Nick Stanescu joins Boston Fed as senior vice president and business executive for FedNow Service
Stanescu serves on FedNow leadership team
The Federal Reserve Bank of Boston is pleased to announce the appointment of Nick Stanescu as senior vice president and business executive of the FedNow Service, the new real-time payment and settlement service that the Federal Reserve is developing to support faster payments in the United States.
In his role, Stanescu serves as a senior member of the FedNow Service and oversees product management, industry readiness, business integration, business operations and resilience, and product marketing and sales. Stanescu joins the Boston Fed from the Federal Reserve Bank of New York, where he served in the same capacity.
Prior to joining the FedNow team, Stanescu was head of payments and product management in the Wholesale Products Office at the New York Fed and oversaw the Fedwire Funds and National Settlement Services on behalf of the 12 Federal Reserve Banks. Stanescu also served as the New York Fed’s information security officer and managing officer of the Federal Reserve’s National Incident Response Team.
Stanescu holds a bachelor’s degree in computer science from Rutgers University, and an MBA from New York University’s Stern School of Business.
The Boston Federal Reserve Bank serves the First Federal Reserve District, which includes all of New England except Fairfield County, Connecticut. 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 a new instant payment service that the Federal Reserve Banks are developing 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 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.