FRFS Sr. Settlement Specialist

Company
Federal Reserve Bank of Boston
Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, Fedwire® Funds and Securities, the National Settlement Service (NSS), FedCash®1, FedACH®, Check Services, and the FedNow® Service. FRFS operates as a fully integrated organization with groups dedicated to customer experience, operations, technology, product and customer/industry management, enterprise services, payments system improvement, and one focused on the ongoing growth and development of the FedNow instant payment service. Our strategy defines our future direction, seeking to offer a fully integrated product suite that provides speed, resilience, and choice in meeting the payments needs of FRFS customers across the United States. Through our Enterprise structure, we strive to meet the needs of the marketplace for new products and services with speed and agility, seek to provide a robust and unified customer experience, and work to create career growth opportunities for FRFS staff.
The FRFS Enterprise operates with a customer-first mindset, comprised of team members seeking to do the best work of their careers in pursuit of our important central bank mission.
The Sr. Settlement Specialist is primarily responsible for the large-scale accounting/balancing activities for Check and ACH transitions for retail customers/Depository Institutions, government agencies, and 12 Federal Reserve Districts (control accounts). The Sr. Settlement Specialist is required to perform and monitor settlement activities in ACH and Check processing applications, in accordance with applicable service level agreements and standards for quality and productivity. Process accounting entries for ACH and Check with accuracy and integrity and ensure balancing is completed timely for all internal and external customers.
The position will be primarily on-site with residency commutable to one of our offices required.
Under minimal direct supervision, provides advanced support and analytical skills required to define, implement, support, enhance, operate, and recover the numerous systems used by the Operational areas. May supervise, lead, or otherwise manage internal projects and or initiatives of moderate to highly complex nature. May directly lead or otherwise influence small to medium sized teams in assigned initiatives. Directs the cross team activities to ensure each business area is informed of relevant requirements, responsibilities, expectations, and deliverables to deliver assigned initiatives.
The Sr. Settlement Specialist performs recurring analytical and other ad-hoc tasks appropriate for the role in scope and complexity.
Key Responsibilities:
• Responsible for preliminary balancing after each distribution (4-5x per day for Check/ACH)
• Creates entries as needed, and closing TPUs for regular ACH settlement (all shifts)
• Performs tasks and monitors Check Business functions according to the processes and procedures, including researching, resolving and/or escalating issues when appropriate
• Performs tasks and monitors ACH Business functions related to District Accounting, Government Agency processing, Paper Returns and other specialized functions and applications
• Processes entries for ACH and Check settlement functions with accuracy and consistently balances all TPUs in a timely manner
• Works with internal and external resources to identify and resolve settlement accounting discrepancies
• Provides professional and comprehensive customer service with regards to ACH and Check settlement
• Participates in testing activities as needed, providing support roles similar to those in production, and providing feedback to test administrators
• Processes and reconciles all 12 FRB Districts after each settlement distribution in EASy • Returns misrouted items for all 12 FRB Districts from EOD settlement distribution
• Sends FRB Offices vendor items for offset to the control account
• Responsible for receiving and verifying manual customer requested ACH return requests
• Creates and sends an ACH formatted file through FedLine Advantage
• Responsible for performing hourly balancing check
• Creates manual entries as needed, balances and closes TPUs for Forward and Returns Check electronic settlement in EASy
• Enters and balances DVS entries and closes TPUs in DVS
• Enters Treasury information in SDAS
• Responsible for Government Agencies to Cash Forecasting reporting
• Possesses advanced working knowledge of critical systems and demonstrates confidence under pressure
o Serves in escalation and support capacities of complex issues in production and test environments. Possesses and advanced working knowledge of the majority of the systems used by the Operational groups and frequently works in those systems to promote operational efficiency, accuracy, and effectiveness in both procedure and actual operations. Serves as skilled knowledge resource in software and process testing capacities. Creates test cases for participants. Identifies and documents software defects and process gaps.
• Possesses skills to work in a dynamic and frequently changing environment o Provides ad-hoc analysis, frequently of a highly complex nature, and other direct assistance to technical and customer support teams. Monitors interdepartmental communication while ensuring accuracy and timeliness. Skillfully and efficiently controls critical daily payment processing tasks within core applications. Serves as the knowledge resource for other analysts and staff members.
• Provides leadership and advanced support within projects
o Either performs the role of a project manager or directly assists the assigned project manager with planning, administrative work, meeting organization/facilitation, and discussion leading. Consults shift Lead or subject matter experts and performs complex research.
• Possesses and demonstrates team-oriented work ethic and effective verbal and written communication skills
o Exemplifies exceptional customer service and team-oriented behaviors. Takes personal responsibility to maintain and advance personal knowledge of various systems and business needs. Serves as role model and advisor to other team members. Has a clear understanding of the need to elevate other staff members' knowledge and takes action to see it is achieved.
• Generally functions under minimal direct supervision and able to manage responsibility with flexibility and focus
o Understands the demands of supporting an operation and possess the required knowledge, skills, and temperament to switch from a task to an operational demand or issue, which requires immediate attention, and then resume work on the original task. A self-starter with the discipline to achieve deliverables, adapt priorities, and manage the rapidly changes demands of the operation and or project assignments.
Education: Bachelor's Degree or 4 years equivalent general accounting experience preferred
Experience: Five to eight years of relevant experience preferred
The salary range for this position is $ $75K-$120K with the anticipation of hiring at the midpoint. The Boston Fed believes in salary transparency. The final salary and offer will be determined by the applicant's background, skills, internal equity, and alignment with market data. Whether you're developing into the job or are a more seasoned candidate, we aim to pay competitively. If you reside outside of the 1st District, you may be hired by your local Federal Reserve District and compensation will follow hiring District's range and policy.
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.
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.
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
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
No
Job Category
Customer Experience 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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