FedNow Product Management, Alias-Based Payments, Vice President -266881

Federal Reserve Bank of Boston

Primary Location

 MA-Boston

Full-time / Part-time

 Full-time

Employee Status

 Regular

Overtime Status

 Exempt

Job Type

 Experienced

Travel

 Yes, 25 % of the Time

Shift

 Day Job

Job Sensitivity Tier II CC@Hire/No CC@Rescreen

FedNow Product Management, Alias-Based Payments, Vice President

FedNow

The future of payments is FedNow^SM The Federal Reserve Banks are developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality. This service will be the first new business line for the Fed in 40 years and will be transformative for United States Payments by enabling nationwide access across more than 10,000 Banks. The new service, will help enable financial institutions to deliver end-to-end faster payment services to their customers. With the FedNow network, banks will be able to provide their customers the ability to send and receive payments any time, any day, and have full access to those funds within seconds.  Such a service will also enable the ongoing innovation of payments products offered by Banks, non-Banks and FinTech companies.

Position Overview

The Federal Reserve is actively exploring various approaches to provide participants in the FedNow Service the means to facilitate alias-based payments. The VP of Product Management with responsibility for alias-based payments reports to the Head of FedNow Product Management and will be responsible for efforts to design direct and ancillary functionality to facilitate alias-based payments – in support of “person-to-person” (P2P) and other use cases.  The Lead will oversee the formation and execution of a team responsible to the activities related to bringing the specific needed functionality to market.  The Lead will provide input on technical design, and will work with industry readiness and onboarding teams to ensure customer-facing readiness strategies are developed as appropriate.

Key Responsibilities

• Oversee FedNow’s work to create a design brief to support enabling alias-based payments, exploring various approaches and including detailed work on network schema
• Collaborate with Industry Readiness, Marketing/Education and Sales teams on a go-to-market plan for the alias-based functionality
• Lead the effort to determine and then implement sourcing strategy for the various components enabling alias-based payments – whether that be buy or build – in coordination with Technology and Program Management stakeholders
• Liaise with the operational and technical support teams to develop the processing environment to support the alias-based functionality (i.e. level 1 -3 support)
• Coordinate with key policy and legal teams to develop operating rules and necessary policy support

Expertise you would bring –

• Background in banking, payment systems (P2P and alias-based payment systems specifically), and private sector clearing and settlement arrangements
• Strong understanding of the various considerations, complexities and challenges of facilitating alias-based payments and of the instant payment industry trends/developments in the US and globally
• Product Development background with proven previous experience designing and managing strategies to successfully bring new features or functionality to market
• Demonstrated experience managing, developing and coaching a high performing team of senior staff
• Execution oriented and an ability to effectively work remotely and across teams

It’s added value if you have –

• Master’s Degree preferred and a minimum of 10 years of related experience
• Strong analytical and problem-solving skills with demonstrated ability to quickly gather, analyze and synthesize information
• Strong written and verbal communication skills, with ability to express ideas in a clear, concise and compelling manner and tailor communications for different audiences
• Detail-oriented and capable self-starter with the ability to explore innovative ways to perform tasks in an efficient and timely manner as an individual and in a team environment
• Excellent relationship management and collaboration skills including the ability to influence and build consensus across teams; demonstrated experience delivering successful outcomes on projects involving multiple stakeholders with differing / diverging interests highly desired
• Ability to work independently in a remote team environment and to proactively identify product opportunities that arise related to business trends and market developments
• Strong project management skills to include organization, planning, and execution with the ability to manage various tasks simultaneously and work under tight deadlines with conflicting priorities, while providing high quality products

The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.    

For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks. 

The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position.  Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.  

All applicants must have resided in the United States for at least three (3) years.