FRFS Wholesale Payments Specialist

Federal Reserve System • Boston, MA

1d • $57,400 - $86,100 • Onsite

About The Position

The Federal Reserve Bank of Boston's Federal Reserve Financial Services (FRFS) provides a suite of payments services to financial institutions through various solutions like FedLine® Solutions, Fedwire® Funds and Securities, the National Settlement Service (NSS), FedCash®, FedACH®, Check Services, and the FedNow® Service. FRFS operates as a unified organization with specialized groups focusing on customer experience, operations, technology, product and customer/industry management, enterprise services, payments system improvement, and the growth of the FedNow instant payment service. Our strategy is to offer a comprehensive product suite that delivers speed, resilience, and choice to meet the diverse payment needs of FRFS customers nationwide. Through our Enterprise structure, we aim to respond quickly to market demands for new products and services, ensure a robust and consistent customer experience, and foster career development for FRFS staff. The FRFS Enterprise operates with a customer-centric approach, bringing together team members dedicated to achieving excellence in our vital central bank mission. This role involves performing Fedwire and Check payment processing functions under direct supervision, including researching and resolving exceptions and errors by executing financial transactions, validating data, and communicating with customers. The position also supports project completion, maintains critical and confidential databases and reports, prioritizes tasks to achieve desired outcomes, and assists with projects related to business operations, quality management, and operational controls. The role is primarily on-site, with a commute to either the Boston or Atlanta office. Working hours will rotate between 7:30 am - 4:00 pm, 8:30 am - 5:00 pm, and 11:00 am - 7:30 pm, Monday through Friday.

Requirements

• High School Diploma or GED
• Minimum 2-5 years of relevant experience
• Experience conducting basic research and data collection
• Ability to analyze and resolve cases
• Proficient in Excel, Access, Word, and Power Point
• Knowledge of Business Operations, Banking, Accounting, Customer Service
• Proficient Communication (Written, listening and verbal)
• Strong Attention to detail
• Strong 10 Key Skills
• Independent thinker and Self-Management
• Works well independently and able to make decisions with limited supervision
• Organization and Team collaboration skills
• Can meet daily deadlines while managing high-volume case loads and work well in a team environment.
• Must have resided in the United States for at least three (3) years.
• Successfully passing a two-phase security screening, including FBI fingerprint/criminal background and Patriot Act/Office of Foreign Assets Control (OFAC) watch list checks, physical examination (including drug screening), reference checks, security investigation (credit and criminal history checks), and potentially additional risk-based security screening.

Nice To Haves

• Prefer experience processing flow of checks and making adjustments within the banking industry.

Responsibilities

• Research commercial, government, and exception transactions in the appropriate application by performing financial transaction research, validating data, and preparing correspondence to customers.
• Execute complex payment processing programs, including day one and day two system operations management of Fedwire, ACH, Check, and other payment applications.
• Perform commercial and government accounting and settlement, system monitoring, check processing, exceptions processing, payment repair, and workflow management.
• Escalate payment-related issues to senior staff or management as needed.
• Assist customers with questions, provide customer education, and coordinate with customers and other national sites that provide interfacing customer services.
• Follow up with customers to ensure problem resolution for routine inquiries.
• Communicate professionally with internal and external customers in a respectful and helpful manner.
• Process, verify, balance, and prepare reports of transactions for leadership and other stakeholders, and update and maintain databases.
• Utilize a variety of documented procedures and online tools for troubleshooting to process items and research customer issues, providing problem-solving solutions.
• Escalate complex problems as appropriate.
• Address and resolve customer inquiries regarding Fedwire, ACH, and Checks transactions for internal and external customers, including Government Agencies.
• Effectively and efficiently perform data entry in various Payment Processing applications, including electronic payment repair functions and research of exception items.
• Operate effectively in a team environment with a high results orientation and display effective interpersonal skills.
• Contribute to process improvement projects, assist in modifying and updating existing business processes, and may participate in cross-department initiatives and projects.
• Perform other duties as assigned.

Benefits

• Equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: High school or GED