Operations Support Associate - Federal Reserve Bank (FRB)

Company

Federal Reserve Bank of New York

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 operations, technology, product and industry engagement, enterprise services, 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 financial institutions 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.

We seek 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.

What we do:   

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, Fedwire®, National Settlement Service (NSS), FedCash®, FedACH® (Automated Clearing House), Check Services, and the FedNow® Service. In 2020, we undertook a strategic effort to transform FRFS from a product and support office framework to a national, enterprise-focused organization. The enterprise structure integrated the prior retail, wholesale, cash, and customer relations product and support offices into a new organization, which was further joined by the FedNow® team in early 2024. Our North Star strategy, with the new structure, is to offer a fully integrated product suite that provides speed, resilience, and choice in meeting the payments needs of financial institutions across the United States. 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.

The FRFS Payments Operations team specializes in servicing the customer relationships and supporting the business activities of securities issuers and settlement agents for the Fedwire® Securities Service and the National Settlement Service® (NSS), respectively. We also support the processing of certain retail payments for FedACH® and Check Services. In addition, we manage the service extension process on a national level for the Fedwire® Securities Service, the Fedwire® Funds Service and NSS. Collectively, these services clear and settle financial transactions exceeding $4 trillion per day and represent a foundational underpinning of the United States financial system.

Your role as Operations Support Associate:

• Perform critical operational activities in support of securities issuers on the Fedwire Securities Service, which may include: the setup, issuance, servicing and redemption of securities for the U.S. Treasury and various domestic and international government agencies; and processing occasional outgoing funds payments via the Fedwire Funds Service.
• Provide end-to-end customer support to agents on the National Settlement Service (NSS), which may include performing onboarding/off-boarding activities, settlement arrangement maintenance and mailbox management as well as monitoring settlement files and communicating customer account structure changes.
• Respond to customer inquiries and conduct investigations regarding securities transfers and/or payments for securities issuers, depository institutions, settlement agents, other Federal Reserve Banks and internal customers, including escalated phone calls from the FRFS Support Center.
• Prepare, reconcile and/or close daily settlement proofs for Fedwire Securities, NSS and FedACH.
• Communicate time-sensitive information on system issues, service extensions and service closings for the Fedwire Securities Service, Fedwire Funds Service and NSS.
• Participate in different testing initiatives, which may include supporting Fedwire and NSS customers engaged in Saturday contingency testing 3 – 4 times per year and performing internal User Acceptance Testing for system enhancements.
• Assist in analyzing current operational procedures and in documenting recommendations to improve workflows and quality performance
• In time, represent the operation on projects or work groups to share subject matter expertise.

What we are looking for: 

• Bachelor’s degree and 3 – 5 years of work experience preferably in a payments operations processing environment or related field. Knowledge of Fedwire payments business, a plus
• Proven client service skills in an operations environment, including experience researching, analyzing and resolving customer operational issues and inquiries
• Knowledge and skills related to cash and/or collateral proof procedures
• Demonstrated background in creating documentation for processes and procedures, including the ability to identify opportunities for improvement
• Strong organizational and administrative skills, including attention to detail, ability to manage multiple assignments and meet tight deadlines
• Demonstrated ability to work effectively both independently and as part of a team, including the ability to interact with a variety of staff and management within a matrix environment and maintain effective working relationships across the organization
• Strong verbal and written communication skills, with the ability to effectively present operations activity and business information to various levels of management and staff
• Demonstrated proficiency with Microsoft Office suite (Word, Excel, PowerPoint) and Outlook
• Flexibility to travel to lower Manhattan office and to other Reserve Banks, as needed

Locations:

• Hybrid, on-site requirement will be determined by hiring district
• The selected candidate will reside within a reasonable commuting distance of the employing Reserve Bank and will work full-time onsite or in a hybrid arrangement that meets the minimum number of onsite days required by the employing District. Reasonable commuting distance to a Reserve Bank's main office is defined according to the District’s policies and practices
• Eligible districts for Hire:  Boston, MA- New York, NY- Philadelphia, PA- Cleveland, OH- Richmond, VA- Atlanta, GA- Chicago, IL- St. Louis, MO- Minneapolis, MN- Kansas City, MO- Dallas, TX- San Francisco, CA

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Banking Services

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.

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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