Trade Services Professional II M-F 8am-5pm

Fifth Third Bank•Rosemont, IL

6d•$44,300 - $73,000•Onsite

About The Position

Performs defined essential duties and responsibilities within the Commercial Loan Services Trade Services Group for letters of credit and/or documentary collections per the URC, UCP and/or ISP and within the published processing standards. Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

Requirements

Knowledgeable of the UCP600, ISP98, URC525.
Attention to detail, maintaining the highest quality.
Ability to work in a high volume, potentially stressful, team environment.
Ability to type, edit and proof general business correspondence and prepare reports as normally acquired through completion of a high school education.
Good organizational skills, with the ability to handle multiple demands and competing priorities.
Good verbal and written communication skills.
Experience with Microsoft office products, such as Word, Excel and Outlook is necessary.
Strong customer service skills.
Employee must meet credit verification and background check criteria.

Responsibilities

Incoming and outgoing documentary collections processing- 50% of time (issue/ acceptance/payment)
Letter of credit Issuance / Amendment / Adjustments - 10% of time
Issues import and standby letters of credit ensuring all required documentation and approvals are provided with the issuance application, transaction is processed within the bank's defined processing standards.
Processes amendment requests ensuring all required documentation and approvals are provided with the amendment application, transaction is processed within the bank's defined processing standards.
Record participation sold details on excel spreadsheet, updating details whenever change is made to the letter of credit.
Review requested letter of credit terms and language for workability, obtaining approval from legal, when needed.
Work directly with corporate customer, line of business, relationship manager, and affiliate funding desk, when needed.
Generate commissions on standby letters of credit.
Closely monitor the auto/non-renewal process ensuring required documentation received and, when applicable, accurate, non-renewal notices processed.
Examine documents received under a letter of credit ensuring documents are in compliance with the terms of the letter of credit and the UCP.
Notify remitting bank of document discrepancies within the bank's defined processing standards and the UCP.
Notify corporate customer of document discrepancies obtaining additional instructions, when required.
Deliver documents to corporate customer or foreign bank, when required.
Perform manual OFAC review ensuring transaction parties and vessels are not on the government's SDN list.
Work with Line of Business for approval on export financing transactions keeping them advised of document/payment status when required.
Process outgoing payments under import letters of credit preparing wire request, creating accounting entries on Banktrade system.
Process incoming payments under export letters of credit directly crediting corporate customer via Banktrade system.
Obtain FX rates on foreign denominated letters of credit.
Setup an acceptances ensuring wire request, accounting entries, maturity date and rate information are accurately entered into the Banktrade system.
Log all export letter of credit payments on an Excel spreadsheet.
Advise incoming letters of credit to beneficiary and, when required, Line of Business within the bank's defined processing standards and UCP.
Review incoming letter of credit for workability, identifying confirmation requests, compliance issues, conflicting requirements, etc.
Complete the necessary documentation when export financing is approved for a transaction, such as confirmation, discount acceptance.
Submit reimbursement claims as per the terms of the letter of credit.