FRFS Wholesale Payments Specialist

Company

Federal Reserve Bank of Boston

Federal Reserve Financial Services (FRFS) delivers a suite of payment services to financial institutions via Fed Line® Solutions, FedNowSM, Fedwire®, National Settlement Service (NSS), Fed Cash®, 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, provide a more robust and unified customer experience across our financial service offerings, and create new career growth opportunities for FRFS staff.

We are seeking leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action‑oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation. To achieve our vision for a people‑focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community.

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 Fedwire 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 and analyzing collateral values to ensure collateral requirements are satisfied.

The position will be primarily on‑site with residency commutable to either our Boston or Atlanta office.

Position Hours will be 3–4 times per week from 8:30 am to 5 pm and 1–2 times per week from 11 am to 7:30 pm during a typical five‑day work week Monday – Friday.

As part of 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, providing customer education, and coordinating with the customer and other national sites that provide interfacing customer services. The specialist consults financial institutions, State Treasurers, and local government entities throughout the United States regarding joint custody collateral transactions.

The Specialist analyzes collateral values to ensure compliance with the relevant Operating Circular, mitigates risk through weekly APS processing of FRB New York’s unique responsibilities, and manages updates to foreign central bank services, the National Settlement System, international CLS and CHIPS settlement systems, and government securities handling. The role also grants extensions to the closing time for national payment systems.

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. The specialist meets established customer relationship service level agreements and quality measures, maintains knowledge of the funds and securities transfer applications and required databases, local and standard operating procedures, Operating Circulars, and Regulation J. The role processes various daily accounting entries using online applications to balance cost center work units at the end of the day and coordinates with other district accounting personnel when necessary.

As required to supplement the offline unit, the specialist 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, ensures customers follow all…