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Clearing, Settlements and Payments

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Settlement, Clearing and Collateral Management Analyst, CBIAS -Markets Group

Federal Reserve Bank of New York
Overview:
The New York Fed, on behalf of the Federal Reserve System, offers correspondent banking and custody services to foreign and international monetary authorities (FIMA) and the System Open Market Account (SOMA) to facilitate their official financial operations, as well as supporting financial stability in the U.S. and abroad. The Central Bank and International Account Services (CBIAS) area of the New York Fed’s Markets Group serves the U.S. dollar reserve management needs of its official customers by offering payments, custodial, clearing and settlement, collateral management, and investment and liquidity services. CBIAS has a long history of providing safe and efficient banking services to its customer base by fulfilling a range of responsibilities in helping to manage over $7 trillion for over 550 accounts across 250 FIMA customers and SOMA with transaction volume presently exceeding $300 billion per day. CBIAS currently runs a split operation with staff located at two locations, New York City and Richmond, Virginia.
The Settlement, Clearing and Collateral Management (SCCM) Directorate within CBIAS is responsible for all clearing and settlement services for SOMA market operations and FIMA accounts activities, as well as collateral management services. The Domestic Account Services (DAS) business line of CBIAS is currently seeking an analyst to perform a variety of business and operational activities in providing vital confirmation, clearing, settlement, and payment services to support the SOMA portfolio. This position offers a unique blend of business analysis, process re-engineering and collaboration with business and technical support areas to develop and incorporate solutions that will improve and automate the execution of business processes. The successful candidate will have the opportunity to demonstrate their unique blend of operations, analytical and technical skills in this position.
Responsibilities:
  • Gain a thorough understanding of the clearing and settlement services business with a focus on effectively performing settlement operations, resolving issues and addressing inquiries/needs of foreign central banks, international agencies, and the SOMA’s Open Market Operations Desk.
  • Collaborate with staff and management to continuously analyze existing processes or to develop new ones (through the use of automation for example) to increase efficiency of activities and reduce operational risk.
  • Develop a strong understanding of the systems that support the operation to effectively troubleshoot operational issues and communicate business requirements in the context of these systems when participating in efforts with technical support staffs.
  • Provide support to DAS, CBIAS and Markets Group projects as they arise by participating and contributing in meetings when necessary, advocating business needs, communicating issues and working with various internal and external parties.
Requirements:
  • Bachelor’s level degree in business, finance, economics or related field
  • Up to three years of financial services operations or relevant work experience.
  • Experience in data management and analysis, specifically in querying, managing, and manipulating data using Excel, Crystal, or Access is a plus.
  • Ability to think critically, assimilate new information, make sound decisions, manage multiple responsibilities and respond effectively in time pressured situations or to meet tight deadlines.
  • Strong organizational and interpersonal skills, including the ability to proactively forge and maintain effective working relationships with staff and management.
  • Strong verbal and written communication skills to appropriately convey information to staff, management and others. Effective presentation skills are also desirable.
  • Ability in taking on initiative and in being self-directed.
  • Experience in supporting or managing projects is a plus.
Desired:JiraNegotiationMicrosoft Office

Job Title: Cash Management Payments Clearing
Corporate Title: Assistant Vice President
Location: New York, NY

About Deutsche Bank

We are Germany’s leading bank with strong positions in Europe and significant presence in the Americas and Asia Pacific. We’re driving growth through our strong client franchise, investing heavily in digital technologies, prioritizing long-term success over short-term gains, and serving society with ambition and integrity. We serve our clients’ real economic needs in commercial and investment banking, retail banking and transaction banking, and provide ground-breaking products and services in asset and wealth management. That means a career packed with opportunities to grow and the chance to shape the future of our clients.

Corporate Investment Banking-Global Transaction Banking:

In today’s fast-moving, ever-changing business landscape, companies need more than just outstanding business models to perform – they need strong insight to achieve their business objectives.

Global Transaction Banking (GTB) division is not just a market leader in cash management, trade finance and securities services, we are also at the forefront in the provision of strategic thinking and the creation of global solutions.

Our universal expertise and worldwide experience presence in over 190 countries allows us to offer truly integrated and effective solutions. From domestic and cross-border payments, international trade finance, acting as trustees, agents and custodians for our clients, we aim to help you optimize every opportunity, minimize risk and achieve your commercial objectives.

Cash Management Payments Clearing:

Payments Clearing is an integral part of the GTB Clearing product line. The focus is on offering cash clearing related services to Institutional Clients such as Commercial Payments Clearing and Treasury Payments Clearing. In this respect the business is considered a top notch provider processing over 300k high value / wire payments per day with a total value of around EUR 1,000bn. Payments Clearing products enable other financial institutions to offer international payment services to their clients, thereby fulfilling a vital role in international trade. The Payments Clearing Product is offered in five booking hubs (New York, Frankfurt, London, Hong Kong and Shanghai focusing on four strategic currencies (USD, EUR, GBP, and RMB).

Role Summary

You will act as a Product Owner across GTB Cash Management Payments Clearing for project Sully. Project Sully is a strategic project within the Americas region that is aimed to provide substantial liquidity benefit to Deutsche Bank and will help address net stable funding constraints. As a major component of the project the Bank is rolling out its new global payment platform Galileo replacing the Banks high value payments legacy applications.

You will be responsible for business requirements, roadmap, prioritization, and implementation of GTB Cash Management Clearing Products in support of project Sully and the Galileo rollout, both internal and customer-facing. You will partner and represent the business and user community within the project team while carrying out their responsibilities for determining which features and functions are required in order to meet project’s goals.

In addition to the Clearing Products for Institutional Clients you will represent the high value payments products for Corporate Cash Management within the scope of the Galileo rollout.

The role will demand regular interaction within GTB, Tech & Ops and various control functions like Compliance, BCU and Legal. You should therefore be comfortable working with colleagues at senior management levels and possess the necessary interpersonal and leadership qualities.

Responsibilities/Tasks:

  • Roll-out coordination of the GTB Cash Management Payments Clearing in support of project Sully – in the US from a Product Management perspective, also representing the Corporate’s High Value/Treasury Payments products
  • Understanding of the broader regulatory context and evolution to ensure solution is “future proof” and complies with the prevailing market standards and regulations
  • For required changes/enhancements and scope reviews to the platform: work together with the concerned global product owners in the GTB Cash Management Clearing Products to strive for the highest possible level of standardization across the different booking locations
  • Lead requirements gathering effort – collaborating with various partners across the organization – Product management, Implementations, Legal, Risk, BCU, Operations and Technology to deliver solutions that align with the company’s mission and strategic goals
  • Act as the product and user champion when coordinating development with business stakeholders and align all development activity with business goals and priorities
  • Develop epics, user stories, and requirements in an agile team
  • Manage the product backlog by working day-to-day with the team to clarify requirements, recommend alternative approaches
  • Contextualize priorities for engineering team
  • Answer questions from engineers and clarify product requirements
  • Ensure understanding of requests and clarify partners’ expectations
  • Document the new features for implementations and release notes
  • Review demos with team members
  • Relate completed work back to product vision and road map
  • Report engineering work planned, in progress, and completed to the executive team
  • Establish/maintain the risk register, issue inventory, deliverable traceability processes, dependencies, action trackers and stakeholder maps
  • Work with other Product Owners over the project Sully lifecycle to ensure dependencies across products are understood
  • Proactively highlight and, where appropriate, escalate key delivery risks and issues to the Project Sully GTB Lead and Program Manager

Experience/Exposure:

  • Excellent understanding of GTB Cash Management Clearing Products, its landscape and flows
  • Ability to translate market/client needs into product solutions
  • Prior experience with complex processes and projects involving multiple stakeholders at different levels of the organization
  • Ability to absorb information quickly and link related topics
  • Experience in effectively communicating with and positively influencing project stakeholders and team members without direct reporting responsibility
  • Excellent verbal and written English and ability to tailor communication to various audiences and interact with senior stakeholders
  • Excellent presentation and negotiation skills
  • Must have a keen eye for detail with a focus on quality control
  • Must be a team player; able to thrive in a fast-paced environment, work independently and meet competing/changing deadlines
  • Experienced with all phases of a project lifecycle with focus on business requirements and user acceptance testing
  • Able to prioritize and deliver according to strict timelines and quality standards
  • Experience in problem solving and working to tight deadlines whilst achieving good quality outputs

Education/Certifications:

  • Undergraduate Degree from an accredited college or university
  • Proficiency in the use of Microsoft Office applications
  • Proficiency with Jira (Beneficial but not essential)
  • Primary Location: United States,New York,New York
  • Education: Bachelor’s Degree
  • Job Function: Product Management
  • Schedule: Full-time
  • Shift: Day Job
  • Employee Status: Regular
  • Travel Time: Yes, 10 % of the Time
  • Job ID: 18067022

Description

About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients.
Citi’s Mission and Value Proposition explains what we do and Citi Leadership Standards explain how we do it. Our mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. We strive to earn and maintain our clients’ and the public’s trust by constantly adhering to the highest ethical standards and making a positive impact on the communities we serve. Our Leadership Standards is a common set of skills and expected behaviors that illustrate how our employees should work every day to be successful and strengthens our ability to execute against our strategic priorities.
Diversity is a key business imperative and a source of strength at Citi. We serve clients from every walk of life, every background and every origin. Our goal is to have our workforce reflect this same diversity at all levels. Citi has made it a priority to foster a culture where the best people want to work, where individuals are promoted based on merit, where we value and demand respect for others and where opportunities to develop are widely available to all.
The team is adding a Vice President level role to the Clearing Industry and Market Management team to lead Strategic Market Management as part of the recent reorganization. This role will provide global Market Management support but will critically also have an industry and strategy remit, focused on transformation, included as part of their roles and responsibilities which does not currently sit with the Market Management role today. To fill the VP role, we will be looking for a candidate with a background in industry engagement and strategy. We will preferably be looking to fill the role with someone who has worked with as an industry lead for another bank, or has a background in Fintech, Consulting or strategy relevant to the Payments business. This person will be a partner in setting strategic direction, being led by the Director of Clearing and FI Payments Market Management and Industry Head.
Job Background/context:
Global Clearing and FI (Financial Institutions)Payments is one of the key components of the wider Global Payments business. It focuses on providing core payment services to our Financial Institution clients for the clearing of their treasury and commercial payments globally out of the major clearing hubs of New York and London. Clearing has always been a core and foundational product of the cash management business in TTS; however, although it is largely a mature business, there is currently a high level of change occurring across the Clearing industry.
A large scale transformation is underway across the cross border payments ecosystem and the Global Clearing business is squarely at the center of this change. This transformation is being fueled by a proliferation of new payment intermediaries and infrastructures along with a largescale shift in client expectations and available technology. As such, banks and the industry overall are heavily focused on change, innovation and rethinking the end to end payments model. Many aspects of the business are in flux including messaging standards, efficiency, service levels, ecosystem interaction models and commercial arrangements. Around these themes, banks are completely rethinking how they approach the market and how they deliver their products to their clients
This role will help drive the Clearing business through this transformation by providing global Market Management support with an industry and strategy remit. This person will be a partner in setting strategic direction, being led by the Director of Clearing and FI Payments Market Management and Industry Head.
Key Responsibilities:
  • Lead Market Management for Global Clearing Product across USD and European Clearing including competitive analyses, pipeline management and collateral creation
  • Align regional Market Management efforts and ensure one strategic cohesive story is presented across client presentations and RFPs
  • Support industry engagements including SWIFT GPI migration to ISO20022 and pilots and proof of concepts in flight
  • Drive innovation within the Clearing & FI business for our FI clients, partnering with the broader TTS and Citi organization (i.e. LMS, Trade, SFS, FXLM)
  • Partner in setting the strategic direction of the Global Clearing business
Create thought leadership material for clients and internal partners
Leverage emerging capabilities to drive client experience improvements
Understand and proactively manage risk and compliance in respective area of responsibility
Development Value:
This role will provide the prospective candidate with the unique opportunity to be at the forefront of the creation of the “Clearing Model of the Future”. They will have exposure both from a client and industry perspective in driving the thinking and vision behind key transformative initiatives in the Global Clearing space and translating the implications and impact of these changes to both internal and external partners. The candidate will also have a global client view across all Clearing products and services.

Qualifications

Knowledge/Experience:
  • The ideal candidate will have 5 years of TTS or related experience
  • Background or experience in strategy or payments related fintech a plus
  • Self-motivated, detail oriented and has the drive to succeed. Dedication to the timely delivery of assigned tasks
  • Knowledge of ongoing and emerging payment developments
  • Existing industry engagement or experience a plus
  • Ability to drive change within the organization and across the industry
  • Excellent team working and leadership skills
  • Excellent communication skills, and ability to influence others
  • Ability to navigate complex global organization, and work with/lead cross-functional teams
  • Excellent Microsoft office skills (PowerPoint, Excel, Word)
  • Ability to think strategically and develop creative solutions
  • Ability to move between the detail and the strategic, providing quality at both
Skills:
  • Business focused and ability to think strategically
  • Strong financial & analytical skills to understand & tackle the challenges of payments business.
  • Must have excellent verbal and written communication skills
  • Must have very strong interpersonal skills and be able to influence people.
  • Good project management skills to deliver results.
  • Ability to multitask and work to tight deadlines.
  • Leadership Skills
Qualifications:
  • Undergraduate degree required