FRFS Wholesale Payments Specialist - 2nd Shift

Overview

Company:
Federal Reserve Bank of Boston. The hours for this position are 11:00am to 7:30pm Eastern time.

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via Fed Line Solutions, Fed Now, Fedwire, National Settlement Service (NSS), Fed Cash, FedACH (Automated Clearing House), and Check Services. FRFS is transforming toward a national, enterprise-focused organization to meet marketplace needs more quickly, provide a unified customer experience, and create new career growth opportunities for FRFS staff.

The position is responsible for customer relationship management for six Federal Reserve Districts and collateral custodial operations for the entire System, as well as processing offline (telephone) securities transfers for customers without an electronic connection and for any Fedwire customer experiencing a service disruption.

This role requires a strong understanding of the funds and securities industry and its major players. The Fedwire Payments Specialist manages over 14,000 collateral custodial relationships for state and local governments by monitoring and analyzing collateral values to ensure requirements are satisfied. The position is primarily on-site with residency commutable to the Boston office.

• Handle all aspects of the customer relationship by obtaining and authenticating documentation, establishing, closing, or merging funds transfer or securities accounts, providing customer education, and coordinating with customers and with other national sites that provide interfacing customer services.
• Consult with financial institutions, State Treasurers, and local government entities regarding Joint Custody collateral transactions.
• Analyze collateral values to ensure compliance with relevant Operating Circulars; mitigate risk through weekly APS processing of FRB New York's responsibilities; update Foreign Central Bank Services, monitor the National Settlement System, and update for international CLS and CHIPS settlement systems.
• Strip and reconstitute government securities for issuers; grant extensions to the closing time for national payment systems as needed.
• Respond to requests from financial institutions and their auditing firms; research and respond to customer inquiries or problems; track and communicate customer database changes to Fedwire management.
• Meet established customer relationship service level agreements and quality measures; maintain strong knowledge of funds and securities transfer applications, databases, procedures, Operating Circulars, and Regulation J.
• Process various daily accounting entries to balance cost center work units at end of day; coordinate with district accounting personnel as necessary.
• Execute irrevocable transfers of funds and treasury/government securities as needed for participating institutions nationwide.
• Report incoming credits to the Reserve account and ensure customers follow security controls and service level agreements.
• Escalate service-related problems to management; provide annual weekend testing support; work closely with customers over the phone to test software and network connections to restore service and resolve contingency issues.
• Assist and participate in the development of new operational procedures related to all business processes.

• 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 phone skills and superior customer service in a phone-heavy environment.
• Strong 10-key/Data entry experience in a Banking environment.
• Proficiency in Word and Excel; excellent customer service skills.

The salary range for this position is $57,400 - $71,800 - $86,100. The Boston Fed supports salary transparency. Final salary and offer will be determined by the applicant’s background, skills, internal equity, and alignment with market data.

The Federal Reserve Bank of Boston is committed to providing 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.

All employees assigned to this position will be subject to FBI fingerprint and criminal background checks and Patriot Act/OFAC watch list checks at least once every five years. An additional risk-based security screening may be required after beginning employment. All applicants must have resided in the United States for at least three (3) years.

All offers are contingent upon successful completion of security screenings and related checks. Apply at  or through verified Federal Reserve Bank channels.