What are the responsibilities and job description for the Letters of Credit Specialist position at Madison-Davis, LLC?
- Issue of all types of Letters of Credit (“L/C’s”) including confirming and advising, including through the Swift Alliance system.
- Amend existing L/C’s upon request.
- Confirm and advise export L/C’s.
- Complete the examination and negotiation of documents that have been presented.
- Execute wire payments.
- Process the fee collection and reconciliation of participation L/C’s and investigate when necessary.
- Issue fronting L/C’s on behalf of a bank group in syndicated transactions.
- Fulfill document collections (URC522) as requested.
- Close monitoring of all applicable bank accounts, including house accounts and individual customer DDA accounts to ensure proper account balances at all times. Daily reconciliation of all USD and foreign currency activity. Items left open in Corona must be properly labeled with owner’s name, detailed comments, label date and clearance date (if known). Past-Due Exception Reports to be monitored.
- Maintain strong working relationship with Collateral Team on uncommitted transactions to ensure quick processing times and unified front to client.
- Review and respond to all Front Office and customer email inquiries.
- Dialogue with Front Office, supervisor and any other teams as necessary / elevation of problematic situations.
- Review daily work of outsource work provided by Broadridge when necessary.
- Exhibit inclination and leadership skills to handle supervisory position; may back up manager and handle supervisory duties when manager is unavailable.
