FRFS Wholesale Payments Specialist - 2nd Shift

Federal Reserve System•Boston, MA

13d•Onsite

About The Position

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, FedNowSM, Fedwire®, National Settlement Service (NSS), FedCash®, FedACH® (Automated Clearing House), and Check Services. We are currently leading a strategic effort to transform FRFS to a national, enterprise-focused organization. Through our evolved structure, we will meet the needs of the marketplace for new products and services more quickly, seek to provide a more robust and unified customer experience across our financial service offerings, and create new career growth opportunities for FRFS staff. We are seeking leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action-oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation. To achieve our vision for a people-focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community. This position is responsible for customer relationship management for six Federal Reserve Districts and collateral custodial operations for the entire System as well as for processing off-line (telephone) securities transfers for customers without an electronic connection and for any Fedwire customer experiencing a service disruption. The Fedwire Payments Specialist must possess a strong understanding of the funds and securities industry and the characteristics of its major players. This position manages over 14,000 collateral custodial relationships for state and local governments by monitoring/analyzing collateral values to ensure collateral requirements are satisfied. The position will be primarily on-site with residency commutable to our Boston office. As part of the Federal Reserve Financial Services (FRFS), this position handles all aspects of the customer relationship by obtaining and authenticating documentation, establishing, closing or merging customer funds transfer or securities accounts, provides customer education, and coordinates with the customer and with other national sites that provide interfacing customer services. Consults financial institutions, State Treasurers and local government entities throughout the United States regarding Joint Custody collateral transactions. Analyzes collateral values to ensure compliance with the relevant Operating Circular. Mitigates risk through weekly APS processing of FRB New York's unique responsibilities. These responsibilities include making updates to Foreign Central Bank Services, monitoring the National Settlement System, making updates for the international CLS and CHIPS settlement systems, stripping and reconstituting government securities for securities issuers, and granting extensions to the closing time for national payment systems. Responds to requests from financial institutions and their auditing firms. Researches and responds to customer inquiries or problems. Tracks and communicates customer database changes to Fedwire management. Meets established customer relationship service level agreements and quality measures. Maintains a strong working knowledge of the funds and securities transfer applications and required databases, local and standard operating procedures, Operating Circulars and Regulation J. Process various daily accounting entries using various on-line applications in order to balance cost center work units at end of day, contacting and coordinating with other district accounting personnel, if necessary. As required to supplement the offline unit, executes irrevocable individual transfers of funds and treasury and government securities for participating institutions nationwide. Contacts authorized personnel at financial institutions to report incoming credits to the Reserve account. Ensure that customers follow all security controls, authorized relationship service level agreement and quality measures. Escalate to management any service-related problems, either with customers or applications. Provide annual weekend testing support. Work closely with customers over the phone to test software and network connections to restore service and resolve any contingency communication issues. Assist and participates in the development of new operational procedures related to all business processes.

Requirements

Knowledge and experience normally acquired through, or equivalent to, the completion of an Associate's degree and a minimum of 2 years of job-related experience.
Strong phone skills (this is a phone heavy position with superior customer service skills)
Strong 10 key/Data entry experience in a Banking environment is a must.
Must be proficient in Word and Excel.
Excellent customer service skills.

Responsibilities

Customer relationship management for six Federal Reserve Districts
Collateral custodial operations for the entire System
Processing off-line (telephone) securities transfers
Managing over 14,000 collateral custodial relationships
Consulting financial institutions, State Treasurers and local government entities
Analyzing collateral values to ensure compliance
Mitigating risk through weekly APS processing of FRB New York's unique responsibilities
Responding to requests from financial institutions and their auditing firms
Researching and responding to customer inquiries or problems
Tracking and communicating customer database changes to Fedwire management
Meeting established customer relationship service level agreements and quality measures
Maintaining a strong working knowledge of the funds and securities transfer applications and required databases, local and standard operating procedures, Operating Circulars and Regulation J
Processing various daily accounting entries using various on-line applications
Executing irrevocable individual transfers of funds and treasury and government securities
Contacting authorized personnel at financial institutions to report incoming credits to the Reserve account
Ensuring that customers follow all security controls
Escalating to management any service-related problems
Providing annual weekend testing support
Working closely with customers over the phone to test software and network connections
Assisting and participating in the development of new operational procedures