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, Fedwire® Funds and Securities, the National Settlement Service (NSS), FedCash®1, FedACH®, Check Services, and the FedNow® Service. FRFS operates as a fully integrated organization with groups dedicated to customer experience, operations, technology, product and customer/industry management, enterprise services, payments system improvement, and one focused on the ongoing growth and development of the FedNow instant payment service. Our strategy defines our future direction, seeking to offer a fully integrated product suite that provides speed, resilience, and choice in meeting the payments needs of FRFS customers across the United States. Through our Enterprise structure, we strive to meet the needs of the marketplace for new products and services with speed and agility, seek to provide a robust and unified customer experience, and work to create career growth opportunities for FRFS staff.
The FRFS Enterprise operates with a customer-first mindset, comprised of team members seeking to do the best work of their careers in pursuit of our important central bank mission.
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 selected candidate will reside within a reasonable commuting distance defined by the employing Reserve Bank and will work full-time onsite.
The following Reserve Bank locations are preferred: Boston, Atlanta, New York, San Francisco
Applicants may be considered at both the Specialist and Senior Analyst level based on experience. The work week for this position is Wednesday through Sunday. Consideration would be given to a Monday - Friday work week at the Specialist level.
Position Contributions – The FNOC Specialist is an experienced professional who possesses an in-depth knowledge of the role. The Specialist proposes potential solutions, including external practices, they anticipate roadblocks and drive innovation. The Specialist will interface with those outside their current work stream and engage across all levels of the program. They will provide expert guidance and technical support to clients and internal teams on all FedNow-related issues.
In addition, the FNOC Specialist will perform critical operational activities including monitoring, working with partner stakeholder teams to mitigate risks, support participant onboarding, and execute ongoing operational tasks for the FedNow Service. Heavy emphasis will be focused on driving operational efficiencies via process creation, standardization and automation. Provide expert guidance and technical support to clients and internal teams on all FedNow-related issues. The FNOC Specialist will demonstrate their subject matter expertise by acting as an escalation point for the FNOC team.
What will be expected of you –
Product specialization • Demonstrate expertise of the FedNow Service & stay up to date on all the latest releases and development • Influence the Product roadmap by possessing an in-depth knowledge of Operations and our Customer needs • Independently identify gaps within the FedNow ecosystem and proactively create solutions • Collaborate with cross-functional teams to assess functional needs, identify vulnerabilities, and drive appropriate solutions internally and externally • Support the customer through FedNow functionality updates • Provide guidance and documentation on frequent internal risk and compliance inquiries for audits
Team support • Interview, develop, train and mentor new members of the team and provide ongoing training as needed • Develop and maintain comprehensive documentation for knowledge and procedures in addition to conducting team trainings • Perform periodic reviews and updates of internal procedures and knowledge articles
Customer & Operations support
• Facilitate high pressure troubleshooting calls with customers on Production issues • Provide guidance to fulfill all Service Requests escalated from Level 1 (L1) support • Articulate FedNow concepts in a clear and concise manner • Support the customer onboarding process for new FedNow customers • Perform verifications, onboarding and maintenance of participant profiles • Execute internal backend tasks for bank mergers and account closures related to the FedNow service • Consult on and perform periodic reviews and updates for publicly available Federal Reserve documentation Leadership
• Drive and test automation ideas to support improving the customer experience and the FedNow Service • Flexibility to support a growing organization through multiple SME roles • Perform complex assignments while working independently with minimal to no guidance • Create and monitor customer and internal success metrics and KPIs • Provide expert guidance on daily backend operational activities for billing, accounting and reconciliation • Adopt a continuous improvement mindset by identifying and providing feedback on efficiency opportunities Promote culture • Support a culture of continuous improvement by providing performance feedback for team members • Promote a psychologically safe environment through compassionate leadership • Present to all levels of leadership, partner teams and external customers Expertise you would bring – • Bachelor’s degree with 5+ years relevant work experience; or 10+ years relevant work experience • Experience working within 24*7 support operations for a large enterprise • Ability to work in a demanding environment and handle multiple competing priorities • Strong analytical and problem-solving skills with demonstrated ability to quickly gather, analyze and synthesize information • Initiative and innovation toward improving customer experience and Operations • Organized and detail-oriented with a love for creating order out of chaos • Motivated, energetic, adaptable team player with intellectual curiosity paired with a high growth-mindset It's added value if you have- • Expertise with ISO20022 messages • ITIL certification • Expertise using ServiceNow or similar tools within a large enterprise • Expertise using Application monitoring tools • Expertise within support operations spanning multiple contact channels • Expertise within support operations for a cloud-based service
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 $120,600 - $181,000. The position and job description posted is for an FNOC Specialist, however, candidates may be considered at the Sr Analyst level based on their experience. The compensation range for Sr Analyst is $105,000 - 158,400. If you reside outside of the 1st District (Boston Fed), you may be hired by your local Federal Reserve District and compensation will follow hiring District's range and policy.
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.
For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.
The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.
All applicants must have resided in the United States for at least three (3) years
Full Time / Part Time Full time
Regular / Temporary Regular
Job Exempt (Yes / No) Yes
Job Category Operations Family Group
Work Shift First (United States of America) The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.
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