NASAB - Payment Settlement Specialist

NASAB - Payment Settlement Specialist

Position Summary:

This position is primarily responsible for the monitoring and operation of the Payment Program. The incumbent performs activities associated with the processing of outgoing wires and checks (USD and FX) for MUSA, MSI, MCM, MSD, MUSAF and Canada. Interacts with FSCA/P providing “Proposals” and “Payment Runs” throughout the day. Responsibilities also include operation of CitiDirect for wire transfer data entry and analysis and the extraction program for the preparation of the daily outgoing Citibank and Toronto Dominion file of “wires and checks”. Creates outgoing ACH files to Citibank. Monitors incoming yen and communicates such with Business Departments. Interacts with NYCAF to insure proper coordination and use of FX contracts. When there are discrepancies researches and resolves the problem.  Keeps records and compiles metrics. Complies with departmental record retention guidelines. Works under general supervision.

Position will also serve as back up to Margin Settlement team when the coordinator is on PTO or unavailable to fulfill their responsibility.

Principal Duties and Responsibilities:

• Generates payment requests / proposal (USD, non-USD).
• Resolves discrepancies in payment proposals.
• Enters manual payments (CitiDirect) for payment authorization by PS manager.
• Liaisons with FX desk on non-USD payments to determine if FX contract is in place.
• Liaisons with bank to send payment instructions, receive confirmation of conversion rate, arrange transfer of FX currency.
• Posts payment details and executes extraction program in SAP R/3.
• Liaisons with banks over errors in wire transfers, resolves discrepancies and conducts bank accounts reconciliation.
• Monitors outgoing file of checks and wires to Citibank and Toronto Dominion Bank.
• Monitors outgoing funds in cash position.
• Obtains payment authorization from Business Departments.
• Liaisons with appropriate individuals in cash management, trade finance, treasury and other areas as required to resolve cash discrepancies and void checks.
• Voids vendor checks.
• Runs reports related to Payment Program.
• Processes special tax payments (ACH).
• Manages incoming foreign currency receipts.
• Train and learn margin settlement work to support operations
• Assist margin settlement manager is areas required
• Understand margin settlement process and serve as liaison with brokerage firms to settle commission payments.

Required Skills/Competencies:

Knowledge Areas:

• AP/AR accounting principles and banking knowledge.
• Accounting related to bank accounts and cash management,
• Administration for Checks, Bank accounts, Bank master record requirements.
• Procedural and documentation requirements of Mitsui USA's bank accounts.
• Paying and receiving administration, including Foreign currency payment/receipt.
• Discrepancy resolution, Inquiry resolution, Problem-solving skills.

Technical / Communication Skills:

• SAP R/3 TR-CM modules.
• CitiDirect and other bank software.
• Intermediate PC application skills (Excel, Word, Outlook, PowerPoint)
• Communicate effectively within the TSC, with other business departments and external parties.

Experience:

• 1-3 years experience or a combination of training and experience that indicates the ability to do the job.
• Experience with cash management.
• Experience with reporting requirements.
• Experience with Mitsui USA’s banking arrangements, banking structure and requirements.
• Banking structure and G/L accounting experience.