Full-Time

Cash Services Tech

Posted on 11/5/2024

The Federal Reserve System

The Federal Reserve System

1,001-5,000 employees

Central bank managing U.S. monetary policy

Fintech
Financial Services

Entry, Junior

Miami, FL, USA

Category
Inventory Management
Quality Control & Compliance
Operations & Logistics
Required Skills
Inventory Management
Customer Service
Responsibilities
  • Oversight duties in the Currency Processing unit include providing operational support to Bank staff operating in this function, performing inspections, testing and monitoring machine performance, supporting the implementation of software/hardware upgrades, resolving equipment and software related concerns. Facilitating the completing of various currency processing and destruction modes, overseeing system resets and machine jam recoveries, ensuring proper recovery procedures are followed whenever the system malfunctions, and assisting in resolving complex issues and out-of-balance conditions that arise within the operation. May also perform “supervisory” duties as required by various governance policies and procedures. Collaborates with management and Cash staff to ensure that all processing is completed within specified operating hours.
  • Oversight duties in the Paying/Receiving/Coin units include coordinating daily resource allocation and team setup, resolving carrier discrepancies, monitoring required reports and logs, and assisting in resolving complex out of balance conditions within critical processing timeframes. Performs designated “supervisory” functions within the inventory and transaction system and coordinates workflow of unit duties by assigning work as well as performing various technical and administrative functions as needed
  • Oversight duties in the Admin unit include providing administrative support to the various units (including external stakeholders).
  • May support management in completing required financial and operational quality control and compliance audits. Performs required observations and reviews through use of the video surveillance system and through live observation. Monitors and acts on deposit quality issues to facilitate maximum production, customer service, and manages unit workflow and currency and coin inventory management.
  • Provides support to one or more of the Cash functions to monitor operational, equipment, and staff performance in various metrics. May assist with identifying production issues and other operational matters that could require escalation to senior team members. May also coordinate the monitoring of machine efficiency and effectiveness, working in close contact with vendors or other Cash stakeholders.
  • Recommends processing plans in line with System-mandated parameters.
The Federal Reserve System

The Federal Reserve System

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The Federal Reserve System serves as the central bank of the United States, playing a crucial role in shaping the nation's economy and ensuring financial stability. It formulates national monetary policy, which involves managing interest rates and money supply to promote economic growth and control inflation. Additionally, the Federal Reserve supervises and regulates banks and bank holding companies to maintain a safe and sound banking system. It also provides essential financial services to banks and the U.S. government. What sets the Federal Reserve apart from other financial institutions is its unique position as a government entity that operates independently to achieve its goals. The primary aim of the Federal Reserve is to foster a strong economy and a stable financial system, ultimately benefiting the public and the global economy.

Company Stage

N/A

Total Funding

N/A

Headquarters

null, null

Founded

1913

Growth & Insights
Headcount

6 month growth

-1%

1 year growth

-1%

2 year growth

-1%
Simplify Jobs

Simplify's Take

What believers are saying

  • FedNow Service drives innovation in the payments ecosystem.
  • Annual stress tests reinforce confidence in the U.S. banking sector.
  • Basel III Endgame reproposal may enhance financial stability.

What critics are saying

  • Increased regulatory scrutiny may strain resources and relationships with banks.
  • Complexities in IOER implementation could affect economic stability management.
  • Slow FedNow adoption due to outdated tech may hinder payment modernization.

What makes The Federal Reserve System unique

  • The Federal Reserve is the central bank of the United States.
  • It introduced the Interest on Excess Reserves (IOER) in 2008.
  • The FedNow Service enables real-time payments, launched in July 2023.

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