Payments Standards

4 weeks ago

Chicago, Illinois, United States Northern Trust Full time

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.

Payments Standards & Control Group

Scope of role:

The role is required to work within the Payments Standards and Control Group (PSCG) within NT's Asset Servicing (Payment Operations) Business. The twin objectives of the PSCG are to ensure:

  • NT's payments are processed in a regulatory compliant manner;
  • NT's payments are processed with the optimum level of operational efficiency.

This role will be Global in nature, the scope covering all currencies in which NT processes payments. The team's core activities are involved with analyzing payment formatting and supporting the following key activities. The role will include some supervisory / oversight functions, without formal line management responsibility.

  • Regulatory Reporting – in respect of gathering source payments data and generating regular reporting for validation. Preparing regulatory reports for onward validation by regional risk teams.
  • Ongoing payments data quality checking, both in relation to regulatory compliant messages being sent and received, and in relation to operational efficiency rates: internal and external STP monitoring and corrective action where necessary.
  • Act as part of the PSCG investigations team in relation to dealing with matters of payments format, charges, and agent/market practice.

Core responsibilities include:

  • Produce, validate and sample source regulatory reporting.
  • Review weekly compliance reporting (output from PDQ tool, MT202 report and FEDwire report). Analyze payments highlighted within these reports to understand the compliance issues noted.
  • Provide guidance to wider Northern Trust partners on interpretation of payment messages sent and receipts received and in relation to how they map to regulatory and operational efficiency standards.
  • Performance of some senior roles within the team.

Knowledge/Skills

  • Requires a basic understanding of current and impending global payments standards and regulation.
  • Good understanding of how NT makes and receives its payments today – globally.
  • Proven experience of interfacing with multiple teams and communicating in a clear and succinct fashion. Ideally within the field of payments or cash operations.
  • Ability to resolve complex problems using negotiation, influencing and escalation methods.
  • Excellent organizational skills.
  • Strong payments knowledge is required, along with a good understanding of NT's business and associated payment use-case scenarios.
  • A good understanding of international payment regulation and a forensic mindset that provides the ability to analyze and interpret impacts to NT payment processing of current and impending payment regulation.
  • Problem solving attributes are a must in this role as in the short to medium term there will be a great deal of focus on thoroughly understanding the as–is payment processing in NT and how that relates to the quality and compliant nature of payments today.
  • Self-starter and organizational skills are required to meet goals. The person must have strong analytical skills and the ability to gain knowledge quickly.
  • Clear written style is important as the person will be required to translate payment formatting issues into layman business language to ensure partners understand the nature of any issues seen and can quickly make management decisions in relation to remediating them.
  • Good power point skills and the ability to show complex payment trends in easy to follow dashboard type materials.
  • Experience working on highly sensitive processes in a robust control environment with low tolerance for errors.
  • Ability to adapt to system and procedure changes, and to work with the capability team to improve systems and processes.

Working with Us:

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve Join a workplace with a greater purpose.

We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies Build your career with us and apply today.

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at

We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Apply today and talk to us about your flexible working requirements and together we can achieve greater.

For further information, and to apply, please visit our website via the "Apply" button below.

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