FRFS Wholesale Payments Specialist

Federal Reserve System•Boston, MA

1d•$57,400 - $86,100•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 or Atlanta 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

Strong understanding of the funds and securities industry and the characteristics of its major players.
Ability to manage over 14,000 collateral custodial relationships.
Ability to monitor/analyze collateral values to ensure collateral requirements are satisfied.
Ability to obtain and authenticate documentation.
Ability to establish, close or merge customer funds transfer or securities accounts.
Ability to provide customer education.
Ability to coordinate with customers and other national sites.
Ability to consult financial institutions, State Treasurers and local government entities regarding Joint Custody collateral transactions.
Ability to analyze collateral values to ensure compliance with the relevant Operating Circular.
Ability to mitigate risk through weekly APS processing.
Ability to make updates to Foreign Central Bank Services, monitor the National Settlement System, make updates for international CLS and CHIPS settlement systems, strip and reconstitute government securities for securities issuers, and grant extensions to the closing time for national payment systems.
Ability to respond to requests from financial institutions and their auditing firms.
Ability to research and respond to customer inquiries or problems.
Ability to track and communicate customer database changes to Fedwire management.
Ability to meet established customer relationship service level agreements and quality measures.
Strong working knowledge of the funds and securities transfer applications and required databases, local and standard operating procedures, Operating Circulars and Regulation J.
Ability to process various daily accounting entries using various on-line applications.
Ability to contact and coordinate with other district accounting personnel.
Ability to execute irrevocable individual transfers of funds and treasury and government securities.
Ability to contact authorized personnel at financial institutions to report incoming credits to the Reserve account.
Ability to ensure that customers follow all security controls, authorized relationship service level agreement and quality measures.
Ability to escalate to management any service-related problems.
Ability to provide annual weekend testing support.
Ability to work closely with customers over the phone to test software and network connections.
Ability to assist and participate in the development of new operational procedures.
Resided in the United States for at least three (3) years.
Successfully passing a two-phase security screening, including physical examination (including drug screening), reference checks, security investigation (credit and criminal history checks), and additional risk-based security screening.

Responsibilities

Customer relationship management for six Federal Reserve Districts and collateral custodial operations for the entire System.
Processing off-line (telephone) securities transfers for customers without an electronic connection and for any Fedwire customer experiencing a service disruption.
Managing over 14,000 collateral custodial relationships for state and local governments by monitoring/analyzing collateral values to ensure collateral requirements are satisfied.
Handling all aspects of the customer relationship by obtaining and authenticating documentation, establishing, closing or merging customer funds transfer or securities accounts.
Providing customer education and coordinating with customers and other national sites that provide interfacing customer services.
Consulting financial institutions, State Treasurers and local government entities throughout the United States regarding Joint Custody collateral transactions.
Analyzing collateral values to ensure compliance with the relevant Operating Circular.
Mitigating risk through weekly APS processing of FRB New York's unique responsibilities, including updates to Foreign Central Bank Services, monitoring the National Settlement System, updates for 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.
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 to balance cost center work units at end of day, contacting and coordinating with other district accounting personnel, if necessary.
Executing irrevocable individual transfers of funds and treasury and government securities for participating institutions nationwide as required to supplement the offline unit.
Contacting authorized personnel at financial institutions to report incoming credits to the Reserve account.
Ensuring that customers follow all security controls, authorized relationship service level agreement and quality measures.
Escalating to management any service-related problems, either with customers or applications.
Providing annual weekend testing support.
Working closely with customers over the phone to test software and network connections to restore service and resolve any contingency communication issues.
Assisting and participating in the development of new operational procedures related to all business processes.