To formally apply to the FedNow CIO role, click here:
The Federal Reserve Bank of Boston
As part of the Central bank of the United States, the Boston Fed works to promote sound growth and financial stability in New England and the nation. We 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 Federal Reserve is developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality, called the FedNow service. This service will help enable 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 a new mission-critical Federal Reserve initiative that will be transformative to the payments landscape in the United States. Development and deployment of the new FedNow Service platform is one of the highest priority initiatives for the Federal Reserve System and it will be funded at the level to be successful .
Federal Reserve Board Governor Lael Brainard announced on Monday, August 5, 2019, that the Federal Reserve Banks will build and operate the FedNow Service. Click below to watch and listen to the announcement.
The FedNow Chief Information Officer (CIO) will be responsible for delivering the faster payments solution. The CIO will need to be an execution and delivery- focused expert with a proven track record in successfully delivering high volume transaction platforms. Working closely with the product development team, the CIO will evaluate the appropriate solution (whether build versus buy), manage and direct related application development, architecture and hosting strategies, and ultimately deliver a solution in 3.5 years that fully meets market-driven business requirements while ensuring all the appropriate standards for resiliency and security.
The FedNow CIO reports to the Federal Reserve Bank of Bostons First Vice President & Chief Operating Officer (also servicing as FedNow Program Executive). The CIO will be a member of the management committee for FedNow.
Deliver a minimum viable product (MVP) that meets initial industry requirements for product functionality; MVP will need to be delivered in an agreed upon timeframe.
Deliver on the product roadmap that includes auxiliary services, beyond the MVP.
Work closely with the FedNow Business Executive (BE) on transforming business requirements into a scalable technology solution.
Oversee a large technical organization of architects, application developers, project managers and security and resiliency experts.
Determine appropriate hosting strategy (i.e. cloud vs. on-premise) for high availability, resiliency and security.
Identify and engage external vendors and internal development teams to inform buy vs build decisions.
Determine solution approach (i.e. build versus buy).
Drive various architecture and related application development efforts.
Lead functional, non-functional, quality control, security, application and channel integration requirements.
Integrate solution with various applications across the Federal Reserve.
Lead the proofs of concept/demos to determine feasibility of new systems or software.
Communicate the FedNow technology strategic plan and priorities to various stakeholders.
Ensure alignment of the technology strategy with the overall financial strategy, working with the FedNow CAO.
QUALIFICATIONS & EXPERIENCE
The Federal Reserve Board of Governors and The Federal Bank of Boston is are seeking a seasoned, polished software/product development leader with the influencing skills to navigate a complex environment. This executive must possess the technical acumen to layout the framework for this new system, as well as the leadership skills to ensure on-time delivery of the FedNow Service. Vendor management experience is critical as the CIO will evaluate, select and negotiate contracts with third-party providers to ensure program success. This executive must also be a self-starter with the vision to inspire others to deliver a world-class payments platform. Other qualifications include:
Minimum of 15 years professional experience including at least five years leadership at a senior level.
Experience preferred but not limited to the financial services industry, payments transactions and financial products.
Entrepreneurial approach to building new solutions with a proven track-record of delivery; significant expertise in vendor management and large-scale program management.
Strong knowledge and experience in managing cybersecurity risk and in building resilient systems.
Extensive knowledge of cloud-based technology platforms and associated risks.
Demonstrated learning agility that resulted in effective decision making within a complex and high-volume transaction processing environment.
Demonstrated ability to drive change, flexibly adapt to a rapidly changing environment and generate effective and innovative solutions to address change.
Proven record of excellent business judgment and acumen.
Ability to be flexible and pivot to competing priorities at any given time.
Strong oral and written communication skills that effectively reach all levels of the organization.
Up to 25% travel within the U.S. may be required.
Must be a United States citizen.
Bachelors degree with advanced degree highly preferred.
The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and 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.
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.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified.
While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.