FedNow Business Growth Lead Product Manager

About this role

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.

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.

The position will be primarily on-site with residency commutable to one of our offices required.

The   FedNow   Business Growth Lead Product Manager will help drive   FedNow's   growth strategy by focusing on key customer segments:   Banking-as-a-Service (BaaS) financial institutions   and   on-behalf-of (OBO) service providers , which serve   fintechs,   and   corporates. 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   FedNow   roadmap.  

• Maintain working knowledge of   FedNow   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., 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 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   FedNow’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   FedNow’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 activities, including problem definition, market analysis, opportunity sizing, and recommendation development.   

• Communication:   Clearly communicate findings, tradeoffs, and recommendations to teammates and leadership as   appropriate .   

• Modest travel   required .   

• This is an individual contributor role.  

Expertise   You Would Bring  

• 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 a plus.   

• 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; advanced degree optional.  

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 salary range for this position is $157,000-$196,500. If you reside outside of the 1st District, you may be hired by your local Federal Reserve District and compensation will

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