Onboarding & Service Support Analyst (Payments) in Participant Management

at  Bank of England

BACKGROUND

The way in which we pay is changing quickly, and the Payments Directorate is at the heart of this change. Payments Directorate supports the Bank’s mission to maintain monetary and financial stability by:

• Running the live Real-time Gross Settlement (RTGS) service, which is the critical backbone of payments in the UK.
• Building the renewed RTGS service – a major, multi-year transformation programme with innovation at its core.
• Horizon scanning developments in payments and leading engagement in key policy debates. This includes supporting the international G20 Roadmap to enhance cross-border payments.

We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of internal stakeholders we collaborate with. Given the importance and high profile of our work, we provide regular updates to the most senior levels of the Bank including Governors and the Bank’s Court of Directors. Payments Directorate has a lead role in the Bank’s Strategic Priority 4 (the future of payments), as well as a supporting role in several other strategic priorities. The variety and immediacy of the work we do means we are one of the most outward facing and fast-moving areas of the Bank, engaging with external stakeholders across the UK and around the world.

JOB DESCRIPTION

The Onboarding & Service Support Analyst role provides an opportunity to become involved in a high profile and exciting team. It supports the Onboarding, Assurance & Participant Management Team by managing the end-to-end process of onboarding for payment schemes. In addition, it ensures pro-active management and delivery of specific tasks within the team, and in Payment Operations Division (POD), including query management for non-CHAPS products and services.

ROLES AND RESPONSIBILITIES

• Manage expressions of interest and the application process for Payment Schemes and Products & Services, including for:
• Non-Bank Payment Service Providers (NBPSP), the application process for a settlement account (or additional services on existing settlement account).
• Financial Market Infrastructures (FMIS) or banking groups (who already hold a reserves account) for RTGS accounts,
• Manage applications by:
• FMIs or banking groups (already holding a reserves account) for RTGS accounts (or additional services on their accounts), settlement services, Omnibus Account
• Engagement with relevant stakeholders i.e. SWIFT, CREST, Pay.UK
• Manage approval process for required access i.e. UI Closed User Groups
• Monitor and develop metrics related to onboarding activity as part of continuous improvement of Onboarding Operating Models.
• Monitor risk brought by relationships and escalate as appropriate.
• Support the ongoing provision of service e.g. managing queries and being an SME on the relationship.