11 days old

Wholesale Product Office (ISO 20022) - Senior Associate

Federal Reserve Bank (FRB)
New York, NY 10007
  • Job Code


Federal Reserve Bank of New York

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 experienced 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 intelligence of an academicall combined with a passion for public service.

This position will offer workplace flexibility e.g. working remotely or on site as needed/ desired during the week. Employees can expect to be in the office weekly as needed for meetings and team collaboration and should live within a commutable distance. The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person a couple days a week.

What we do:

The Wholesale Product Office (WPO) within the Financial Services Group manages the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service 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 WPOs 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 WPOs services to enable settlement, funding, and/or de-funding of positions between the FMUs 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.


In support of the Federal Reserve Financial Services (FRFS) strategy to adopt the ISO 20022 financial messaging standard for the Fedwire Funds Service, the WPO is committed to building a strong business team to advance this high priority initiative. The successful candidate will be responsible for supporting the ISO 20022 business team and will lead or assist with activities related to business requirements, communications, education, and testing.

Your role as Wholesale Product Office (ISO 20022) - Senior Associate:

  • Develop or enhance ISO 20022 expertise by defining business requirements and managing the ISO 20022 messages (usage guidelines) required to replace the proprietary message format for the Fedwire Funds Service with the ISO 20022 financial messaging standard

  • Define customer/vendor testing requirements and manage testing strategy

  • Draft customer communications and maintain the ISO 20022 Implementation Center on FRBservices.org

  • Develop an internal and customer education strategy, including preparing materials for webinars and industry meetings and leading presentations during those venues

  • Collaborate with internal and external stakeholders to ensure issues are well-understood and escalated to senior management appropriately

  • Question assumptions and conventional thinking/practice to continuously improve processes

  • Provide clear, concise written communications about the status of projects

  • Ensure timely deliverables and present updates on projects to colleagues, senior management and industry groups as needed

What we are looking for:

  • Bachelors degree with 5+ years relevant work experience, or an equivalent combination of education and experience

  • Five or more years of experience in relevant financial services (preferably in wire payments), with a strong understanding of U.S. payment systems, including correspondent banking

  • Strong understanding of message formats for payment systems, including the SWIFT MT format and ISO 20022 financial messaging standard

  • Experience with the MyStandards platform, including the Readiness Portal (or similar XML testing tools) is preferred, but not required.

  • Experience developing and managing a customer/vendor testing strategy is preferred, but not required.

  • Detail-oriented with strong analytical and problem-solving skills and proven ability to create proposals, analyze issues, draw conclusions, and provide clear, concise and management summaries

  • Ability to work independently and to proactively identify challenges or opportunities to escalate to senior management at the appropriate time

  • Experience in implementing business, operational, or technology enhancements

  • Experience presenting to leadership using visual representations and data

  • Strong project management skills to including ability to plan, execute, and manage deliverables

  • Strong collaboration and relationship building skills, including the ability to interact with all levels of management, other Federal Reserve Banks, and external market participants


Our organization offers benefits that are the best fit for you at every stage of your career:

  • Fully paid Pension plan and 401k with Generous Match

  • Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)

  • Subsidized Public Transportation Program

  • Tuition Assistance Program

  • Onsite Fitness & Wellness Center

  • And more

Please note that the position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.

In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.

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.

Incumbent must be fully vaccinated against COVID-19, unless the Bank grants an exemption based on a medical condition or sincerely held religious belief.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

Full Time / Part Time

Full time

Regular / Temporary


Job Exempt (Yes / No)


Job Category


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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Posted: 2021-09-11 Expires: 2021-10-10
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Wholesale Product Office (ISO 20022) - Senior Associate

Federal Reserve Bank (FRB)
New York, NY 10007

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