FedNow Business Growth Lead Product Manager

Federal Reserve Bank of Philadelphia • Boston, MA

11d • Onsite

About The Position

The Federal Reserve Bank of Boston (FRFS) is undergoing a strategic transformation to become a national, enterprise-focused organization, aiming to accelerate new product delivery, enhance customer experience, and foster career growth. A key initiative is the development of the FedNow Service, a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality. This service allows financial institutions to enable their customers to send and receive payments instantly, with immediate access to funds. This position is a critical role in this mission-critical initiative, focused on transforming the payments landscape in the United States. The role requires residency commutable to one of our offices and will be primarily on-site. The FedNow Business Growth Lead Product Manager will be instrumental in driving FedNow's growth strategy by targeting key customer segments: on-behalf-of (OBO) service providers, fintechs, corporates, and Banking-as-a-Service (BaaS) financial institutions. The position will contribute to business expansion by understanding the unique needs and challenges of these segments, developing tailored value propositions, and supporting product capabilities that ensure customer success with instant payments. The Lead Product Manager will collaborate cross-functionally to bring innovations to market that accelerate adoption and deepen engagement within these strategic customer groups.

Requirements

• 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.
• 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.
• All applicants must have resided in the United States for at least three (3) years.
• 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.
• 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.

Nice To Haves

• Advanced degree optional.

Responsibilities

• Support the development of value-add product concepts and contribute insights that inform the FedNow roadmap.
• Maintain working knowledge of FedNow features and 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 the delivery of new product capabilities.
• 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.

Benefits

• 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 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.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level