Wholesale Payments Specialist

Federal Reserve System•Boston, MA

2d•Onsite

About The Position

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. 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. Performs payment processing functions utilizing system monitoring tools. Quickly identifies payments requiring priority processing and works to ensure customer service levels are achieved. Executes complex payment processing programs. These include day one and day two system operations management of ACH, Check, and other payment applications; Performs commercial and government accounting and settlement, system monitoring, check processing, exceptions processing, and workflow management; Escalates payment-related issues to senior staff or management as needed. Perform other duties as assigned. This position is not required to directly supervise others.

Requirements

Knowledge and experience normally acquired through, or equivalent to, the completion of an Associate's degree.
A minimum of 2 years of job-related experience.
Strong 10 key/Data entry Banking.
Proficient in Word and Excel.
Excellent customer service skills.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

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 the customer and with 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 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.
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 in order 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.
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.
Performing payment processing functions utilizing system monitoring tools.
Quickly identifying payments requiring priority processing and working to ensure customer service levels are achieved.
Executing complex payment processing programs, including day one and day two system operations management of ACH, Check, and other payment applications.
Performing commercial and government accounting and settlement, system monitoring, check processing, exceptions processing, and workflow management.
Escalating payment-related issues to senior staff or management as needed.
Performing other duties as assigned.