Trade Services Professional II

Location: Chicago
Posted on: April 25, 2024

Job Description:

GENERAL FUNCTION:Performs defined essential duties and responsibilities within the Global Payments Trade Services Group for letters of credits and / or documentary collections per the URC, UCP and/or ISP and within the published processing standards.

DUTIES AND RESPONSIBILITIES:

LETTER OF CREDIT ISSUANCE / STANDBY - IRB PROCESSING TRAC

* Issuance / Amendment / Adjustments - ~85% of time

o Issues import and standby letters of credit ensuring all required documentation and approvals are provided with the issuance application, transaction is processed within the bank''s defined processing standards.

o Book IRB letters of credit ensuring all required documentation and approvals are provided with the issuance application, transaction is processed within the bank''s defined processing standards.

o Processes amendment requests ensuring all required documentation and approvals are provided with the amendment application, transaction is processed within the bank''s defined processing standards.

o Process principal reductions on IRB letters of credit within the required timeframe.

o Record participation sold details on excel spreadsheet, updating details whenever change is made to the letter of credit.

o Review requested letter of credit terms and language for workability, obtaining approval from legal, when needed.

o Work directly with corporate customer, line of business, relationship manager, and affiliate funding desk, when needed.

o Obtain FX rates on foreign denominated letters of credit.

* Commissions / Renewal Processing / Billings / Principal & Interest Draws

o Generate commissions on standby letters of credit.

o Closely monitor the auto/non-renewal process ensuring required documentation received and, when applicable, accurate, non-renewal notices processed.

o Process monthly principal and interest draws ensuring wire request and accounting entries entered on the Banktrade system.

* Document Examination / Payments / LC Advising - ~15% of time

o Examine documents received under a letter of credit ensuring documents are in compliance with the terms of the letter of credit and the UCP.

o Notify remitting bank of document discrepancies within the bank''s defined processing standards and the UCP.

o Notify corporate customer of document discrepancies obtaining additional instructions, when required.

o Deliver documents to corporate customer or foreign bank, when required.

o Perform manual OFAC review ensuring transaction parties and vessels are not on the government''s SDN list.

o Work with Line of Business for approval on export financing transactions keeping them advised of document/payment status when required.

o Process outgoing payments under import letters of credit preparing wire request, creating accounting entries on Banktrade system.

o Process incoming payments under export letters of credit directly crediting corporate customer via Banktrade system.

o Obtain FX rates on foreign denominated letters of credit.

o Setup an acceptances ensuring wire request, accounting entries, maturity date and rate information are accurately entered into the Banktrade system.

o Log all export letter of credit payments on an Excel spreadsheet.

o Advise incoming letters of credit to beneficiary and, when required, Line of Business within the bank''s defined processing standards and UCP.

o Review incoming letter of credit for workability, identifying confirmation requests, compliance issues, conflicting requirements, etc.

o Complete the necessary documentation when export financing is approved for a transaction, such as confirmation, discount acceptance.

o Submit reimbursement claims as per the terms of the letter of credit.

SUPERVISORY RESPONSIBILITIES: None

Keywords: , DeKalb , Trade Services Professional II, PR / Public Relations , Chicago, Illinois