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 Oper