Wholesale Payments Specialist

Open to US Citizens or Green Card holders only

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.

The position will be on-site in office at one of our 12 FRB locations with residency requirements. Successful applicants must be able to commute to one of our offices. (Boston, New York, Philadelphia, Kansas City, San Francisco, Dallas, Richmond, Cleveland, Atlanta, Chicago, Saint Louis or Minneapolis)

Job Description

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 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.

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.

Duties and Responsibilities

• 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.
• 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, including caller ID, 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.

Qualifications

• Knowledge and experience normally acquired through, or equivalent to, the completion of an Associate's degree and a minimum of 3 years of job-related experience.
• Strong 10 key/Data entry Banking.
• Must be 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. The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.