CIB - EMEA Payments Merchant Services Controller - VP

JP Morgan

Location: Greater London

Job Type: Full time

Last updated

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Department Description

JPM Payments is part of the overall CIB franchise and is a sub-line of business within the Corporate & Investment Bank (“CIB”) line of business of the JPM Group. JPM Payments works with a broad range of clients, from large and middle-market corporations to financial institutions, public sector and governments.

JPM Payments includes a broad range of products and services that enable clients to manage payments and receipts, as well as invest and manage funds. The primary products in this line of business include U.S. Dollar and International (Multi-Currency) Clearing, Automated Clearing House (“ACH”) and all liquidity-related services. Additional product offerings include Lockbox, Disbursements, Cash Account and Information Services, Pay Connexion, Post Office Card Account, Foreign Exchange, Reconciliation Services, Check Deposits, Currency Services, and Escrow Services. JPM Payments provides these services to JPM Group clients (Payments-originated clients, as well as clients originated in other sub-LOBs of the CIB, Commercial Banking (“CB”), Consumer & Community Banking ("CCB") and Asset and Wealth Management (“AWM”)). The business has undergone substantial change over the last few years and is divided into the following 4 sub-lob’s :-

  • Liquidity, including Account Services and Escrow
  • Payments and Commerce Solutions
  • Trade Finance and working capital management
  • Global Clearing & Onyx

Role Description

Product Control is responsible for the overall integrity and accuracy of the financial statements and the overall governance and control of the end to end transaction life-cycle. Product Control is an independent control function responsible for the accuracy and integrity of LOB books and records. This centres on both month end and quarter end close process to ensure the books and records, both income statement and balance sheet are closed appropriately, accurately and reconciled to reported P&L in DRR.

With the ever increasing and demanding regulatory environment a Product Controller acts as a primary function to ensure the banks comply/attest to the regulatory requirements on the accuracy and completeness of financial statements. During 2021 and through 2022, the Payments business has witnessed a significant increase in client activity and regulatory oversight and continued investment as a result of business capabilities expansion, multi-year technology builds and post-Brexit LE strategy initiatives which are still being met by the existing finance team.

This position is in the overall EMEA Payments Product Control team that is responsible for both Core Cash Management, Liquidity Solutions, Commercial Card and Merchant Services businesses. The successful candidate will lead the EMEA Merchant Services Product Control team. Merchant Services is the payment processing and acquiring business of J.P.Morgan and part of the Payments business. Our proprietary platforms enable integrated solutions for all major payment types.

As a result of a recent realignment of roles and responsibilities from the US to EMEA there is now a need to build out the Merchant Services Product Control function in the region. The successful candidate will be integral for ensuring a smooth transition and integrating the Merchant Services transfer of roles and responsibilities from F&BM North America to the EMEA region to ensure that we can serve the business more effectively and support their growth in the region in a controlled manner.

There has been a significant amount of business expansion strategy and activity within the Merchant Services business following Brexit, particularly in EMEA, and it’s integration into the CIB following it’s transfer from CCB in Q1 2020.

The role will also involve managing the Merchant Services Controller team and supporting the Regional Payments controller within the region. This is an exciting time to be a part of the Payments business and in particular Merchant Services where there is a lot of change, business investment and opportunity to broaden your finance skills outside of traditional P&L and Balance sheet roles.

Key Roles and Responsibilities

  • Initially the candidate will manage and lead the role and function transition from the US to EMEA working closely with the team who are currently providing the PC support today. It will involve planning, developing and implementing the end to end control process and framework around the EMEA Merchant Services business. This is a great opportunity for someone to come in at the start of a new process transition and make an impact
  • The role is not as structured as most PC roles, and there is plenty of scope for projects outside of core responsibilities to broaden your skillset. One such project would involve migration of UK client balances from existing EU acquiring entities to UK entities following Brexit and the ending of the temporary permissions regime in Dec 2023.
  • Key responsibilities include month end close, analysis of revenue drivers, balance sheet movements and linkage of business activity to full financial results providing full and meaningful analysis and explanation of variances with appropriate supporting business drivers.
  • Support of the month-end close process in partnership with the Financial Control team (based in Mumbai) through review of the EMEA TS balance sheet and P&L including associated investigation and resolution of variances and associated month end issues.
  • Strong partnership with the EMEA Merchant Services business and the wider F&BM team (Business Management, Financial Control and Regional Partners) providing effective support and control oversight to help maintain a strong control environment and facilitate business growth.
  • Oversight of the monthly Merchant Services forecasting process in co-operation with the Business Managers and Product partners.
  • Further responsibilities will centre on managing the impact to product control of legal entity and regulatory changes post Brexit and Merchant Services client migration activity to new LE’s.
  • Participate in Internal Audit and/or Risk driven product reviews and products deep dives. Also a key participant in new product approvals (NBIA’s) from a Finance Control perspective.
  • Ensure rigorous compliance with control policies, standards and procedures – e.g. P&L minimum standards compliance (P&L sign-off and comprehensive explain), safeguarding standards, LE standards etc
  • Input and involvement into the many transformational Merchant Services initiatives and projects currently in flight and working closely with the LE Strategy projects team regarding ongoing Commercial Card roll out including cash management process, post Brexit migrations for Merchant Services and business / LE expansion activities to name but a few.

Candidate Profile

  • This is a good opportunity for a VP looking for their next challenge with the potential for further responsibility in the fullness of time.
  • Qualified or part-qualified accountant (ACA/CIMA/ACCA) with 6-10 + years’ experience and strong accounting and double entry skills who can comfortably navigate their way around a product P&L and balance sheet. Applicants qualified by experience will also be considered if they can demonstrate strong accounting skills.
  • Proven skills and results in identifying and resolving control and risk management issues that may impact financial results
  • Knowledge of Merchant Services whilst advantageous, is not essential, but they must have sound commercial acumen and financial services industry awareness and product knowledge across a number of asset classes.
  • Prior knowledge of cash accounts, nostros and the cash management process would be beneficial to this role as Liquidity is integral to the smooth operation of cash accounts across JP Morgan
  • There will be opportunities to improve processes so knowledge of digital accelerator applications would be of benefit to this role whether it be Alteryx, QlikSense, Signavio etc
  • Candidate must be a confident communicator (verbal, written and listening) who is used to dealing with numerous partners / stakeholders, works well under pressure, priortises and manages time well and manages expectations and anticipate needs appropriately in an environment that can change quickly so they also need to be flexible and adaptable to changing situations.
  • Strong control mindset, with an attention to detail who can challenge the status quo, set the agenda, generates ideas and solutions to problems, embraces change and drives it through to completion
  • Ideally candidate has experience as a product controller who can bring knowledge and experience to the wider team along with a track record of execution on finance and business deliverables
  • Ability to influence and direct the activities of resources outside of direct control
  • Strong interpersonal, communication and team-building skills. Ability to manage several projects and tasks concurrently and still deliver and execute on time is essential
  • Enthusiastic, highly motivated and committed individual
  • Proven managerial track record to manage a junior resource
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