FedNow Industry Readiness, Assistant Vice President at Federal Reserve Bank (FRB) in Boston, Massachusetts

Job Description:

FedNow Industry Readiness, Assistant Vice President

FedNow SM
The Federal Reserve is developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow SM service. This service will help enable financial institutions provide their customers with the ability to send and receive payments any time, any day, and have full access to those funds within seconds. This position is a unique opportunity to be part of a new mission-critical Federal Reserve initiative that will be transformative to the payments landscape in the United States.

Position Contributions:

The Assistant Vice President (AVP) for Industry Readiness will be responsible for developing and executing the FedNow Industry Readiness Strategy to meet/exceed FedNow business case targets by driving service adoption, volume, new use-cases and innovative business models in partnership with the Product team and the Customer Relations and Support Office (CRSO). This strategy will include approaches for: 1. Gathering market perspectives to inform FedNow development efforts and roadmap; 2. Promoting education, innovation and readiness that catalyze and advance the payments ecosystem; 3. Offering an efficient, seamless and best in class onboarding process to direct service participants (financial institutions, payment processors and aggregators) to enable customers across all segments to onboard and transact at scale.

In addition to the approaches and partnerships indicated above, the AVP will also work directly with technology teams to ensure design, development and execution of a best-in-class onboarding platform. The platform will be leveraged for Pilot Program participants, early adopters of the FedNow service, and clients onboarding at General Availability (GA) of the Service.

The AVP will oversee a team of analysts and onboarding specialists and work collaboratively with the broader FedNow organization to define processes and operations which will enable thousands of financial institution; engage with 3 rd party supplies, Fintechs, Corporates and other ecosystem participants to enable value and benefits from a next-generation payment platform. Success will also be dependent on internal collaboration across multi-functional teams including Product, Operations, Business Integration, Technology, Sales and Industry Relations.

Strong collaboration and customer facing skills are required, coupled with an understanding of the payments ecosystem, operations, process and technology.

What will be expected:

• Become a subject matter expert for the FedNow Service and understand the overall market dynamics including the competitive landscape, industry trends around faster/instant payments, industry stakeholders and their opportunities and challenges, etc.
  
  


• Define and execute the industry readiness strategy to ensure reach and scale of the service based on the FedNow business case, while taking into consideration and adapting to shifting market conditions.
  
  


• Work directly with financial institutions, payment service providers, aggregators, and ecosystem partners to define use-cases, drive innovation, promote adoption and usage.
  
  


• Define and execute the end to end onboarding strategy and platform to ensure clients have a streamlined, superior onboarding experience.
  
  


• Engage with onboarding vendor/s and the systems integrator to ensure successful implementation of the service and roll-out to scale.
  
  


• Represent the FedNow Service within the FRS and to the Industry through various presentations, meetings, and conference participation.


• Perform personnel management functions such as hiring, staff development counseling, employee performance appraisals, compensation decisions, and other personnel actions.

Expertise you will bring:

• Track record for successful delivery and implementation across large-scale payment initiatives.
  
  


• Result-oriented, strategic thinker with experience in complex problem solving.
  
  


• Excellent communication skills, ability to collaborate across teams and work remotely effectively.
  
  


• Banking and payments experience, especially knowledge of faster/instant payments and clearing and settlement is strongly preferred.
  
  


• Proven experience working with industry partners on product or process implementations.
  
  


• Experience with developing and executing pilot programs and launch of new services preferred.
  
  

It's added value if you have:

• Master's Degree preferred and at least 8 years in financial services, payments, or technology.
  
  


• Understanding of the payments ecosystem and payments flows by stakeholder (financial institutions, payment service providers, core service providers, etc.).
  
  


• 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.
  
  


• 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 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
  
  

• May include remote working arrangements and frequent domestic required travel, which will vary during project phases.

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.