FVP Director of Merchant Services

First Central Saving Bank•Glen Cove, NY

2d•Onsite

About The Position

Purpose: The FVP Director of Merchant Services will provide subject-matter expertise and ongoing support across all areas of Bank’s Merchant Services and BIN Sponsorship operations (the “Program”), including partner contracting, compliance, and regulatory review. The FVP Director of Merchant services will have a dual reporting line to President & COO through collaboration with our lending team to enhance client experience and EVP, Chief Administrative Officer by cultivating a pipeline of new business and day to day operations and audits.

Requirements

Excellent attention to details, and ability to adhere to established Bank operational policies.
Ability to communicate professionally and concisely with staff and potential clients.
Fluent with Excel, Word, and Outlook applications.

Responsibilities

Advise on and assist in drafting the core program agreements governing the Program, including: Sponsorship and Program Participation Agreements.
Processor and Technology Provider Agreements.
Card Brand (Mastercard/Visa) Agreements.
Settlement and Reserve Account Agreements.
Data Sharing and Confidentiality Agreements.
Ensure the aforementioned documentation accurately reflects regulatory expectations and the Bank’s oversight responsibilities as the issuing or sponsoring entity.
Engage counsel in the development of template agreements and standardized legal documentation to streamline onboarding
Be aware of relevant laws, regulations, and guidance applicable to the Program, including: FDIC and federal banking regulations governing third-party risk management.
Card brand operating rules and sponsorship requirements.
State money transmission and payments licensing considerations.
Implement a framework for compliance with applicable laws and card network rules.
Support the Bank’s compliance function in documenting oversight procedures and responses to regulatory audits.
Review potential clients for operational soundness and compliance risk.
Implement and sustain a due diligence program for client approval processes.
Provide guidance to Bank’s Board on high-risk merchants or program categories (e.g., prohibited activities).
Be aware of and advise on changes in card brand rules or regulatory requirements that necessitate updates to the Program.
Solicit ISOs to FCSB.
Be responsible for monthly reporting to ALCO on ISO updates.