Letters of Credit Vice President

Operations | Client Service Delivery | Letters of Credit, VP | NYC

About ING: 

In Americas, ING’s Wholesale Banking division offers a broad range of innovative financial products and services to domestic and international corporate and institutional clients. 

When you come to work at ING, you’re joining a team where individuality isn’t just accepted, it’s encouraged. We’ve built a culture that’s fun, friendly and supportive – it’s the kind of place where you can be yourself and make the most of whatever you have to offer.

We give people the freedom to take risks, think differently, take ownership of their work, and make great things happen. We’re here to help you get ahead. And with our global network, there’s plenty of scope to take your career in new directions, perhaps even ones you’ve never considered. ING Americas follows a hybrid work model, allowing for in-office / work from home flexibility. Hybrid work arrangements vary based on business area.

Sound like the kind of place you’d feel at home? We’d love to hear from you.

About the position:

The Letter of Credit Specialist position requires a candidate with strong attention to details, knowledge of international trade regulations such as ICC rules, UCP 600, ISP98, and relevant government regulations (OFAC, export controls), proficiency in financial analysis (e.g commercial invoices, bills of lading, insurance documents, and packing lists) to ensure compliance with LC terms and conditions to detect discrepancies, and assess risk, excellent communication skills and the ability to handle complex transactions efficiently.

About the department:

The successful candidate will collaborate harmoniously with a team of 5 dedicated professionals under the guidance of a supportive and experienced manager.

The candidate will enjoy a positive and pleasant work environment, joining forces with a high-achieving LC team known for their strong foundation, enterprising spirit, and unwavering commitment to absolute integrity.

Responsibilities:

The Letters of Credit Specialist will be responsible for the timely handling of all aspects of Trade Commodity Finance Operations and for the review, vetting and drafting of Standby and Commercial Letters of Credits, including, but not limited to the:

• Issuance/Advising/Amending and Confirming of Letters of Credit
• Process Transfers and/or Assignment requests
• Reporting
• Fee reconciliation and billing
• Preparation, negotiation, and settlement of all Letters of Credit.
• Coordinate internal operational support including Risk Management, P&R, Treasury, and security settlement.
• Processing of payments on conforming documents
• Maintenance of pending documentary presentation
• Review and identify discrepancies in documents presented under Letters of Credit

Qualifications / Education:

• Bachelor’s degree in Finance, Accounting, Business, Economics, Mathematics, or closely-related quantitative field from an accredited U.S. school (or equivalent)
• 6+ years of relevant Letters of Credit experience

Experience / Knowledge:

• Banking Experience
• Experience in Trade Commodity Finance Transactions
• Proficiency with systems including SWIFT
• Working knowledge of AML and OFAC Compliance regulations
• Working knowledge of International Chamber of Commerce (ICC) rules, Uniform Customs and Practice for Documentary Credits (UCP600) and international Standby Practices (ISP98)
• Familiarity with Uniform Commercial Code Article 5
• Knowledge of LOAN IQ/KOMGO applications a plus

Personal Competencies:

• Strong problem solving and analytical skills
• Strong focus on controls, procedures, quality, accuracy, and detail oriented
• Self-motivated, confident, and committed to the company goals
• Able to use MS-Office with advanced knowledge in Word, Excel, and Power Point
• Capable to function under stressful conditions
• Ability to multi-task
• Flexible and learning capacity to adapt to ongoing changes
• Client service oriented

Salary Range $168,000-$212,000

In addition to comprehensive health benefits, a generous 401k savings plan, and competitive PTO, ING provides a broad array of benefits including adoption, surrogacy, and fertility services; student debt assistance; and subsidies for expenses associated with working from home, commuting, and fitness.

ING is a committed equal opportunity employer. We welcome applicants of diverse backgrounds and hire without regard to color, gender, religion, national origin, citizenship, disability, age, sexual orientation, or any other characteristic protected by law. We celebrate these differences and rely upon your unique perspective to innovate and seize new opportunities. Come as you are.

ING Bank does not have a commercial banking license in the U.S. and therefore not permitted to conduct a commercial banking business in the U.S. Through its wholly owned subsidiary ING Financial Services LLC, and its affiliates, it offers a full array of wholesale products such as commercial lending and a full range of FM products and services.