Payment Recovery Specialist is responsible for analysis of denied reimbursement claims. Ensures appropriate insurance coverage for compliance standards and revenue generation. Being a Payment Recovery Specialist monitors, evaluates, and reviews all cost reporting in support of claims. Coordinates with departments and insurance companies to correct errors as necessary. Additionally, Payment Recovery Specialist requires a bachelor's degree in area of specialty. Typically reports to a supervisor or manager. To be a Payment Recovery Specialist typically requires 4 to 7 years of related experience. Contributes to moderately complex aspects of a project. Work is generally independent and collaborative in nature. (Copyright 2024 Salary.com)
Payments Support Specialist-ACH / EFT
Description *We are looking for more than just an employee, we are looking for a true team member dedicated to enhancing the member experience! Come join the credit union movement and* Discover Banking With Heart at NIHFCU!
GENERAL SUMMARY
Responsible for : Under limited supervision, this position requires knowledge and expertise in various electronic payment systems, Automated Clearing House (ACH) rules and regulations, ACH processing, Wire Transfer, P2P and other payment services.
Attention to detail and ability to resolve problems and make decisions in a fast-paced computerized environment is critical.
Review, verify, and balance incoming and outgoing ACH files for multiple ACH settlement windows, ACH origination files and return items.
Process ACH exceptions, stop payment requests, disputes and inquiries. Ensure the processing of large volume and high dollar origination files timely and accurately in conjunction with transmission cutoff times throughout the day.
Assists with the review of daily alerts from vendor software to detect and mitigate potential fraud situations. Performs OFAC scanning of payment files.
Knowledge is required in other forms of electronic payment transfers, ATM / Debit card programs and advanced Item Processing solutions.
Works closely with BSA, Compliance and Fraud Departments.
MAJOR DUTIES AND RESPONSIBILITIES
Perform ACH specific functions daily, download and upload ACH files from and to FedLine within prescribed timeframe, as required by Federal Reserve and NACHA regulation.
Perform the daily post and balance of ACH transactions, warehouse items and completing reconciliations of all files received / sent.
Resolve exception transactions, assess processing fees, and return items as necessary within the appropriate return timeframe.
Review and respond to the daily ACH reports including but not limited to, Notification of Change (NOC), Death Notices, ACH Pre-notification report, etc.
Place stops and process member disputes, Letters of Indemnity and Written Statements of Unauthorized Debit claims relating to ACH transactions.
Review, track and process ACH fraud claims.
Review and process consumer ACH originations and third party vendor origination files according to Federal Reserve and NACHA regulations.
Including maintenance and updates to member origination contracts. Complete the appropriate entries to member accounts for ACH originated return items.
Balance daily transit files and related general ledger accounts. Receive and process Returned Deposit items from Federal Reserve.
Process adjustments through Federal Reserve within required timeframe and follow up until resolution. Process check adjustments and encoding errors.
Review and process posting exceptions in these areas to clear any out-of-balance conditions.
Prepare and maintain proper procedural documentation for compliance purposes and participate in all Wires and ACH related audits.
Performs testing for system updates as needed.
Requirements Education and Experience :
A minimum of three years financial industry experience, with a working knowledge of Federal Reserve wire and ACH rules and regulations as they apply to credit unions, banks and financial service organizations.
Last updated : 2024-03-06
Clear All
0 Payment Recovery Specialist jobs found in Washington, DC area