Federal Reserve Bank Wholesale Payments Specialist - 6-12 months term/benefits eligible in Boston, Massachusetts
Wholesale Payments Specialist - 6-12 months term/benefits eligible
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) funds and securities transfers for customers without an electronic connection and for any Fedwire customer experiencing a service disruption. Since Boston as this responsibility, the Wholesale 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. This position supports the New York Federal Reserve Bank's (EOC) unique and critical responsibilities. This position also serves as a backup for the Kansas City consolidated site.
1. 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.
2. 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.
3. 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.
4. 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 Wholesale management. Meets established customer relationship service level agreements and quality measures
5. 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.
6. 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.
7. 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. Performs due diligence on each funds transfer to ensure compliance with the U.S. Patriot Act and Office of Foreign Asset Control legislation (OFAC). Ensure that customers follow all security controls, including caller ID, codeword, authorized relationship service level agreement and quality measures. Escalate to management any service related problems, either with customers or applications.
8. Provide Business Resumption Testing weekend support for various Fedwire applications in rotation with other members of the department. Work closely with customers over the phone to test software and network connections to restore service and resolve any contingency communication issues.
9. Assist and participates in the development of new operational procedures related to all business processes.
Perform other duties as assigned. The hours for this position are 11:00am to 7:30pm.
This position is not required to directly supervise others.
Knowledge and Experience
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.
• Must be proficient in Word, Excel and Outlook.
• Proficient in Microsoft Office Applications (Word, Excel, Outlook).
• Attention to detail
• Exemplary customer service and customer communication skills
• Problem solving skills are necessary.
• Fluent in Spanish is a plus.
The role is a term for 6-12 months at present, however there is a possibility for this role to be a non-term in the future.
/All employees assigned to this position will be subject to a credit check, an FBI fingerprint/criminal background check, and Patriot Act / Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. Internal candidates who accept a job offer for this position will also be subject to credit re-screening before transferring. /
/For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks. The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, citizenship status verification, and personal interviews with the candidate, references, and prior employers./
/All candidates must be U.S. citizens or lawful permanent resident aliens with at least three or more years of U.S. residency from the date of legal entry to the U.S./
/The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide 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. /
Organization: *Federal Reserve Bank of Boston
Title: Wholesale Payments Specialist - 6-12 months term/benefits eligible
Requisition ID: 268615