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: Banking-as-a-Service (BaaS) financial institutions and on-behalf-of (OBO) service providers, which serve fintechs, and corporates. 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.
What You'll Be Doing
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.
What Will Be Expected of You
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.
Expertise You Would Bring
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 believes in salary transparency. The final salary and offer will be determined by the applicant’s background, skills, internal equity, and alignment with market data. Whether you’re developing into the job or are a more seasoned candidate, we aim to pay competitively. The salary range for this position is $157,000-$196,500. If you reside outside of the 1st District, you may be hired by your local Federal Reserve District and compensation will follow hiring District's range and policy.
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.
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.
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Skills Required
- 3-5+ years product management, business analysis, or strategy experience in fintech, payments, or digital banking
- Experience working with APIs and developer platforms
- Familiarity with financial products or payment systems (instant payments experience preferred)
- Ability to structure problems, analyze data, and translate insights into recommendations
- Strong written and verbal communication skills, tailored for different audiences
- Demonstrated success delivering product features across cross-functional teams
- Bachelor's degree in finance, economics, business, policy, marketing, or related field
- Advanced degree
- Primary on-site work with residency commutable to one of the Federal Reserve Bank offices
- Must have resided in the United States for at least three (3) years
- Successful completion of two-phase security screening, background checks, drug screening, and periodic fingerprint/OFAC checks
What We Do
This page is dedicated to Federal Reserve System career and employment related information only. Comments not pertaining to Fed recruiting will be removed. The Fed - Make a world of difference in the global economy OUR BANK has one of the most recognizable brands around the world. The Federal Reserve is the central bank of the United States—one of the world's most influential, trusted and prestigious financial organizations. The Federal Reserve is charged with the important mission of promoting a strong economy and a stable financial system and fulfills this responsibility by formulating national monetary policy, supervising and regulating banks and bank holding companies, and providing financial services for banks and the U.S. government. OUR PEOPLE are diverse in background and ideas, which allows for ongoing creativity and innovation. Ultimately, they are the ones who push our high-performance, exchange-driven culture forward. Why Our People Choose Us: Our reputation precedes us There will always be room for personal growth Our people are first You’ll find the right balance Your responsibilities will be meaningful We hope that you will be our future colleague. Find your preferred locations around the United States and explore the breadth of opportunity available at the Federal Reserve. Atlanta https://www.frbatlanta.org/ Boston http://www.bostonfed.org/ Chicago https://www.chicagofed.org/ Cleveland https://www.clevelandfed.org/ Dallas http://dallasfed.org/ Kansas City https://www.kansascityfed.org/ Minneapolis https://www.minneapolisfed.org/ New York http://www.newyorkfed.org/ Philadelphia https://www.philadelphiafed.org/ Richmond https://www.richmondfed.org/ San Francisco http://www.frbsf.org/ St. Louis https://www.stlouisfed.org/ Board http://www.federalreserve.gov/
