FRFS - Manager of Standards Strategy - Federal Reserve Bank (FRB)

Company

Federal Reserve Bank of Cleveland

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 operations, technology, product and industry engagement, enterprise services, 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 financial institutions 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.

We seek leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action-oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation. To achieve our vision for a people-focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community.

The manager, Payments System Improvement Standards, reporting to the Vice President of Payments System Improvement is responsible for managing a team to achieve strategic objectives for industry standards engagement with key private-sector-led standards development organizations (SDOs) on emerging payment technology topics, such as digital assets and central bank digital currency (CBDC). Responsibilities include coordinating Federal Reserve objectives for consistent leadership in technical standards for these topics, aligning to appropriate policy goals and operational objectives, and supporting like-minded partners. Working with the Payments System Improvement team and Board of Governors staff, the manager leads the development of emerging payments technical standards strategy, aids in adapting to fit evolving landscape conditions with division leaders to define annual and multiyear objectives.

This job has direct reports.

The manager, Payments System Improvement Standards, leads a team comprised of both direct reports and subject matter expert resources assigned by their resource managers to technical standards projects, and partners with Board policy advisor(s). The manager is responsible for managing internal communication flows, collaborating with multiple stakeholders, including senior leadership, in FRFS and the Board of Governors. The manager identifies priority areas of focus within the emerging payment technology technical standards landscape and makes recommendations to senior leadership on engagement levels and resourcing requirements. Once aligned, they manage the implementation of these recommendations to influence technical standards development in line with U.S. interests and effectively collaborates and supports other public agencies and private sector partners.

The manager may serve on select Standards Development Organizations leadership committees and international advisory groups, such as Accredited Standards Committee X9s Executive Committee, to gain strategic insights and influence work to align with policy goals. This role requires an individual who thrives both in setting direction for a team and jumping in with the team and other stakeholders in a hands-on manner to achieve goals as needed. The Standards manager coaches and develops direct reports to improve professional effectiveness and grow expertise in technical standards development. Central to this role is developing FRFS thought leadership for the Federal Reserve System and for the public.

Responsibilities

• Lead the Federal Reserve’s emerging payments standards strategy for engagement with key private-sector-led SDOs to influence and build support for U.S. interests and responsible payments innovation.
• Facilitate the Federal Reserve’s technical standards strategy, and related tactics, to advance the strategy and address changes in the digital asset, CBDC, and emerging payment technology landscape.
• Coordinate the development of both annual and multi-year objectives in emerging payment technical standards. Align with Payments System Improvement, Board and FRFS leadership to finalize objectives and report on progress toward goals.
• Lead early, active, and consistent engagement with key SDOs to learn from diverse technical perspectives, understand the direction and scope of emerging payment technical standards under development, and influence the direction of development, as needed, to promote fit-for-purpose documentation for responsible innovation towards efficient, safe, and accessible payment systems.
• Collaborate with partners internally and with both the public and private sector to build awareness about technical standards development activities and supportive coalitions to advance common goals. Work with Board staff to engage with interagency and central bank partners.
• Recruit, retain, and develop talent in the team. Expand institutional expertise in technical standards development with SDOs, grow subject matter expertise in payments and emerging technologies. Identify opportunities for SMEs to contribute knowledge to benefit public sector partners and learn from diverse perspectives through participation in technical standards projects.
• Represent the Federal Reserve on leadership and advisory committees, building on the Federal Reserve’s reputation for subject matter expertise in payment system operations, objective, and non-biased facilitation of tightly scoped technical standards projects for the improvement of payment systems.
• Manage communication flows, in partnership with Payments Improvement leadership and Board staff, to inform senior leadership and seek alignment on strategic direction and engagement recommendations with FRFS and the Board. Establish and maintain a regular cadence and identify the appropriate audience for status or other updates.
• Ensure staff participate effectively in technical standards development with SDOs, understanding and adhering to risk mitigation strategies appropriate for safeguarding the Federal Reserve’s reputation and role.
• Be the liaison between resource managers and SMEs engaged in technical standards development with SDOs, providing clear communication on what the goal of participation is (i.e. to actively contribute to projects or review documents for accuracy and clarity only), what expectations are for how to participate (i.e. provide substantive technical feedback, or ask clarifying questions only), and how much time the resource is expected to spend on the project (i.e. 6-10 hrs/month.)
• Promote broad technical standards engagement with SDOs through bilateral discussions with other public agencies, partner central banks, and the private sector partners, in partnership with the Board, to encourage active U.S. participation from a variety of stakeholders and support robust technical discussions towards quality results. Occasionally attend in-person SDO-focused conferences or meetings.
• Oversee research and assessment activities conducted by staff on an ongoing basis, with periodic convening of multi-disciplinary ad hoc project teams for rapid, in-depth assessment on digital assets, CBDC, and emerging payment technologies technical standards topics. Ensure research is timely, scope appropriate, and leads to clear recommendations for next steps.
• Support system research and experimentation projects and programs by assigning staff to research a topic of interest (i.e. digital identity, digital wallets, etc.). Research should inform stakeholders of available technical standards related to the topic, and assess—where possible—the applicability of the technical standard relative to the research question, and the state of adoption (i.e. Is it possible to determine if the standard is widely adopted or is likely to become broadly adopted, why or why not? What evidence supports this?)

Qualifications

• Bachelor’s degree in business administration, information technology management, public policy or related field, or equivalent combination of education and experience
• A minimum of ten years professional experience in strategic roles requiring leadership, project management, technical or policy analysis, research on emerging technology and technology applications, and strategic planning. A minimum of five years’ experience in payments and/or financial services, navigating complex organizations
• A minimum of five years experience working with national and international standards development organizations
• Technical standards development experience within standards development organizations preferred
• Thought leader with personal and professional credibility and integrity
• Record of addressing substantial challenges and driving change through collaboration and matrix management. Ability to motivate, develop, and lead a diverse team of professionals through collaboration and consensus
• Excellent problem-solving and influencing skills
• Ability to manage and mitigate risks
• Highly-developed interpersonal, presentation, and communication skills with the ability to relate and communicate at all levels, including the ability to explain technical matters in business terms

Preferred qualifications

• Master’s degree in public policy, business administration, organizational development, organizational leadership, information technology management, or related field preferred.
• Experience with digital assets and CBDC, blockchain, distributed ledger technology, and/or Fintech a plus
• Experience working internationally, or with international partners a plus
• Preference would be for a candidate working in the Minneapolis market where the majority of the team works on site at the Federal Reserve Bank of Minneapolis, but consideration would be given for other suitable candidates

Locations:

• Hybrid, on-site requirement will be determined by hiring district
• Remote eligibility will be determined by hiring district
• The selected candidate’s new job title and associated pay range will be determined by the employing District and will continue to be subject to the employing District’s people policies and practices (i.e., remote/hybrid work posture, etc.).
• Eligible districts for Hire: Boston, MA- New York, NY- Philadelphia, PA- Cleveland, OH- Richmond, VA- Atlanta, GA- Chicago, IL- St. Louis, MO- Minneapolis, MN- Kansas City, MO- Dallas, TX- San Francisco, CA

Screening:

Screening Details that correspond with screening level

Sponsorship:

Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Other, Sales/Marketing

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. 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.

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