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MUFG

Transaction Banking Specialist

Jersey City, NJ

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This is a hybrid position. The recruiter will provide additional details.

Job Summary:

The Senior Specialist is responsible for processing transactions related to Standby Letters of Credit in Trade 360 System, which includes: (a) issuance; (b) amendment; (c) advice; (d) confirmation; (e) transfer; (f) assignment; (g) payments; and (h) ensure end of day Queue verifications are performed and all transactions are reconciled properly and necessary actions are taken where necessary

To assist the Section in achieving its planned objectives, the Senior Specialist is assigned to the following Functions: 1) Transaction Processing, 2) Transaction Control, (3) Investigation, and (4) Queue checks and actions.

Major Responsibilities:

  • Issuing /Advising: Process Standby l/c transactions, strictly observing Head Office and front office guidelines as well as applicable the l/c workflow; monitor pending l/c transactions; assist customers in preparing l/c application; and complete daily reconciliation of l/c transactions. U.S. and Japanese laws and regulations. Assist supervisor with:
  • Document Checking: Check Standby L/C documents against L/C terms and conditions, ensuring compliance with: (a) OFAC, EAR, Anti-Boycott, BSA AML and JFEL; (b) UCP and ISBP; and (c) organizational policies and procedures. Contact applicants, beneficiaries or presenting parties to get instructions for the timely resolution of identified discrepancies on documents. Endorse Original L/C, where applicable, in accordance with standard procedures.
  • Transaction Processing in Trade 360 System: Prepare cables to issuing or negotiation bank: (a) requesting a waiver for discrepancies, or (b) notifying status of discrepant documents. Perform required follow-up activities, ensuring identified issues are resolved within prescribed timeframes. Prepare cover letters for the documents, which are to be sent on remittance or approval basis to the issuing bank. Verify and release L/Cs, amendments, payments, and sign negotiable instruments in accordance with: (a) prescribed time frames, and (b) the authorization limits established by the Executive Management.
  • Transaction Control: Contact the customers, obtaining the required instructions for resolving pending discrepant documents. Assist the supervisor in preparing various reports for the department management.
  • Investigation: Respond to inquiries received from customers and issuing/negotiating banks regarding pending documents and/or Letters of Credit.

Qualifications:

  • Two years banking experience of Trade LC or One year of Standby LC operational handling and processing.
  • Operations and Business or Trade Finance is a plus.
  • Internship in Trade Finance or International Operations of Standby Letter of Credit area is a plus.
  • Excellent and effective Word processing and Excel Skills.
  • Knowledge of International Banking or trade operations.
  • Good written and verbal communication skills and Customer Service.
  • Ability to work in a team and automated system environment with good inter-personal skills.
  • Knowledge of Commodity Financing and Fronting LC processing is a plus.

The typical base pay range for this role is between $22 per hour - $26 per hour depending on job-related knowledge, skills, experience and location. This role may also be eligible for certain discretionary performance-based bonus and/or incentive compensation. Additionally, our Total Rewards program provides colleagues with a competitive benefits package (in accordance with the eligibility requirements and respective terms of each) that includes comprehensive health and wellness benefits, retirement plans, educational assistance and training programs, income replacement for qualified employees with disabilities, paid maternity and parental bonding leave, and paid vacation, sick days, and holidays. For more information on our Total Rewards package, please click the link below.

MUFG Benefits Summary

The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities duties and skills required of personnel so classified.

We are proud to be an Equal Opportunity/Affirmative Action Employer and committed to leveraging the diverse backgrounds, perspectives and experience of our workforce to create opportunities for our colleagues and our business. We do not discriminate on the basis of race, color, national origin, religion, gender expression, gender identity, sex, age, ancestry, marital status, protected veteran and military status, disability, medical condition, sexual orientation, genetic information, or any other status of an individual or that individual's associates or relatives that is protected under applicable federal, state, or local law.

#LI-Hybrid

Client-provided location(s): Jersey City, NJ, USA
Job ID: MUFG_Union_Bank-10058923-WD
Employment Type: Other

Perks and Benefits

  • Health and Wellness

    • HSA
    • On-Site Gym
    • HSA With Employer Contribution
    • Health Insurance
    • Dental Insurance
    • Vision Insurance
    • Life Insurance
    • Long-Term Disability
  • Parental Benefits

    • Non-Birth Parent or Paternity Leave
    • Birth Parent or Maternity Leave
  • Work Flexibility

    • Remote Work Opportunities
  • Office Life and Perks

    • Commuter Benefits Program
  • Vacation and Time Off

    • Personal/Sick Days
    • Paid Holidays
    • Paid Vacation
  • Financial and Retirement

    • Pension
    • 401(K) With Company Matching
  • Professional Development

    • Promote From Within
    • Mentor Program
    • Access to Online Courses
    • Tuition Reimbursement
  • Diversity and Inclusion

    • Diversity, Equity, and Inclusion Program