FedNow Fraud Product Manager at Federal Reserve Bank (FRB) in Boston, Massachusetts

Job Description:

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) 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.

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 Fraud Prevention Product Manager will help shape the strategy and roadmap for FedNow’s suite of fraud prevention services, supporting the creation of scalable solutions that address emerging fraud threats. The product manager will work closely with partners such as legal, risk, Board of Governors, marketing, industry readiness, program management, data science, operations and engineering to bring to market fraud solutions that are aligned with industry needs and business goals.  

 

What you’ll be doing: 

• Product Strategy and Development: Assist in developing and refining the FedNow fraud prevention product roadmap to ensure our services meet industry needs, stay ahead of emerging fraud trends, and deliver business value. Assist in defining and tracking KPIs to measure the success of fraud prevention initiatives. Oversee the end-to-end life cycle for services, from strategy to maintenance and launch. 

• Industry Research and Analysis: Conduct market and user research and leverage product 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, drive competitive differentiation, and execute on product strategy. Collaborate with stakeholders, ensuring their voices are heard 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.  

 What will be expected of you –  

• Strategic thinking: Make well-informed contributions to the product strategy by analyzing fraud trends, understanding industry needs, and identifying opportunities to enhance FedNow’s fraud prevention services. Take ownership and independently driving initiatives from concept through to implementation.  

• 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 quick to adapt to new information, market shift, and evolving business priorities. 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 

• Focus on the customer: Be a strong advocate for financial institutions and service providers by understanding their challenges and needs through industry engagement.  

• Execution and delivery: Assist in the execution of fraud prevention initiatives ensuring timely delivery of product capabilities. Support the end-to-end product management life cycle, including providing input into product roadmap and strategies, writing high level requirements, reviewing business design documents, drafting customer communications, and coordinating implementation activities 

Expertise you would bring – 

• 5+ years of hands-on product management experience collaborating closely with cross-functional stakeholders, including experience in gathering and transforming requirements into a successful product strategy and managing full product lifecycle from customer problem definition, solution identification, and execution/launch 

• 2+ years of experience in fraud mitigation with a financial institution or a service provider 

• Ability to adjust to evolving business priorities. Proactive and intentional learner willing to quickly understand new systems and methods. 

• Bachelor's degree in finance, business administration, marketing, data or related field or a combination of commensurate education and experience 

• Experience in Agile software development 

• Strong analytical and problem-solving skills; ability to use data and metrics to back up assumptions and evaluate outcomes; ability to quickly gather, analyze and synthesize complex information 

• Strong written and oral communication skills 

Logistics & Requirements –  

• May include 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. 

 

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. 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

Apply Now