Head of Fedwire Funds and National Settlement Services, VP-S…

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Company: Federal Reserve Bank of New York
Location: New York, NY 10038 (Financial District area)

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Head of Fedwire Funds and National Settlement Services, VP-SVP–262403
Federal Reserve Bank of New York

Primary Location NY-New York City

Full-time / Part-time Full-time

Employee Status Regular

Overtime Status Exempt

Job Type Experienced

Travel Yes, 25 % of the Time

Shift Day Job


At the Federal Reserve Bank of New York, the work we do is consequential and challenging. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed.


What we do:

The Wholesale Product Office (WPO) manages the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service (NSS) on behalf of the Federal Reserve System. Collectively, these services clear and settle financial transactions exceeding $4 trillion per day and are a foundational underpinning of the United States financial system. Thousands of banks, credit unions, other depository institutions, and a variety of U.S. government entities are direct users of the WPO’s services and critically depend on them to smoothly, safely, and efficiently conduct their operations and serve their customers/constituents. Most of the leading financial market utilities (FMUs) in the United States rely on the WPO’s services to enable settlement, funding, and/or de-funding of positions between the FMU’s participants. In managing the wholesale services, the WPO establishes the business direction for, coordination between, and first line oversight of the operational and technical units that run and technically enhance the business on a day-to-day basis.

The leader we seek will bring dynamic and forward-looking leadership and perspective to a complex organization. The leader will drive the development, integration and execution of strategy, priorities, services and initiatives that advance and balance both short and long-term goals. This role requires capacity to lead change by informing, influencing and inspiring others, with passion and values about people, inclusion, engagement and culture. The leader models and sets a tone of expectation with respect to collaborating with colleagues and others proactively, relying heavily on the expertise and leadership of others across the Bank and System to achieve shared accountability for desired outcomes.


Your role as the Head of Payments Product Management:

The Head of Payments Product Management is responsible for overseeing and ensuring performance of the Fedwire Funds Service and National Settlement Service (NSS) in the following areas:
  • Lead the WPO’s work to improve the safety, speed and efficiency of the US payment system including the implementation of new technology, more modern payment messaging standards, and the expansion of operating hours and capabilities of National Settlement Services (NSS)
  • Direct the financial goals of the Fedwire Funds and NSS businesses such as revenue/cost recovery including pricing review, pricing strategy, and product performance
  • Maintain & enhance strategic relationships with all stakeholders including: Federal Reserve Board staff, the FSPC Support Office, the U.S. Department of Treasury, other product offices, and senior Fedwire Funds and NSS System stakeholders, etc.
  • Represent the Fedwire Funds Service and NSS to the marketplace on behalf of the Federal Reserve Banks through participation in and/or leadership of industry committees and by making presentations at industry conferences
  • Gather and leverage market intelligence across a range of resources to inform the long-range interests of the business, stakeholders, and policy makers
  • Communicate, advocate and proactively move forward the principles, values, strategy and priorities of the Bank, bringing managers and leaders along in their understanding and ability to align and execute accordingly
  • Partner with clients within the Bank and throughout the Federal Reserve System as well as with external stakeholders to identify and address business needs, using influence and empathy to build relationships by earning trust and confidence
  • Support the implementation and evaluation of the WPO’s strategy and priorities
  • Build a strong team and engage with individuals on their professional and personal growth, with emphasis on developmental opportunities
  • Provide the highest quality service and execution of operational responsibilities and ensure that all governance and control requirements are met to the highest standards
  • Maintain knowledge of industry and technology trends, seizing opportunities and managing risks in appropriate balance

What we are looking for:
  • Background in payment systems and private sector clearing and settlement arrangements highly preferred
  • Track record of successful leadership to drive results and proactively manage change in a complex and dynamic organizational, technological and operating environment
  • Strong collaboration skills, a focus on positive intent and an interest in ensuring strong relationships with an ability to partner effectively with others in the pursuit of common goals
  • Emotional intelligence, including the ability to build trust in a variety of relationships through candor, reliability and authenticity as well as the capacity to embrace and draw from diversity and inclusion to improve the quality of outcomes
  • Executive presence, judgment and pitch in communicating and supporting effective discussion and decision making among boards, policy makers and others
  • Interest and strong ability in the sustainable and ongoing development of people, technology and other elements essential to achieving results over the long term
  • Strong business acumen with a proven ability to evaluate the costs, risks and benefits associated with alternative actions before making decisions
  • Intellectually curious and nimble, with the demonstrated ability to learn, synthesize and apply a range of information and experience quickly in new situations and settings
  • Outstanding people manager, with inspirational leadership skills. Proven ability to coach, lead and develop others to achieve their professional best
  • Excellent change management skills, including advocating, anticipating and orchestrating change. Creates a team culture that enables staff to achieve results in a changing environment
  • Strong analytical skills, and interest and facility at collecting, analyzing and interpreting qualitative and quantitative data and information to develop thorough understanding of stakeholder motivations, preferences and opinions and spot emerging trends or issues, and to influence and drive results in the Bank
  • Highest levels of personal and professional integrity at all times


Screening Requirement: This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take up to a couple of months to be completed. You can begin work before the screening is completed; however, continued employment is contingent on acceptable screening results. The screening areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.


The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

Why The Fed

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intellectual curiosity of an academic—all combined with a passion for public service.
The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. Working at the New York Fed provides talented professionals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century. An important component of the Bank’s diversity effort is our partnership with several professional non-profit organizations, including INROADS, JumpStart Advisory Group, NBDC Emerging Leaders, Seizing Every Opportunity, National Black MBA, Out for Undergrad, Prospanica and Reaching Out MBA. Click here to learn more.