Transactional Banking Wire Specialist

Columbia Bank•Fair Lawn, NJ

1d•Hybrid

About The Position

Summary: The Transactional Banking Wire Specialist is responsible for handling and processing wire transfers for clients. They will ensure all wire transfers are processed correctly and in a timely manner, following established procedures and compliance regulations. The specialist will also communicate with clients, internal teams, and external parties to resolve any issues or discrepancies related to wire transfers. They will also conduct periodic testing for internal controls, SOX, and OFAC. Job Responsibilities: Wire Transfer Processing Process incoming and outgoing monetary wires for commercial and consumer clients using our automated wire transfer system. Stay current of all policies and procedures, federal and state laws applicable to wire transfers. Process all Commercial and Consumer wire requests in a timely manner. Process wire return. Communicate with other banks regarding wire discrepancies, missing wires, and wires in need of revision. Research and work on incoming wire messages via Fed-Line from various banks. Process Foreign Currency wires. Create wire templates. Create and process drawdown. Assist external clients (both commercial and consumer) with wires conducted online. Assist all internal partners (e.g., branch and back-office personnel) with wire-related situations. Ensure client fees are being assessed correctly through the wire transfer system with approval from management. Work with the IS Department, Wire vendor and BI to resolve all processing related issues. Responsible for month end G/L reconciliation and reporting monthly activity. Assist Transactional Banking Services Manager with regulatory and system upgrades, as necessary. Monitor high dollar wires and work with Branch Management on securing approvals for large wire transactions. Work with the Treasury department on large money movement activities. Create advice notifications upon customer request. Research and resolved inquires and exceptions as requested daily. Fraud Management and Escalation Call back all Cash Management customers processing Wire Transfers to verify their payment amounts for accuracy. Review and work with client on all possible fraudulent wires flagged through the wire fraud application. Communicate with Branch Managers and Assistant Branch Managers of any issues arising from a wire request. Review questionable wire transfers and help detect fraudulent and suspicious activities. Notify Management, Branch Manager, Assistant Branch Manager, Security, and the BSA Departments for all questionable, suspicious, and fraudulent activities. Notify Management of investigation findings. Audit / Quality Assurance Conduct quarterly testing for SOX reporting and report any issue to the Deposit Operations SOX Coordinator. Conduct monthly Internal Control Testing to ensure department is following procedures and in compliance with regulatory requirements. Conduct quarterly OFAC testing. Complete all required compliance training timely. Vendor Management and Testing Open and manage cases related to critical vendors (Wire Platform, Correspondent Bank, Cash Management Vendor). Communicate with critical vendors (Wire Platform, Correspondent Bank, Cash Management Vendor). Perform required User Acceptance, Functional, and Disaster Recovery testing for all bank, vendor or Fed initiated changes. Other Responsibilities Perform other job-related duties as may be assigned. Additional duties assigned to Wire Specialist include data entry of account analysis activity generated, performing research when necessary, scanning of required documents for imaged document retrieval, and miscellaneous duties as assigned.

Requirements

High school diploma.
At least 2 years of working experience in Wire processing.
Knowledge of Reg E rules and guidelines.
Knowledge of data processing systems associated with banking operations is required.
Knowledge of automation principles and current software/hardware applications is essential.
Ability to meet established deadlines.
Ability to work productively in groups and individually.
Proficient in written and verbal communication.
Able to work overtime when required.
Ability to travel to various bank locations and training activities as needed.

Nice To Haves

Bachelor’s degree

Responsibilities

Process incoming and outgoing monetary wires for commercial and consumer clients using our automated wire transfer system.
Stay current of all policies and procedures, federal and state laws applicable to wire transfers.
Process all Commercial and Consumer wire requests in a timely manner.
Process wire return.
Communicate with other banks regarding wire discrepancies, missing wires, and wires in need of revision.
Research and work on incoming wire messages via Fed-Line from various banks.
Process Foreign Currency wires.
Create wire templates.
Create and process drawdown.
Assist external clients (both commercial and consumer) with wires conducted online.
Assist all internal partners (e.g., branch and back-office personnel) with wire-related situations.
Ensure client fees are being assessed correctly through the wire transfer system with approval from management.
Work with the IS Department, Wire vendor and BI to resolve all processing related issues.
Responsible for month end G/L reconciliation and reporting monthly activity.
Assist Transactional Banking Services Manager with regulatory and system upgrades, as necessary.
Monitor high dollar wires and work with Branch Management on securing approvals for large wire transactions. Work with the Treasury department on large money movement activities.
Create advice notifications upon customer request.
Research and resolved inquires and exceptions as requested daily.
Call back all Cash Management customers processing Wire Transfers to verify their payment amounts for accuracy.
Review and work with client on all possible fraudulent wires flagged through the wire fraud application.
Communicate with Branch Managers and Assistant Branch Managers of any issues arising from a wire request.
Review questionable wire transfers and help detect fraudulent and suspicious activities.
Notify Management, Branch Manager, Assistant Branch Manager, Security, and the BSA Departments for all questionable, suspicious, and fraudulent activities. Notify Management of investigation findings.
Conduct quarterly testing for SOX reporting and report any issue to the Deposit Operations SOX Coordinator.
Conduct monthly Internal Control Testing to ensure department is following procedures and in compliance with regulatory requirements.
Conduct quarterly OFAC testing.
Complete all required compliance training timely.
Open and manage cases related to critical vendors (Wire Platform, Correspondent Bank, Cash Management Vendor).
Communicate with critical vendors (Wire Platform, Correspondent Bank, Cash Management Vendor).
Perform required User Acceptance, Functional, and Disaster Recovery testing for all bank, vendor or Fed initiated changes.
Perform other job-related duties as may be assigned.
Additional duties assigned to Wire Specialist include data entry of account analysis activity generated, performing research when necessary, scanning of required documents for imaged document retrieval, and miscellaneous duties as assigned.

Benefits

Medical, Dental, Vision and Rx which are contributory.
Bonus programs.
Employee Stock Option Program (ESOP).
Life Insurance, Long Term Disability and Accidental Death and Dismemberment (LTD&AD&D).
Paid Time Off (PTO) which includes Personal and Vacation Time.
Paid Sick Time.
Bank Holidays.
Employees may participate in the 401k program.

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