Spring Co-op: Digital Money and Payments Research & Development

Federal Reserve Bank of New York; Boston (MA); On-site; USD 25,000 - 50,000; Part time

Job summary

Federal Reserve Bank of Boston is offering an internship/co-op program for students currently enrolled in undergraduate or graduate studies. This on-site role focuses on supporting the Federal Reserve System’s research and development around the future of money and payments.

The position provides exposure to cutting-edge technologies, cross‑functional collaboration, and practical experience in a multi-disciplinary environment.

Qualifications

• Excellent project management capabilities.
• Sophisticated use of Microsoft Office tools (Word, Excel, PowerPoint).
• Excellent written and oral communication skills.
• Good interpersonal and presentation skills.
• High level of self-motivation and initiative.
• Strong team player.

Responsibilities

• Interface with stakeholders across the Federal Reserve System to facilitate product and engineering outcomes.
• Collaborate with Legal, Audit, Finance, and Procurement to identify risks and address challenges.
• Design process improvements to help the team work efficiently.
• Build reports to communicate to senior management.
• Support agile delivery methodology including PI planning and delivery.

Skills

Project management

MS Office

Written communication

Oral communication

Interpersonal skills

Team player

Self-motivation

Education

Undergraduate or graduate student

Tools

Microsoft Office

Job description

Company Federal Reserve Bank of Boston

As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy‑making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well‑being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank’s values: community, innovation, integrity, trust, leadership, and excellence. The position will be primarily on‑site. The individual is expected to reside in the First District. Limited travel may be required. This position is part of the Bank’s Internship/ Co‑op Program which is offered to students who are currently enrolled in graduate and undergraduate studies. This program identifies talented and qualified candidates who could potentially fill professional job openings in the Bank.

Duration

January 2027 to July 2027

What we do

This position is responsible for supporting the Federal Reserve System’s Research and Development around the future of money and payments. Given the role of the US dollar and payment systems, the Federal Reserve System seeks to further understand the implications, costs, and benefits of the use of different technologies for the future of money and payments, notably as these relate to the roles of a central bank supporting the U.S. financial system. This position offers a unique opportunity to be part of a world‑class team working on cutting edge technologies related to digital currency and other tokenized assets, application of smart contracts, wholesale settlement services, ledger design, and advanced cryptography. You will participate in a dynamic work environment that has the feel of a startup while also maintaining the benefits of a larger organization. This role is designed for students to gain real life experience working in a multi‑faceted team. The Operations team works in a multi‑disciplinary environment that includes finance, government, business, engineering, and law.

How You’ll Succeed

Interface with stakeholders throughout the Federal Reserve System and Board of Governors to facilitate the success of product and engineering outcomes including: Collaborate across internal stakeholders, including Legal, Audit, Finance, and Procurement, to identify and address risks and challenges. Design process improvements to help the team work efficiently and effectively. Build reports to communicate to senior management. Support agile delivery methodology including PI planning and delivery.

About You

Open to both undergraduate and graduate students, preferably in a relevant field such as government and politics, business, economics, finance, law, or engineering. A successful candidate will have the following qualifications: Excellent project management capabilities. Sophisticated user of Microsoft Office tools (e.g., Word, Excel, PowerPoint). Excellent written and oral communication skills. Good interpersonal and presentation skills. High level of self‑motivation and initiative. Strong team player.

Desirable qualifications

Working knowledge of the Federal Reserve System Strong grasp of the fundamentals of money, banking, payments, finance, and related concepts. Ability to balance longer‑term objectives and shorter‑term deliverables efficiently, successfully, and on time. Understanding of technology development, coding, and big data is desirable.

Compensation

$18-$36 per hour. Actual pay within the range will be set based on undergraduate/graduate year and relevant experience. The Boston Fed believes in salary transparency. The final salary and offer will be determined by the applicant’s background, skills, internal equity, and alignment with market data. Whether you’re developing into the job or are a more seasoned candidate, we aim to pay competitively.

Diversity & Inclusion

The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

Background Checks

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

Ethics Rules

As a condition of employment, all Federal Reserve Bank of Boston employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning financial interests – such as stocks or bonds – from banks, savings associations, and systemically important financial institutions or their affiliates, such as bank holding companies or savings and loan holding companies. If you, your spouse or domestic partner, or your minor child own such assets and would be unwilling or unable to divest them if you were to accept a job offer, you should raise this issue with our recruitment team. Applicants should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions. The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Job Type

Full Time / Part Time Full time Regular / Temporary Temporary Job Exempt (Yes / No) No Job Category Internship Family Group Work Shift First (United States of America)

Equal Employment Opportunity Commitment

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.

Application Process

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.

About Us

OUR BANK has one of the most recognizable brands around the world. The Federal Reserve is the central bank of the United States—one of the world's most influential, trusted and prestigious financial organizations. The Federal Reserve is charged with the important mission of promoting a strong economy and a stable financial system and fulfills this responsibility by formulating national monetary policy, supervising and regulating banks and bank holding companies, and providing financial services for banks and the U.S. government.

People & Culture

OUR PEOPLE are diverse in background and ideas, which allows for ongoing creativity and innovation. Ultimately, they are the ones who push our high‑performance, exchange‑driven culture forward.

Why Our People Choose Us

Our reputation precedes us There will always be room for personal growth Our people are first You’ll find the right balance Your responsibilities will be meaningful We hope that you will be our future colleague.

Final Note

Please check back later for more information on available job opportunities.