Company

Federal Reserve Bank of Chicago

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 Core Payment Product Manager helps develop strategic, multi-year product strategy and revenue plans for Core Payment Solutions.  Follows the product development management process, including product proposal development, business case justifications, and investment plans. 

The Product Manager is responsible for the product planning and execution throughout the product lifecycle. This includes gathering and prioritizing product and customer requirements, setting the product vision, and working closely with design, development, sales, marketing and customer support to ensure that revenue and customer satisfaction goals are met. The Product Manager must also ensure that the product’s strategy supports the overall strategy and goals of Federal Reserve Financial Services. 

The Product Manager works with development teams leveraging a scaled agile methodology for product management.  This role provides business, technical, analytical, and marketing support to the Customer Relations and Support Office and Federal Reserve System clients and supports the development and implementation of new products and services.

 Principal Duties and Responsibilities

•Identifies and develops changes to Core Payments capabilities including National Settlement Services and ABS.  Manages product portfolio through their life cycle. Drafts product vision and business requirements

•Conducts regular customer sensing to gain input into product development

•Helps manage new business development with other business lines

•Participates and represents Core Payments in various System level groups to support product efforts 

•Partners with Marketing to ensure plans are in place to support product and revenue goals

•Gains insights into the banking industry and electronic access environment through various resources (Sales, Industry forums, Conferences, Primary & Secondary Research) and provides it to other areas within the department to further the business strategy  

•Manages and helps achieve Core Payment revenue targets. Oversees ongoing revenue management activities, including revenue trends and forecasts for products and services 

•Develops customer models for profitability, loyalty, likelihood to purchase and product satisfaction

•Tracks customer, product, segment and campaign performance to ensure profitability and revenue targets are met

Your Background

• Bachelor’s degree or equivalent experience as noted below
• Five or more years of direct work-related experience in Product Management, Product Owner, Product Development, Solution Architect, Business Analyst
• Coursework in Business, Management Information Systems, or closely related disciplines
• Experience in the creation of more than one product from inception to release with meaningful results measured in terms of customers, revenue or market share
• Experience managing integration solutions such as API Management a plus
• Understanding of the payments business, customers and the Federal Reserve Bank’s product suites and customer base

• Ability to establish strategy, associated tactical plans and implementation of those plans 
• Leverages strong business knowledge and considers external factors (changing business and environmental factors) and future business and stakeholder needs when developing strategy
• Advocate for the voice of the customer, capable of translating market trends, requirements and competitive dynamics into product offerings, fostering healthy debate and ambitious thinking within a team environment to arrive at a suitable solution
• Demonstrated ability to multi-task and to manage multiple projects or work efforts simultaneously
• Strong project management, communication, and consultative skills and experience
• Strong interpersonal and oral and written communication skills
• Excellent analytical and critical thinking abilities
• Knowledge of new product development processes and product management practices, experience in Agile Methodologies, Software Product Development Lifecycle, MS Office, preferred
• What we offer
• Comprehensive benefits package includes medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off, transit benefit, onsite gym and subsidized cafeteria
• A continuous learning environment with opportunities to gain new skills and grow your career

What we offer

• Comprehensive benefits package include medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off, transit benefit, onsite gym and subsidized cafeteria
• A continuous learning environment with opportunities to gain new skills and grow your career
• The Chicago Fed offers benefits to support overall health and financial security. Learn more about our benefits here: https://www.chicagofed.org/careers/thebenefits

Other Requirements

• Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future.
• 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 approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.
• As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.

The expected starting salary range for this position is between $162,400 and $192,100 annually in addition to annual performance-based discretionary bonuses. Final salary and offer will be determined based on the applicant’s relevant experience, skills, internal equity, and alignment with geographic and other market data.

Always verify and apply to jobs on Federal Reserve System Careers or through verified Federal Reserve Bank social media channels.

We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Project/Product Management 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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