FRFS Wholesale Payments Specialist - 2nd Shift

FRFS Wholesale Payments Specialist - 2nd Shift page is loaded## FRFS Wholesale Payments Specialist - 2nd Shift locations:
Boston, MAtime type:
Full time posted on:
Posted Yesterday job requisition :
R-##
** 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, 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, 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.
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/analyzing collateral values to ensure collateral requirements are satisfied.
The position will be primarily on-site with residency commutable to our Boston office.

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.
* 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 Fedwire 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.
* Contacts authorized personnel at financial institutions to report incoming credits to the Reserve account.
* Ensure that customers follow all security controls, 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…