Job details

Wholesale Payments Specialist

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Company

Federal Reserve Bank of Boston

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.

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.

The position will be primarily on-site with residency commutable to one of our offices required.

The hours for this position are 11:00am to 7:30pm Eastern time.

This role is 100% onsite at our bank in either Boston or Atlanta.

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.
Check research and check repair tasks
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.

Required Qualifications

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 (this is a phone heavy position with superior customer service skills)
Strong 10 key/Data entry experience in a Banking environment is a must.
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.

The Federal Reserve System is committed to a diverse and inclusive workplace and to provide 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.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Job Category

Operations Family Group

Work Shift

First (United States of America)

The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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Average salary estimate

$72500 / YEARLY (est.)

min

max

$65000K

$80000K

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What You Should Know About Wholesale Payments Specialist, RB

Are you an enthusiastic professional with a passion for finance and customer service? The Federal Reserve Bank of Boston is on the lookout for a dedicated Wholesale Payments Specialist to join our dynamic team! In this role, you will play a crucial part in managing customer relationships across six Federal Reserve Districts while overseeing collateral custodial operations for the entire System. Your expertise in the funds and securities industry will be put to good use as you process off-line securities transfers and provide essential support to clients who need assistance during service disruptions. You'll be the key point of contact for state and local governments, monitoring collateral values to ensure compliance and mitigate risk. Your ability to navigate financial regulations and standards with confidence will help you thrive in this position. Not only will you be answering inquiries and resolving issues for financial institutions, but you'll also drive improvements in our customer service processes. We're committed to fostering a collaborative environment and supporting you in your career growth. If you thrive in an action-oriented atmosphere and have a knack for problem-solving, we want to hear from you! Join us in our mission to provide a robust and unified customer experience as we transform into a nationally focused organization. This full-time position is based in our Boston office, and your expertise will guide the direction of financial services across America. Let's connect and explore the possibilities at the Federal Reserve Bank of Boston together!

Frequently Asked Questions (FAQs) for Wholesale Payments Specialist Role at RB

What are the responsibilities of a Wholesale Payments Specialist at the Federal Reserve Bank of Boston?

As a Wholesale Payments Specialist at the Federal Reserve Bank of Boston, you will be responsible for managing customer relationships for six Federal Reserve Districts and overseeing collateral custodial operations. This involves processing off-line securities transfers, ensuring customer accounts are established and maintained correctly, and providing education on financial transactions. You will also analyze collateral values, consult with financial institutions, and address customer inquiries to maintain compliance with regulations. Monitoring operational procedures and mitigating risks is crucial to this role.