Transaction Processor

Transaction Processor

Transaction Processors complete and verify standard transactions to ensure quality standards and create an audit trail. They may also research and resolve client inquiries and escalate unusual transactions for resolution. The role involves a strong sense of urgency, with a high volume of tasks to be completed within any given transaction queue.

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Demand for Transaction Processors is steady, though some organizations are outsourcing this work to third parties; temporary positions increase during peak periods, with some multilingual demand.

Diploma
Education & Credentials
*
Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills
*
Desktop area Work Environment

Office

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Demand for Transaction Processors is steady, though some organizations are outsourcing this work to third parties; temporary positions increase during peak periods, with some multilingual demand.

Diploma
Education & Credentials
*
Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills *
Desktop area Work Environment

Office


WHAT IT IS

Key Role Dimensions

Performing routine transaction processing tasks: Balance and verify incoming/outgoing transactions to ensure adherence to quality standards and the existence of an audit trail; conduct research and resolve inquiries; may set up new accounts.

Meeting strict timelines related to processing of transactions: Failure to complete transactions within the required timeframe could result in a financial impact on the organization and/or clients (e.g. meeting daily deadlines related to closings of stock markets or timing of wire transfers).

Identifying Discrepancies: Identify any unusual transactions and escalate them to the appropriate parties for resolution.

Focus Areas

Transaction Processors focus on processing tasks and transactions in a variety of financial services:

  • Finance & Accounting: Process accounts payable, accounts receivable, invoices, cheques, wire transfers.
  • Lending: Process forms, loan applications, mortgages applications.
  • Insurance Processing: Process claims and policies; possible case management (may be responsible for managing client portfolios and coordination of claim/policy issuance).
  • Wealth Management: Process trades such as purchase and sale of mutual funds, redemptions, trading, switches.

WHAT IT TAKES TO SUCCEED

Key Job Accountabilities

Transaction Processors generally:

Process tasks as assigned:

  • Follow established procedures to perform standard transactions using organization software systems.
  • Work from an assigned queue of transactions to process each task within the required timeframe.
  • Resolve inquiries with regards to transactions (e.g. verification calls from other financial institutions, clients questioning when a transaction was completed, internal inquiries).

Ensure quality standards and audit trail:

  • Cross-check for accuracy and ensure that sufficient details are provided for each transaction.
  • Identify discrepancies and resolve them in accordance with established policies, procedures and guidelines.

Knowledge, Skills & Experience

Must-haves:

  • Analytical Thinking: Problem-solving and reasoning skills
  • Ability to process and/or reconcile large volumes of information
  • Highly Detail-oriented: Ensure accuracy of information and completeness of transactions processed
  • Knowledge of Regulatory & Legislative Policy & Procedures for the Financial Sector: Must be able to identify discrepancies and unusual transactions
  • Strong keyboarding proficiency

Nice-to-haves:

  • Related working experience in the financial services industry or similar work in another industry
  • A Canadian Securities Course may be helpful for those processing transactions related to mutual funds, or knowledge of pension funds for those administering retirement savings plan transactions
  • Knowledge of foreign exchange rate conversion

Education & Credentials

Entry-level positions typically require:

  • College diploma
    or
  • Undergraduate university degree in any field.

Programs Offered


WHERE IT CAN TAKE YOU

Career Pathways

There are a number of pathways open to Transaction Processors through:

  • Internal Transfer: You may move into other operationally focused roles, such as those involving problem resolution, in a different area of the organization, or business contingency planning.
  • Lateral Career Move: You may move into a Client Service Representative (CSR) role or another role in Customer Service.

Future Trends & Impacts

There are several external factors and environmental trends that can influence the demand and qualifications for this role:

  • Technology: More advanced technology requires candidate to possess stronger computer skills; however, Transaction Processors will still need to be familiar with older processes, as not all financial institutions may be able to work with high-tech systems.
  • Globalization: As transactions more frequently cross borders (beyond only the U.S.), knowledge of global foreign exchange is becoming a requirement.


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