Wholesale Payments Specialist

About the role

The Wholesale Payments Specialist supports Federal Reserve Financial Services (FRFS) by managing customer relationships across six Federal Reserve districts and overseeing collateral custodial operations for the entire System. The role involves processing offline securities transfers, handling service disruptions, and ensuring compliance with collateral requirements.

Key responsibilities

• Manage over 14,000 collateral custodial relationships for state and local governments, monitoring and analyzing collateral values.
• Process off‑line (telephone) securities transfers for customers without electronic connections and assist Fedwire customers during service disruptions.
• Obtain and authenticate documentation, establish, close, or merge funds transfer and securities accounts.
• Provide customer education and coordinate with national sites delivering interfacing services.
• Consult financial institutions, state treasurers, and local government entities on joint‑custody collateral transactions.
• Analyze collateral values to ensure compliance with Operating Circulars and mitigate risk through weekly APS processing.
• Update foreign central bank services and monitor related operational responsibilities.

Required profile

• Strong understanding of the funds and securities industry and its major participants.
• Experience in customer relationship management within a financial‑services environment.
• Ability to analyze collateral, assess risk, and ensure regulatory compliance.
• Excellent communication skills and the capacity to work onsite in Boston or Atlanta.
• Flexibility to work varied hours across the standard workweek.

Required skills

• Knowledge of Fedwire, FedACH, FedNow, FedLine, National Settlement Service, and related payment systems.
• Collateral management and securities transfer processing expertise.
• Regulatory compliance (Operating Circulars) and risk analysis.

What we offer

• Opportunity to work within the Federal Reserve system with national impact.
• Career growth in a transforming, enterprise‑focused organization.
• Collaborative and inclusive culture focused on innovation.