Job Board

As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.

A requirement of this position is that the employee must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank’s vaccination policy; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank.
Job Description
This position is responsible for customer relationship management for all Federal Reserve Districts, as well as collateral custodial operations for the Federal Reserve System. This includes processing off-line (telephone) funds and securities transfers for customers without an electronic connection and 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 requirements are satisfied.

Principal Accountabilities

Handles all aspects of the customer relationship by obtaining and authenticating documentation, establishing, closing, or merging customer funds transfers and/or securities accounts, provides customer education, and coordinates with other national sites that provide interfacing customer services.
Consults financial institutions, State and local entities throughout the United States regarding Joint Custody collateral transactions and analyzes collateral values to ensure compliance with relevant Operating Circulars.
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 funds and securities transfer applications and required databases, as well as local and standard operating procedures, Operating Circulars, and Regulation J.
Processes various daily accounting entries using on-line applications to balance cost centers, end of day settlements, contacting and coordinating with other district accounting personnel, as necessary.
Executes irrevocable individual transfers of funds and Treasury /Government securities for participating institutions, nationwide. Contacts authorized personnel at financial institutions to report incoming credits to Reserve accounts.
Performs due diligence on each funds transfer to ensure compliance with the U.S. Patriot Act and Office of Foreign Asset Control legislation (OFAC). Ensures all security controls, service agreements, and quality measures are met with safety and soundness, escalating any service-related problems, either with customers or applications, to management accordingly.
Provides three annual weekend Business Resumption Testing support for various Fedwire applications in rotation with other members of the team. Works closely with customers over the phone to test software and network connections to restore service and resolve any business contingency or communication issues.
Assists and participates in the development of new operational procedures related to all business processes.
Other Accountabilities
Performs other duties as assigned. Working hours are Mon-Fri from 11am to 7:30pm.

Supervision
This position is not required to directly supervise others.

Knowledge and Experience
Knowledge and experience normally acquired through, or equivalent to, the completion of an associate degree and a minimum of 2 years of job-related experience.

Must be proficient in Word, Excel, and Outlook.

The Federal Reserve Bank of Boston 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.

For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.

The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.

All applicants must have resided in the United States for at least three (3) years.

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.

Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
No
Job Category
Work Shift
First (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. 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.