Payments Strategist

FedChoice Federal Credit Union
Research, develop and implement a strategy to further enhance the Credit Union’s payments systems.

Full Time
City: Lanham

Research, develop and implement a strategy to further enhance the Credit Union’s payments systems. This includes not only a focus on interchange income, but also all systems and processes in which members participate in funds transfers/money exchange to FedChoice or to others (Consumer to Consumer, as well as Consumer to Business). This position will focus on advancing the collective payments intelligence of FedChoice in emerging and dynamic areas. Working collaboratively with other departments, considers pricing, product penetration, product adoption, product profitability, brand alignment, regulatory requirements, and impacts to people (member and employees), processes, and technology.

1. Assumes responsibility for supporting, demonstrating, and promoting the Credit Union service culture.

• Provides exceptional service to all customers by demonstrating, following, and supporting the Inspired Financial Service promises and standards, along with the Credit Union Mission, Vision and Values.

2. Assumes responsibility for the research of all Payments activities.

• Develops the overall strategy for all funds transfer/payments (debit and credit) programs.
• Responsible for the development of short and long-term goals and plans for each program.
• Focuses on ensuring interchange income are meeting expected goals.
• Ensures the strategy is executed by leading cross-functional teams for implementations.
• Determines how to capitalize on opportunities to generate incremental revenue while managing a balance of the revenue, expense and risk in the strategy.
• Mitigates the impact of revenue reductions as a result of disruptors gaining a larger share of the payments market.
• Reviews payment solutions by analyzing the cost verses income potential (i.e. Bill Pay costs verses interchange income rewarded). Analyzes the results of electronic wallets and mobile pay solutions to determine impact on non-interest income and expense.
• Researches and develops the strategies to compete for Top of Wallet (Mobile Wallet) in the world of digitally transformed payments through Fintech and other companies, such as Zelle, Venmo, Apple Pay, Samsung ay FedNow, etc. for consumer to consumer payments as well as Consumer to Business payments.
• Collaborates with other departments on the strategy and goals for product development and marketing communication/promotions. Ensures the member’s needs, as well as, competitiveness in the marketplace is considered.
• Identifies all avenues for how members pay FedChoice. Documents those and then analyzes results to feed into an overall strategy for change.
• On an ongoing basis, reviews data of member payment behavior to identify trends, changes in member behavior, etc. and reports such to management.
• Assists in developing and forecasting the budgets for payments functions.
• Reviews and develops strategies to optimize funds transfer payments via ACH or through interchange channels.
• Analyzes the effectiveness of major network interchange structures and processes.
• Develop action plans for conducting internal analyses and collaborate with business partners to identify root causes for operational gaps and establish solutions.

3. Assumes responsibility for establishing and maintaining effective communication and coordination with Credit Union staff and with management.

• Stays abreast of innovations/changes in payments industry, communicates these trends to management and adjusts strategy as needed.
• Keeps Management informed of area activities and of any significant problems.
• Completes reports, records, and other documentation as required. Prepares a comprehensive monthly report on Department activities.

4. Assumes responsibility for related duties as required or assigned.

• Ensures the work area is clean, secure, and well maintained.
• Completes special projects as assigned.
• Additional duties and responsibilities may be assigned by management as deemed appropriate.


Experience Required:

• Three to five years of related experience. At least 3 years in financial services, specifically product management and payments services as well as deposit (pricing) management.

Required Knowledge:

• Knowledge of the financial services, in-depth knowledge of card payment industry and financial analysis
• In-Depth knowledge of PIN networks, credit, debit, ATM functions, Signature and other non-signature networks
• Previous experience dealing with local, State, Federal and NCUA laws and regulations affecting electronic payment systems and card processing.
• Knowledge of Card Processing policies and procedures
• Must be familiar with and able to use general office equipment and Microsoft software applications.