The Federal Reserve is developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow 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.
The product manager is responsible for supporting the end-to-end product management life cycle for the FedNow service and will be a subject matter expert on features and functionality of the service. The product manager will also support the Industry Readiness Lead to ensure industry readiness when the service goes live and beyond. The product manager will engage with various industry members including banks, service providers, and vendors to facilitate FedNow adoption and evolution, operational and technical preparedness and develop the ecosystem for the service.
What will be expected of you-
Develop subject matter expertise by contributing to business requirement and product road map development to ultimately serve as an internal and external subject matter expert on functionality and use cases
Work directly with banks, aggregators, and vendors to promote adoption and usage
Provide onboarding assistance to develop a high degree of operational readiness across assigned customers
Document any potential product development requirements resulting from bank discussions and actively contribute to product development roadmap
Support and advise regarding analytical work, modeling and decision-making for product and pricing initiatives
Expertise you will bring-
Banking and payments experience, especially knowledge of ACH, FED or CHIPS payments processing and formats, and clearing and settlement is strongly preferred
Expertise in ISO20022 message standards, work flow management, payment fraud monitoring, customer/industry directories, or data warehouse design desired
Proven experience working with industry partners on product implementations
Ability to effectively work remotely and across teams
It's added value if you have-
MBA preferred and at least 5 years in financial services, payments, or technology
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 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
Logistics & Requirements
May include remote working arrangements and some required travel, which will vary during project phases.
The Federal Reserve System 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.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.