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    Trade Finance Associate - New York, United States - Valley National Bancorp

    Valley National Bancorp
    Valley National Bancorp New York, United States

    1 week ago

    Default job background
    Description
    Job Overview

    The Trade Finance Associate-Commodity Finance is responsible for processing various Trade Finance Products related to Standby and Documentary (Commercial) Letters of credit, Documentary Collections and other trade finance products developed by the Bank in relation to the Commodity Finance Business Line including the complete lifecycle for advising/confirming Letters of credit issued by Valley National Bank's Correspondent Banks.

    Job Description

    Responsibilities include but are not limited to:
    • Transaction processing of all events related to Letter of credit products in the Commodity Finance Business Line and working in an automated letter of credit processing environment.
    • May draft (redline) technical terms and conditions for Standby and Documentary Letters of credit issued and advised/confirmed related to Commodity Finance Transactions.
    • Transaction processing of all Non-Commodity Trade Finance Advising/Confirming Documentary (Export Letters of credit), ensuring that all transactions are completed within the set timeframes/deadlines established by Trade Finance Management.
    • Processing of written correspondence and verbal communications with internal and external customers associated with the resolution of technical letter of credit construction subject matter and other associated extraordinary processes.
    • First/second examination and payment of documents presented under Letters of Credit issued.
    • Work with customers and beneficiaries of letters of credit for the resolution and proper actions of discrepancies found in documentary presentations.
    • Reviewing transactions for regulatory compliance and anti-boycott violations.
    • Processing all aspects of Incoming (Import) and Outgoing (Export) Documentary Collections.
    • May provide or assist with first level Trade Advisory services to Customers and internal Business Lines related to the Commodity Finance Business Line.
    Requirements

    Required Skills:
    • Strong working knowledge related to all aspects of Commodity Finance Traditional Trade Products (Letters of credit, Documentary Collections, and Regulatory Compliance) Commodity Finance Borrowing Base and Transactional Credit Facilities.
    • Good understanding of AML, Sanction Compliance and U.S. Anti-boycott regulations.
    • Proficient knowledge of Microsoft Office Suite.
    • Strong written and verbal communication skills.
    • Ability to work independently and in a team environment, working collaboratively with other team members to assist in creating a productive, diverse, and supportive working environment.
    • Knowledge and compliance with Uniform Customs and Practices for Documentary Credits (UCP 600), Uniform Rules for Collections 1995 Revision, ICC Publication 522, and familiarity with Uniform Commercial Code Article 5.
    • Understanding of Letter of credit and Documentary Collection SWIFT message types; Letter of credit contingent and fee accounting; Credit Facilities in relation to Letters of Credit and Banker's Acceptance/Deferred Payment and Unfunded Risk Participation processing for Letters of Credit.
    Required Experience:
    • High School diploma or equivalent
    • Minimum 3 years of Commodity Finance Transaction Processing/Trade Advisory, Letter of Credit Advising/Confirmation/Document Examination (Export Letter of credit) experience
    Preferred Experience:
    • College degree
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