FedNow Operations Center (FNOC) Specialist

Company

Federal Reserve Bank of Boston

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, Fedwire® Funds and Securities, the National Settlement Service (NSS), FedCash®1, FedACH®, Check Services, and the FedNow® Service. FRFS operates as a fully integrated organization with groups dedicated to customer experience, operations, technology, product and customer/industry management, enterprise services, payments system improvement, and one focused on the ongoing growth and development of the FedNow instant payment service. Our strategy defines our future direction, seeking to offer a fully integrated product suite that provides speed, resilience, and choice in meeting the payments needs of FRFS customers across the United States. Through our Enterprise structure, we strive to meet the needs of the marketplace for new products and services with speed and agility, seek to provide a robust and unified customer experience, and work to create career growth opportunities for FRFS staff.

The FRFS Enterprise operates with a customer-first mindset, comprised of team members seeking to do the best work of their careers in pursuit of our important central bank mission.

The Federal Reserve has developed a new interbank 24x7x365 real-time gross settlement (RTGS) service 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.

The selected candidate will reside within a reasonable commuting distance defined by the employing Reserve Bank and will work full-time onsite.

The following Reserve Bank locations are preferred: Boston, Atlanta, New York, San Francisco

Applicants may be considered at both the Specialist and Senior Analyst level based on experience. The work week for this position is Wednesday through Sunday. Consideration would be given to a Monday - Friday work week at the Specialist level.

Position Contributions –
The FNOC Specialist is an experienced professional who possesses an in-depth knowledge of the role. The Specialist proposes potential solutions, including external practices, they anticipate roadblocks and drive innovation. The Specialist will interface with those outside their current work stream and engage across all levels of the program. They will provide expert guidance and technical support to clients and internal teams on all FedNow-related issues. 

In addition, the FNOC Specialist will perform critical operational activities including monitoring, working with partner stakeholder teams to mitigate risks, support participant onboarding, and execute ongoing operational tasks for the FedNow Service. Heavy emphasis will be focused on driving operational efficiencies via process creation, standardization and automation. Provide expert guidance and technical support to clients and internal teams on all FedNow-related issues. The FNOC Specialist will demonstrate their subject matter expertise by acting as an escalation point for the FNOC team. 

What will be expected of you –

Product specialization
• Demonstrate expertise of the FedNow Service & stay up to date on all the latest releases and development
• Influence the Product roadmap by possessing an in-depth knowledge of Operations and our Customer needs
• Independently identify gaps within the FedNow ecosystem and proactively create solutions
• Collaborate with cross-functional teams to assess functional needs, identify 
vulnerabilities, and drive appropriate solutions internally and externally
• Support the customer through FedNow functionality updates
• Provide guidance and documentation on frequent internal risk and compliance inquiries for audits

Team support
• Interview, develop, train and mentor new members of the team and provide ongoing training as needed
• Develop and maintain comprehensive documentation for knowledge and 
procedures in addition to conducting team trainings
• Perform periodic reviews and updates of internal procedures and knowledge 
articles 

Customer & Operations support

• Facilitate high pressure troubleshooting calls with customers on Production issues 
• Provide guidance to fulfill all Service Requests escalated from Level 1 (L1) support
• Articulate FedNow concepts in a clear and concise manner
• Support the customer onboarding process for new FedN