Position: Wire Transfer Specialist
Location: Crystal City VA
Nature & Scope: The Wire Transfer Specialist is responsible for performing operational support duties of the Wire Transfer Department. Under minimum supervision, effectively process wire transfer instructions through the Wire Transfer System. Responsible for accurate initiation, verification and releasing of Fed wire payments to and from the Federal Reserve System and Correspondent Banks to meet the established cutoff times. Work closely with the Treasury Department in monitoring the Reserve Account Balance while ensuring compliance with the Federal Reserve guidelines. Effectively communicates with Account Officers in securing Approvals for overdraft and non balance account conditions. Monitors the status of wires including the Online OFAC queue, secure appropriate approvals and release wires according to established OFAC guidelines. Investigates and researches disputes, and suspicious or fraudulent issues in accordance with state and federal regulations. Adheres to department guidelines, policies, procedures and regulatory requirements governing Wire Transfer Operations while maintaining maximum level of quality, timeliness of work and providing optimum customer service and satisfaction. Responsibilities include effective analysis of wire information to accurately execute payments to correspondent banks, analysis of online information and resolution of customer issues. Keep abreast of regulatory changes, system enhancements and departmental policy changes. In addition, provide support to Department Manager in departmental projects, defining and recommending procedural changes. Performs additional duties as assigned.
- Process and input wire transfer payments and administrative messages into the Money Transfer and or Correspondent Bank Systems.
- Follow instructions and guidelines for processing Foreign Currency Payments.
- Receive, release, and process wire transfers thru Federal Reserve and Corresponding bank relationships. Process wires in the various queues such as repair, exception etc.
- Review and release wires from the OFAC queue according to established guidelines.
- Input call-in customer wire requests along with processing of call-back verifications.
- Monitor all online queues and perform duties as needed to ensure work is processed in a timely manner to meet established guidelines.
- Research and resolve wire validation errors.
- Communicate with Treasury Department and assist in monitoring daily Fed Reserve Cash Balance and participate in throttling of wires to ensure guidelines are met.
- Monitor status of Online Interfaces to ensure all communications lines are functional and resolve any problems with appropriate vendors.
- Perform end-of-day balancing with Federal Reserve, Core Deposits system, and foreign exchange correspondent relationship.
- Monitor the effectiveness of daily wire operations.
- Develop and recommend policy, procedural and automation enhancements to promote productivity and control.
- Attend all required training including annual Bank Secrecy Act Training which includes emphasis on identifying suspicious activity.
- Performing customer due diligence, adhering to the Customer Identification Program (CIP), and performing Office of Foreign Assets Control (OFAC) checks.
- Maintain Wire System application including user profiles, permissions, templates, account tables, notification instructions, etc. perform start and end of day functions.
- Assist manager in testing and implementation of system upgrades and enhancements.
- Assure all banking compliance standards are met. Share wire reports with Compliance as required.
- Maintain and monitor wire logs and properly executed wire documentation to comply with audit standards.
- Periodically conduct Wires Self Audit.
- Evaluate, respond, and correct any audit exceptions or concerns related to wires.
- Performs wire related research and response to customer wire inquiries, research, and subpoenas.
- Provide support to other Bank department team members to include, but not limited to resolving or escalation of issues.
- Perform wire related research and response to Accounting reconciliation questions.
- Identify and recommend new methods and procedural enhancements to make daily operations in the area more efficient.
- Assist in preparing monthly management reports.
- High school diploma and/or Associate Degree.
- One year in wire transfer operations or equivalent related experience.
- Previous banking experience.
- Ability to work in a dynamic, high monetary risk operations governed by established deadlines and regulatory requirements.
- Ability to make effective decisions under pressure in a high monetary risk environment is essential.
- Proficiency in the use of : Microsoft Office Suite (Word, Excel, PowerPoint), Internet and Third Party Cash Management & Wire Systems.
If you would like to apply for this position, please submit your resume to firstname.lastname@example.org.