What are the responsibilities and job description for the FedNow Business Growth Lead Product Manager position at Federal Reserve Bank of Boston?
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.
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 position will be primarily on-site with residency commutable to one of our offices required.
The FedNow Business Growth Lead Product Manager will help drive FedNow's growth strategy by focusing on key customer segments: on-behalf-of (OBO) service providers, fintechs, corporates, and Banking-as-a-Service (BaaS) financial institutions. This role will contribute to business expansion by understanding the distinct needs and pain points of these segments, developing targeted value propositions, and supporting product capabilities that enable these customers to succeed with instant payments. The Lead Product Manager will work cross-functionally to bring innovations to market that accelerate adoption and deepen engagement across these strategic customer groups.
Position Contributions
As a Lead Product Manager, you'll play a hands-on role in developing and iterating features that support FedNow’s growth across key customer segments.
The Federal Reserve Bank of Boston is committed 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.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Project/Product Management Family Group
Work Shift
First (United States of America)
The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.
Privacy Notice
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.
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 position will be primarily on-site with residency commutable to one of our offices required.
The FedNow Business Growth Lead Product Manager will help drive FedNow's growth strategy by focusing on key customer segments: on-behalf-of (OBO) service providers, fintechs, corporates, and Banking-as-a-Service (BaaS) financial institutions. This role will contribute to business expansion by understanding the distinct needs and pain points of these segments, developing targeted value propositions, and supporting product capabilities that enable these customers to succeed with instant payments. The Lead Product Manager will work cross-functionally to bring innovations to market that accelerate adoption and deepen engagement across these strategic customer groups.
Position Contributions
- Support the development of value‑add product concepts and contribute insights that inform the FedNow roadmap.
- Maintain working knowledge of FedNow features and help analyze upcoming enhancements to understand customer impact.
- Develop an understanding of the instant payments ecosystem—including key players, competitive dynamics, and emerging trends—to provide well‑reasoned recommendations.
- Stay informed on payment‑adjacent innovations (e.g., stablecoins, tokenized deposits, digital wallets, QR usage) to help the team assess potential implications for FedNow.
- Collaborate closely with partner teams (product delivery, credit risk, legal, risk, Board of Governors, marketing, operations, program management, and technology) to support delivery of new product capabilities.
As a Lead Product Manager, you'll play a hands-on role in developing and iterating features that support FedNow’s growth across key customer segments.
- Drive product features through discovery, refinement, and delivery in partnership with design, engineering, and cross-functional stakeholders.
- Evaluate customer pain points and adoption barriers to help determine product/market fit for new segments or use cases.
- Build a strong understanding of user needs and operational workflows to ensure features are aligned with customer and ecosystem requirements.
- Participate in product discovery by developing business cases, identifying risks, and drafting recommendations that support prioritization discussions.
- Contribute to a collaborative and transparent team culture through clear communication and active engagement.
- Analytical & strategic thinking: Provide input on customer trends, ecosystem developments, and opportunities that could enhance FedNow’s value proposition.
- Collaboration & adaptability: Work effectively across functional groups, adjusting quickly to changing priorities and new information.
- Customer focus: Engage with financial institutions and service providers to understand their needs and reflect them in product decisions.
- Execution & delivery: Support timely execution of product discovery and delivery activities, including problem definition, market analysis, opportunity sizing, and recommendation development.
- Communication: Clearly communicate findings, tradeoffs, and recommendations to teammates and leadership as appropriate.
- Modest travel required.
- This is an individual contributor role.
- 3–5 years of experience in product management, business analysis, or strategy in fintech, payments, or digital banking.
- Experience working with APIs, developer platforms, or ecosystem driven products a plus.
- Familiarity with financial products or payment systems.
- Understanding of the instant payments landscape and operational considerations for financial institutions.
- Ability to structure problems, analyze data, and translate insights into clear recommendations.
- Strong communication skills with experience tailoring information for different audiences.
- Demonstrated success working across cross-functional teams to deliver product features.
- Bachelor’s degree in finance, economics, business, policy, marketing, or related field; advanced degree optional.
The Federal Reserve Bank of Boston is committed 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.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Project/Product Management Family Group
Work Shift
First (United States of America)
The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.
Privacy Notice
Salary : $157,000 - $196,500