Business Analyst (Payments)

About RedCompass Labs:

RedCompass Labs enables good payments and helps stop the bad. We are experts in ISO20022-based payments, instant payments, cross-border payments, payments interoperability and financial crime. We use the latest Applied AI, micro-services technology and deep payment knowledge to deliver payment transformation projects. These solutions help our clients accelerate their payments modernization programs, reducing costs and regulatory risk.

The RedFlag Accelerator sets the industry standard for detecting financial crimes. Using a persona-oriented approach, it identifies the actors behind transactions—victims, money-laundering professionals, perpetrators, and more. By combining the very latest red flags, crime models, and OSINT data, our system detects crimes spanning labor and sex trafficking, elder abuse, drug trafficking, as well as scams and potential APP fraud within financial transactions. Our comprehensive offerings include algorithms, analytics, and training tools for bank’s systems and team.

With offices in London, Warsaw, Antwerp, Tokyo, Miami, Toronto, and Pune, we support clients worldwide.

For more information about RedCompass, please visit www.redcompass.com

Role Description

This role is to join the SME team within RedCompass Labs specialized in payment implementation and change programs. The Payments Business Analyst will support banks using his or her deep understanding of global payments processing and payment eco-systems.

As part of the role the Payments Business Analyst expert will fulfil following tasks:

Provide overall payments implementation expertise

Identify and prioritize key stakeholders, engage and maintain good relationships

Understand business situation and drivers for the project and clarify the objectives and scope of the work

Develop and evaluate possible solution options and support business to select the solution that is most effective

Translate the business needs into business and or functional requirements. Prepare Impact Analysis documentation, BRD’s, Functional specifications, Solution designs, Interface designs, Use cases, Requirements traceability matrices

For the requirements engineering and solution design, lead and/or participate in workshops to gather business requirements, review deliverables and secure stakeholder signoffs

Define best practices for payment processing

Provide clarifications, training and support to both’ RedCompass Labs customers and the internal RedCompass teams

Review and recommend test approaches and test plans

Mandatory Requirements

Domain Knowledge:

Strong knowledge of payment systems including payments architecture, payments processing systems, payments hubs

Knowledge of payments schemes across domestic (e.g., FedWire, CHIPS, TCH-RTP, FedNOW, ACSS, Lynx, Interac, RTR) and international (e.g., SWIFT, SEPA)

Strong hands on experience with one or more payments processing products like Finastra’s GPP product, FIS’ OPF product, Dovetail Payments Platform, ACI’s Payment Solution

Understanding of various Clearing & Settlement Systems (e.g. Euro1, Step2, Target2, BACS)

In-depth knowledge of API’s, SWIFT and/or ISO 20022 payment messages

BA Skills:

Understand and be able to utilize key business analysis techniques in BA activities (SWOT, PESTLE analysis, BPM, Use Case Modelling, Data Modelling and Sequence Modelling)

Good communicator with excellent meeting/workshop facilitation skills

Be able to produce the project deliverables that are typically created as part of a payments implementation or payments transformation program (Functional specifications, Solution designs, Interface designs, Use cases, Requirements traceability matrices)

Proven experience of designing and / or testing large scale payments applications

Excellent English communication skills (written & spoken)

Optional Requirements

International business analysis or/and project management certification

Good project experience (full system development life cycle) and understanding of at least one key Payments areas

Digital and Omnichannel Banking – Mobile/ Online/ Open Banking

Alternative Payment Methods and Payments Innovation (e.g. Bitcoin, E-Wallets, Blockchain)

Payments Regulation (e.g. PSD2 – Open Banking, AML regulations,…)

Fraud detection and prevention in Payments

Possibility to define and implement database queries and reports (SQL)

Nice to have: Ability to speak French

Employment with RedCompass Labs includes the following competitive benefits package:

Up to 10% of annual salary performance bonus

Medical insurance for you and your family

22 days annual holiday plus Public & Bank holidays

5 days of full-paid Sick Leave

Training budget

Hybrid working model. Our office is located at 1 University Ave, ON M5J 2P1 Toronto

RedCompass Labs is committed to promoting and supporting a diverse and inclusive workplace, ensuring fair and equitable treatment for all. This fuels innovation and enables us to work better together with each other and for our clients.