The Banking Directorate supports the Bank’s mission of monetary and financial stability through delivering banknotes and banking services in a way that is efficient and effective; in step with a changing world; and inspires confidence and trust.

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. The variety and immediacy of the work we do means we are one of the most outward facing areas of the Bank. We manage the Bank’s customer banking and settlement operations; and act as the 'bank' within the Bank of England for government, UK CCPs and other central banks. We are responsible for making sure that our banknotes have the latest anti-counterfeiting technology, so that people can have confidence that the banknotes they use every day are genuine; that there are enough high quality banknotes in circulation, working closely with financial institutions, banknote suppliers and retailers; and ensuring that holders of Scottish and Northern Irish notes are protected if a commercial banknote issuer defaults.

Department Overview
Banking Operations in Customer Banking Division (CBD), sits within the BD structure. The role of the Banking Operations team is to deliver a wide range of banking services to our customers, including central banks and international financial institutions, crisis accounts, as well as internal and government customers. We provide custodial services for gold and the Bank’s contingency banknote store, high value payment services in sterling and euro, services in retail banking through our membership of BACS, as well as operating a Counter service for processing note exchanges.

The Sterling Payment Operations team (SPO) was formed in May 2022 and provides a number of payment services including:

• wholesale banking services to the Government and other customers such as central banks and CCPs
• settlement of high value CHAPS payments and retail/BACs payments

The SPO team comprises c.25 staff, ranging from Scales I to F.

Job description
This is an exciting opportunity for a reliable candidate with strong interpersonal skills to join the SPO team.
Working within this team includes a broad spectrum of responsibilities including processing high value payments for our customers and providing contingency for major clearers such as LINK Settlement and BACS.

The team have responsibility for management of the Exchequer Pyramid; monitoring and reporting on the flow of funds across these government accounts, including daily liaison with HM Treasury, Debt Management Office and the Government Banking Service.

The team are responsible for processing, investigating and resolving CHAPS and SWIFT payment queries and providing a professional customer service. The team are required to operate from 05:30 to 19:00 and are split across two shifts on a rota basis. The Early Shift works from 05:30am until 12:00pm (typically worked from home) and the late shift is from 12:00pm until typically 19:00pm. There is also a requirement to work some weekends.

Your responsibilities will include:

• Processing and settlement of high value CHAPS payments in line with payment targets and SWIFT guidelines
• Regular reporting, liaising and payment processing for HM Treasury
• Leading and repairing SWIFT payment instructions in our Banking system queues
• Processing sterling payments for our customers
• Establishing and maintaining good working relationships with both internal and external customers
• Being aware of and alert to anti-money laundering procedures
• Participating in regular contingency tests for all the clearing within the RTGS system

Role Requirements
Minimum Criteria

• High levels of accuracy
• Strong organisational and interpersonal skills with a willingness to learn
• Ability to collaborate and work as part of a team
• Ability to prioritise workload in order to meet time critical targets
• Proficient in MS Office (Word, Excel, Outlook)
  

Desirable Criteria

• Knowledge and experience of the payments industry and/or Sterling processes
• Knowledge of ISO20022

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 50% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

This is a 12 month fixed term contract.

This specific role offers a base salary range of £29,640 - £35,100 per annum (depending on skills and experience) on a full-time basis.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is 30 October 2023.

The assessment process will comprise of two stages.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.