About AndPayments
AndPayments is building the next-generation payments stack for Indian businesses, and for businesses globally that need India-grade payments infrastructure. We operate across Payments, RegTech, B2B SaaS and Prepaid Instruments. These are not separate bets. They are a deliberate stack: compliance infrastructure that enables payment products that enable financial instruments, all built together rather than bolted together.
We move fast because we have to. We care deeply about compliance because we build on regulated infrastructure, and because we believe compliance done right is a competitive moat, not just a cost of doing business. We use AI as a primary operating layer, not as a productivity add-on. If you want to spend the next few years building something that will define how Indian businesses transact, and eventually how businesses transact globally, this is where you should be.
About the role
We are looking for a meticulous and finance-savvy Manager – Escrow & Banking Operations to own one of the most regulated and critical functions in our RBI-licensed Payment Aggregator (PA) and Prepaid Payment Instruments (PPI) business. You will be responsible for ensuring that funds held in PA escrow accounts and PPI customer fund accounts are managed, reconciled, and disbursed in strict accordance with RBI PA and PPI Master Directions respectively. This role demands a rare combination of treasury operations expertise, banking relationship management, and regulatory precision across two distinct but interlinked fund management regimes.
What you'll do
PA Escrow Account Management
- Own the day-to-day management of all PA escrow accounts as mandated by RBI—ensuring funds collected from customers on behalf of merchants are held, tracked, and disbursed within prescribed timelines.
- Ensure escrow account operations comply fully with RBI PA Master Directions, including fund holding periods, permissible credits/debits, and prohibition on lien or hypothecation.
- Maintain real-time visibility into escrow account balances, pending settlements, and float positions; produce daily escrow MIS for senior management.
- Coordinate with the Finance team for accurate ledger entries, provisioning, and month-end escrow reconciliation.
PPI Customer Fund Management
- Own the management of customer funds held against outstanding PPI balances (wallets/prepaid instruments) in the designated bank account as required under RBI PPI Master Directions.
- Ensure the PPI customer fund account is maintained with an RBI-approved scheduled commercial bank and that the balance at all times equals or exceeds the aggregate outstanding PPI liabilities—monitored on a daily basis.
- Manage the reconciliation of PPI issuance, loads, redemptions, transfers, refunds, and expirations against the customer fund account balance; ensure zero discrepancy between system-of-record PPI liabilities and actual bank balance.
- Oversee the process for handling unclaimed/expired PPI balances in accordance with RBI PPI Master Directions, including transfers to the designated unclaimed liability account and prescribed reporting.
- Coordinate with the Finance and Product teams for float income accounting, interest accrual on PPI customer funds, and any permissible deployment of idle PPI float within RBI-approved instruments.
- Ensure PPI fund account documentation, authorised signatory details, and bank mandate records are current and accessible for regulatory inspection.
Settlement Operations
- Manage outward settlement cycles to merchants—ensuring timely disbursement of collected funds net of applicable fees, refunds, and holdbacks.
- Oversee inward fund flows from acquiring banks and payment networks into the escrow account; reconcile inward remittances daily.
- Manage settlement timelines for different merchant categories (T+1, T+2, etc.) as defined by RBI and internal policy.
- Resolve settlement disputes, short-payment queries, and reconciliation breaks with merchants, banks, and payment operations teams.
Nodal & Banking Relationships
- Manage the relationship with nodal and escrow banks—coordinating for account maintenance, limit reviews, new account setups, and operational escalations.
- Ensure all banking documentation (board resolutions, authorised signatory updates, KYC renewals) is current and accurate.
- Evaluate and onboard new banking partners as needed to support business growth and geographic/product expansion.
- Coordinate with banks for NACH/e-NACH setups, debit mandates, and recurring payment infrastructure.
Reconciliation & Controls
- Own the end-to-end reconciliation of escrow positions, settlement payouts, refunds, chargebacks, and fee deductions—with zero tolerance for unresolved breaks.
- Design and implement reconciliation controls, exception management workflows, and four-eye verification for large-value transactions.
- Support internal and statutory audits by providing escrow account documentation, transaction trails, and reconciliation proofs.
Regulatory Reporting
- Prepare and submit PA escrow-related and PPI customer fund-related reports and data as required by RBI and internal governance frameworks.
- Monitor changes in RBI guidelines relating to both PA escrow and PPI fund management; proactively implement required operational changes.
- Maintain audit-ready records of all fund account movements, reconciliation proofs, and regulatory submissions for both PA and PPI operations.
What we're looking for
- Bachelor's or Master's degree in Finance, Commerce, CA (Inter/Final), or a related field.
- 5–8 years of experience in treasury operations, escrow management, or banking operations at a payment aggregator, NBFC, or scheduled commercial bank.
- Deep understanding of RBI PA Master Directions pertaining to escrow accounts, fund holding norms, and settlement timelines.
- Working knowledge of RBI PPI Master Directions—specifically requirements around customer fund safeguarding, permissible fund deployment, unclaimed liability handling, and daily balance adequacy.
- Hands-on experience with nodal/escrow account management, RTGS/NEFT operations, and inter-bank fund transfers.
- Strong reconciliation skills; proficiency in Excel and experience with reconciliation tools or ERP systems (SAP/Oracle/Tally).
- Familiarity with NACH/e-NACH infrastructure and recurring payment settlement mechanics.
- High attention to detail, strong controls mindset, and ability to manage high-value financial flows accurately across multiple fund account types.
Nice to have
- CA qualification or ICWA/CMA certification.
- Prior experience setting up or managing escrow/fund operations for both a PA and a PPI licence holder.
- Experience with treasury management systems (TMS) or payment operations platforms.
- Understanding of float income management, idle PPI fund deployment within RBI-permitted instruments, and interest reconciliation.
- Familiarity with RBI's framework for unclaimed PPI liabilities and prescribed treatment timelines.