FedNow AVP Product Strategy

Company

Federal Reserve Bank of Boston

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, FedNowSM, Fedwire®, National Settlement Service (NSS), FedCash®, FedACH® (Automated Clearing House), and Check Services. We are currently leading a strategic effort to transform FRFS to a national, enterprise-focused organization. Through our evolved structure, we will meet the needs of the marketplace for new products and services more quickly, seek to provide a more robust and unified customer experience across our financial service offerings, and create new career growth opportunities for FRFS staff.

We are seeking leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action-oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation. To achieve our vision for a people-focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community.

The Federal Reserve has developed a new interbank 24x7x365 real-time gross settlement (RTGS) platform with integrated clearing functionality, called the FedNow Service. This service enables financial institutions to 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 this mission-critical Federal Reserve initiative that is transforming the payments landscape in the United States.

Candidates that live near one of our Reserve Bank locations will be provided some work from home flexibility. Rules for hybrid work arrangements differs from Bank to Bank and should be discussed during the interview process.

Position Contributions –

The AVP Product Strategist will have the opportunity to spur innovation and shape the future of payments in the US. They will be responsible for developing a vision and strategy for future value-add products and defining the customer and ecosystem value proposition.  The role requires knowledge of the broader payments’ ecosystem (including instant payments), key players, and competitive landscape, to execute on strategic planning and make new feature recommendations for the FedNow Service. The AVP Product Strategist is a people leader with skills and a passion for delivering high-quality products.  You will manage and lead a team by continuously iterating on ideas and defining our value proposition. This role will work closely with partners such as product delivery, legal, risk, Board of Governors, marketing, program management, operations and technology to bring to market new capabilities and solution enhancements that are aligned with industry needs and business goals.

What you’ll be doing:

• Product Strategy and Discovery:  Develop multi-year FedNow product roadmap to ensure our services truly meet customer needs, stay ahead of emerging trends, and deliver business value. Lead and oversee product discovery analysis by identifying a business case, assessing the risks, and delivering a recommendation. Identify the business impact of solutions to inform decision making and prioritization.
• Industry Research and Analysis: Conduct market and user research and leverage analytics to gather quantitative and qualitative data to make informed product roadmap and requirements recommendations and decisions.
• Partner engagement: Work closely with cross functional teams to help shape the product roadmap and execute on product strategy. Evangelize the product strategy. Collaborate with stakeholders, ensuring their voices are heard and feedback incorporated during roadmap development and that they are aware of upcoming products, features and services.
• Team culture and collaboration: Be an active contributor to the team’s collaborative and inclusive culture. Ensure clear and transparent communication with team members and partners.
• Leadership and executive presentations: Oversee a team of product leads, inspire, influence, provide guidance and development opportunities. Develop and deliver presentations to executive team.

 What will be expected of you –

• Strategic thinking: Establishing the vision, analyzing customer trends, understanding industry needs, and identifying opportunities to enhance the FedNow Service.
• Collaboration & adaptability: Be a strong and collaborative team player with the skill to collaborate effectively with cross functional partners across the organization. Be flexible and