Swap, Forward Rate Agreement, Forex, FX Options, FX Commodity Options, Equity Options, Loans, Deposits, Swaption, Single Currency Extend, Single Currency Call, Cap, Floor, FX Strip).

Nice-To-Have Skills:

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

Soft Skills Required:

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

Education:

1. Bachelor Degree.

Finance professional is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. We advocate for you and welcome anyone regardless of race, color, religion, national origin, sex, physical or mental disability, or age.