Co-op: Digital and Payments Research & Development

Company Federal Reserve Bank of Boston

As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy‑making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well‑being in communities through a variety of efforts.

The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank’s values: community, innovation, integrity, trust, leadership, and excellence. The position will be primarily on‑site. The individual is expected to reside in the First District. Limited travel may be required.

This position is part of the Bank’s Internship/ Co‑op Program which is offered to students who are currently enrolled in graduate and undergraduate studies. This program identifies talented and qualified candidates who could potentially fill professional job openings in the Bank.

January 2027 to July 2027

This position is responsible for supporting the Federal Reserve System’s Research and Development around the future of money and payments. Given the role of the US dollar and payment systems, the Federal Reserve System seeks to further understand the implications, costs, and benefits of the use of different technologies for the future of money and payments, notably as these relate to the roles of a central bank supporting the U.S. financial system.

This position offers a unique opportunity to be part of a world‑class team working on cutting edge technologies related to digital currency and other tokenized assets, application of smart contracts, wholesale settlement services, ledger design, and advanced cryptography. You will participate in a dynamic work environment that has the feel of a startup while also maintaining the benefits of a larger organization.

This role is designed for students to gain real life experience working in a multi‑faceted team. The Operations team works in a multi‑disciplinary environment that includes finance, government, business, engineering, and law.

Interface with stakeholders throughout the Federal Reserve System and Board of Governors to facilitate the success of product and engineering outcomes including:
Collaborate across internal stakeholders, including Legal, Audit, Finance, and Procurement, to identify and address risks and challenges. Design process improvements to help the team work efficiently and effectively. Build reports to communicate to senior management. Support agile delivery methodology including PI planning and delivery.

Open to both undergraduate and graduate students, preferably in a relevant field such as government and politics, business, economics, finance, law, or engineering. A successful candidate will have the following qualifications:
Excellent project management capabilities. Sophisticated user of Microsoft Office tools (e.g., Word, Excel, PowerPoint). Excellent written and oral communication skills. Good interpersonal and presentation skills. High level of self‑motivation and initiative. Strong team player.

Working knowledge of the Federal Reserve System Strong grasp of the fundamentals of money, banking, payments, finance, and related concepts. Ability to balance longer‑term objectives and shorter‑term deliverables efficiently, successfully, and on time. Understanding of technology development, coding, and big data is desirable.

$18-$36…