Payments Administrator

About the Company

EQ Bank is part of a Challenger banking group that aims to rethink conventional banking and deliver more innovative financial solutions for Canadians. The organization has grown to serve more than 800,000 customers across Canada and, together with its subsidiary Concentra Bank, supports credit unions that serve over six million members. The combined organization manages and administers more than $142 billion in assets. EQ Bank’s digital platform has been recognized on Forbes’ World's Best Banks list since 2021.

Role Overview

The Payments Administrator is responsible for handling financial transactions with accuracy, including incoming and outgoing payments that affect the repayment timelines of mortgage and loan accounts. The position requires strong attention to detail, sound judgment, and the ability to keep payment processing and related reconciliation work on schedule.

Key Responsibilities

• Process incoming payments received through multiple channels and methods.
• Generate and reconcile transaction verification reports.
• Make sure daily incoming payment files and returned payment files are completed accurately and on time.
• Review line of credit cheques in line with company rules and banking regulations, checking items such as the cheque body, available limit, and signature.
• Decide whether LOC cheques should be approved or declined.
• Record daily payment activity, EFT transactions, and detailed notes in the required systems.
• Handle HELOC-related requests, including payment reprocessing, fee charging, and investigation of disputed LOC cheques.
• Work with financial institutions, IT, and other stakeholders to investigate issues and follow through to resolution.
• Prepare daily reconciliation sheets for deposits and accounting purposes.
• Post full payouts and principal paydowns accurately in the system of record.
• Compute per diem interest when payout funds are received and identify shortages or overpayments that need action.
• Coordinate with internal departments to resolve unusual or one-off issues.
• Escalate system-related problems to management and business analyst partners when needed.
• Collect data and prepare departmental reports as assigned.

What You Need

• A degree or diploma in a relevant field, along with 2 to 3 years of mortgage industry experience.
• Strong knowledge of cheque clearing and collection procedures.
• Confidence in making decisions on cheque-clearing items.
• Solid understanding of the company’s payment hierarchy rules and how they are applied.
• Strong numerical, analytical, and problem-solving ability.
• Excellent accuracy and attention to detail.
• Ability to work under tight deadlines and manage several priorities at once.
• Well-developed organizational skills.
• Strong customer service skills for both internal and external stakeholders.
• A team-oriented mindset.
• Ability to recommend solutions when issues arise.
• Working knowledge of software such as Word and intermediate Excel skills.
• Self-driven approach and the ability to work with minimal supervision.

Benefits

• Competitive discretionary bonus.
• Market-leading RRSP match program.
• Medical, dental, vision, life, and disability coverage.
• Employee Share Purchase Plan.
• Maternity and parental top-up support.
• Generous vacation time and personal days.
• Virtual events to stay connected with colleagues.
• Professional development support and a comprehensive career growth program.
• Opportunity to join a leading FinTech organization and help shape a new banking experience.

Work Arrangement

This position is hybrid. Time spent in the office will be at Equitable Bank’s additional office space at 2200-25 Ontario Street, Toronto, Ontario.

Equal Opportunity and Hiring Conditions

Equitable Bank is committed to inclusion and to creating a workplace where different experiences and perspectives are valued. The company supports a barrier-free recruitment process and work environment and invites applicants to request accommodations as needed. Candidates selected for hire must successfully complete a criminal background check and credit check.

Important Notes

This role is a full-time permanent opportunity. Compensation details were not provided in the source material. The employer notes that only candidates whose qualifications closely match the role will be contacted.