VP Product Manager – NBFI Clearing & Payments Solutions

TD•Toronto, ON

10d•CA$140,000 - CA$160,000•Onsite

About The Position

We are seeking an experienced Product Manager to lead the strategy, commercialization, and development of clearing, payments, and transaction banking solutions for Non-Bank Financial Institutions (NBFIs). The VP Product Manager will own a portfolio of products and capabilities that enable NBFIs to access domestic and cross-border payment infrastructure through TD's Financial Institution Clearing franchise. This includes indirect participation models for Payments Canada schemes (RTR, Lynx, ACSS), cross-border clearing solutions, settlement agent services, correspondent banking capabilities, virtual account solutions, safeguarding/client money account structures, and related transaction banking services. The successful candidate will be responsible for end-to-end product management, spanning client strategy, market development, product innovation, regulatory compliance, technology delivery, operational readiness, and commercial performance. The role requires a deep understanding of the rapidly evolving NBFI landscape including payment service providers (PSPs), fintechs, broker-dealers, asset managers, trust companies, money services businesses (MSBs), digital asset firms, and other emerging financial ecosystem participants. The ideal candidate combines strong payments expertise, commercial acumen, and client-centric execution with the ability to lead complex initiatives across business, operations, technology, risk, legal, compliance, and regulatory stakeholders.

Requirements

Undergraduate degree in Business, Finance, Economics, Engineering, or related discipline; MBA considered an asset.
7-10 years of experience in transaction banking, payments, clearing, treasury services, fintech, or financial services product management.
Deep understanding of the Canadian payments ecosystem including RTR, Lynx, ACSS, Interac, Swift, and Payments Canada frameworks.
Strong understanding of NBFI business models, including PSPs, fintechs, broker-dealers, asset managers, trust companies, and money services businesses.
Experience defining product requirements, managing Agile delivery programs, and leading complex cross-functional initiatives.
Proven ability to influence senior stakeholders and drive large-scale strategic programs.
Strong commercial acumen with experience in pricing, profitability management, and business case development.
Excellent communication, presentation, and stakeholder management skills.

Nice To Haves

Experience supporting Payment Service Providers (PSPs) or fintech clients.
Knowledge of RPAA and Bank of Canada registration frameworks.
Understanding of sponsor-bank, settlement agent, indirect participation, and correspondent banking models.
Familiarity with SWIFT, ISO 20022, APIs, virtual accounts, and embedded finance models.
Experience with safeguarding/client money account structures and trust arrangements.
Familiarity with digital asset, stablecoin, or tokenized payments ecosystems.
Experience working with Payments Canada, Interac, SWIFT, BAFT, or other industry bodies.
Relevant certifications in Agile, Payments, Treasury, Product Management, or related disciplines.

Responsibilities

Define and execute a multi-year strategy and roadmap for TD's NBFI clearing and payments business.
Identify emerging market opportunities driven by regulatory change, Payments Canada modernization, RTR adoption, RPAA implementation, and evolving NBFI business models.
Conduct market scans and competitive analysis to identify growth opportunities, product gaps, and sources of competitive differentiation.
Develop market segmentation strategies across PSPs, fintechs, broker-dealers, asset managers, trust companies, credit unions, MSBs, and other NBFI client groups.
Define portfolio-level OKRs, KPIs, revenue targets, and client growth objectives aligned to Transaction Banking priorities.
Represent TD in industry forums, working groups, and market discussions relating to payments modernization, indirect participation, and NBFI access models.
Own the end-to-end lifecycle of NBFI clearing products and services, including value proposition, pricing, contractual framework, operating model, SLAs, and profitability.
Develop and maintain a comprehensive NBFI product catalogue.
Ensure product competitiveness through market analysis, benchmarking, performance analytics, and client feedback.
Establish and maintain product documentation, service descriptions, operating procedures, playbooks, and onboarding frameworks.
Translate product strategy into features, epics, user stories, and roadmap initiatives.
Lead Agile backlog prioritization and product delivery activities.
Define end-to-end functional and non-functional requirements across onboarding, payments processing, settlement, reporting, liquidity, and client servicing capabilities.
Prepare business cases supporting new product development and investment decisions.
Partner with Technology, Operations, Risk, Treasury, Legal, Compliance, and Coverage teams to deliver new products and enhancements.
Drive operational readiness activities including process design, policy development, controls implementation, and support model creation.
Serve as the product SME for NBFI clients and prospects.
Lead client discovery sessions, solution design workshops, product demonstrations, and RFP responses.
Support strategic sales opportunities and complex implementations.
Partner with FI Coverage and Origination team to design client/segment specific solutions addressing clearing, settlement, safeguarding, liquidity, and payments requirements.
Develop deep understanding of evolving NBFI business models and associated transaction banking needs.
Champion the voice of the client throughout the product lifecycle.
Develop pricing frameworks and commercialization strategies for NBFI products and services.
Monitor revenue performance, profitability, client economics, and growth metrics.
Build business cases supporting expansion into new NBFI segments and payment use cases.
Partner with FI Coverage and Origination team on market development initiatives and product rollout.
Ensure products comply with all applicable regulatory requirements, industry standards, and market best practices.
Support governance activities, regulatory examinations, and internal audits.
Maintain awareness of regulatory developments impacting NBFIs, including: Retail Payment Activities Act (RPAA), Payments Canada Rules, Bank of Canada participation frameworks, FINTRAC requirements, AML/ATF obligations, Consumer protection and safeguarding requirements.
Lead product risk assessments and control design activities.
Ensure resiliency, operational risk, and third-party risk considerations are embedded into product design.