Wholesale Payments Specialist

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, Fedwire® Funds and Securities, the National Settlement Service (NSS), FedCash®, FedACH®, Check Services, and the FedNow® Service.

About the role

This position is responsible for customer relationship management for six Federal Reserve Districts and collateral custodial operations for the entire System. It also handles 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 role manages over 14,000 collateral custodial relationships for state and local governments by monitoring and analyzing collateral values to ensure collateral requirements are satisfied. It involves handling all aspects of the customer relationship, including obtaining and authenticating documentation, establishing, closing, or merging customer funds transfer or securities accounts, providing customer education, and coordinating with customers and other national sites.

The position consults financial institutions, State Treasurers, and local government entities throughout the United States regarding Joint Custody collateral transactions. It analyzes collateral values to ensure compliance with relevant Operating Circulars and mitigates risk through weekly APS processing of FRB New York's unique responsibilities, such as:

• 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
• Granting extensions to the closing time for national payment systems

The role responds to requests from financial institutions and their auditing firms, researches and resolves customer inquiries or problems, and tracks and communicates customer database changes to Fedwire management. It ensures compliance with established customer relationship service level agreements and quality measures.

Responsibilities

• Maintain a strong working knowledge of funds and securities transfer applications, required databases, local and standard operating procedures, Operating Circulars, and Regulation J.
• Process various daily accounting entries using online applications to balance cost center work units at the end of the day, coordinating with other district accounting personnel as necessary.
• Execute irrevocable individual transfers of funds and treasury and government securities for participating institutions nationwide, supplementing the offline unit as required.
• Contact authorized personnel at financial institutions to report incoming credits to the Reserve account.
• Ensure customers follow all security controls, authorized relationship service level agreements, and quality measures.
• Escalate service-related problems, either with customers or applications, to management.
• Provide annual weekend testing support and work closely with customers over the phone to test software and network connections to restore service and resolve contingency communication issues.
• Assist in the development of new operational procedures related to all business processes.
• Perform payment processing functions utilizing system monitoring tools, identifying payments requiring priority processing to ensure customer service levels are achieved.
• Execute complex payment processing programs, including day-one and day-two system operations management of ACH, Check, and other payment applications.
• Perform commercial and government accounting and settlement, system monitoring, check processing, exceptions processing, and workflow management.
• Escalate payment-related issues to senior staff or management as needed.
• Perform other duties as assigned.

Requirements

• 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.
• Strong 10-key/data entry skills.
• Proficiency in Microsoft 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.

Schedule

Full time, regular position. First shift (United States of America).

Location

Boston is the preferred Federal Reserve Bank location for this role.