FedNow Business Growth Lead Product Manager

Location: Richmond

Company

Federal Reserve Bank of Boston

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via Fed Line Solutions, FedNowSM, Fedwire, National Settlement Service (NSS), Fed Cash, 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.

The Federal Reserve has developed a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the Fed Now 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 Fed Now Business Growth Lead Product Manager will help drive Fed Now's growth strategy by focusing on key customer segments: on-behalf-of (OBO) service providers, fintechs, corporates, and Banking-as-a-Service (BaaS) financial institutions. 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 Fed Now roadmap.

* Maintain working knowledge of Fed Now 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., stable coins, tokenized deposits, digital wallets, QR usage) to help the team assess potential implications for Fed Now.

* 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 Fed Now'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 Fed Now'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…