Boston Fed names Balducci senior vice president and FedNow Service program management executive
Balducci joins as member of FedNow management committee
The Federal Reserve Bank of Boston is pleased to announce the appointment of Randy Balducci as a senior vice president and the FedNow Service program management executive.
In his new role, Balducci serves as a member of the FedNow management committee and oversees the program management functions of FedNow. These responsibilities include business, policy, and technology project management for the FedNow program.
Prior to joining the Boston Fed, Balducci spent more than 20 years working in various financial and leadership roles throughout the Federal Reserve System. Balducci has served in the St. Louis Fed, San Francisco Fed, and, most recently, the New York Fed, where he was as senior vice president and head of group shared services for the markets group.
Balducci has a bachelor’s in business management and finance from Greenville University and an MBA from Washington University’s John M. Olin School of Business.
The Boston Federal Reserve Bank serves the First Federal Reserve District, which includes all of New England except Fairfield County, Conn. Within the district, the Bank monitors local economic conditions to aid in the formulation of monetary policy, engages in outreach to promote economic growth and community revitalization, supervises banks and bank holding companies, and provides financial services to facilitate banking operations. Read more about the Boston Fed.
The FedNow Service is being developed by the Federal Reserve to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Consistent with the Federal Reserve’s historical role of providing payment services alongside private-sector providers, the introduction of the FedNow Service will provide choice in the market for clearing and settling instant payments as well as promote resiliency through redundancy. Financial institutions and their service providers will be able to use the service as a springboard to provide innovative instant payment services to customers.