Software development experience, including in specific areas such as payment APIs, database structures, blockchain technology etc....
Senior Manager – CBDC Technology
Primary Location UK-ENG-London
Organisation CENTRAL BANK DIGITAL CURRENCY
Job Posting 27-Apr-2021, 11:16:17 AM
A vacancy has opened for a Senior Manager to lead the Bank of England’s work to explore the functional and technology implications of Central Bank Digital Currency (CBDC). Together with the Director with overall responsibility for the Bank’s CBDC work, and the Senior Manager responsible for CBDC economics and strategy, you will have a critical role in shaping the Bank’s approach to one of the highest profile topics in central banking. This is a challenging but exciting job and we welcome applications from candidates from a range of relevant backgrounds, but ideally with experience of technologies used in retail payments.
Like many other central banks, the Bank of England is actively exploring whether it should develop and issue a Central Bank Digital Currency (CBDC). No decision has yet been taken on whether or not a CBDC is needed in the UK, but it is a priority topic for the Bank to understand.
The Bank’s explorations of CBDC are based around:
- analysis of the monetary policy and financial stability risks and opportunities of CBDC, as well as its broader economic design choices;
- analysis of the potential use cases of CBDC and understanding whether any are likely to present net benefits;
- international collaboration through bilateral and multilateral engagement with other central banks
- external engagement and collaboration with government to support exploration of wider public policy issues around CBDC;
- work around functional design to determine what features a CBDC should have for consumers and merchants to ensure it is widely used and accepted;
- external engagement and desk-based research to understand the technology design choices available to us and to assess which to take.
This is a great opportunity for someone to shape the Bank’s work on a set of issues at the heart of central banking. It also offers the opportunity to interact with senior stakeholders both domestically and internationally. The role offers a number of areas for career development. It involves the opportunity to own the strategy on, and delivery of, a programme of high profile work on technology and functional considerations of CBDC that is of priority to the Bank. You will ensure thought leadership and high quality analysis, and build and manage a team of high performing experts. You will be a trusted advisor to, and be comfortable engaging with, leaders at the very highest levels of the Bank.
The vacancy is for a Senior Manager – CBDC technology. The successful applicant will lead the Bank’s work on functional and technology implications, reporting to the Director responsible for the overall programme of CBDC work. This includes:
- Devising the Bank’s strategy and framework for deciding whether the Bank should issue a CBDC and the process and design were we to decide do so.
- Ensuring our in-depth understanding of how CBDC could be designed to deliver opportunities for payments.
- Leading analysis and development of the Bank’s future publications and communications on CBDC.
- Work collaboratively with the wider CBDC project, representing the Bank in international workstreams, external engagement and our assessment of the functional requirements for CBDC.
- Work collaboratively with colleagues across the Bank to ensure joined-up policymaking.
But, the main responsibility of the job holder will be to lead the strategy for exploring the technology and functional implications of a possible UK retail CBDC. This is role that requires both thought leadership and excellent people management skills. Working together with a small team of experts, the successful applicant will lead our work to identify and evaluate the choices needed to deliver the functional and non-functional requirements necessary for a retail CBDC, and to develop a deep understanding and clear exposition of a (range of) potential architectural model(s) for CBDC.
The successful applicant will need to:
- Be comfortable leading major aspects of a high profile programme of work on a topic of strategic significance; including skill in dealing with senior stakeholders and a proven track-record of project delivery.
- Demonstrate expert appreciation of the strategic and policy drivers around CBDC in order to proactively engage in strategic thinking about possible technology challenges and opportunities.
- Build and lead a team of experts.
- Demonstrate thought leadership and ensure the quality of our work to identify, analyse, evaluate and, if necessary decide on critical choices and requirements for CBDC functional and technology requirements.
- Apply judgement and critical thinking based on evaluating multiple sources of information.
- Communicate clearly orally and in writing, and demonstrate comfort dealing with senior stakeholders.
The successful applicant will need to be comfortable across a range of technical topics, including (but not limited to):
- CBDC architecture – different potential models for the structure of a CBDC system, considering the role of different participants. Developing a more detailed vision for the model for a CBDC ecosystem.
- Payments ledger design – options for the optimal design of a CBDC core ledger. This could include consideration of the advantages/disadvantages of centralised or decentralised models, or the implications of different data structure (e.g. token or account based models).
- The interface between a CBDC ledger and private sector service providers – consider the interface between private sector “payment interface providers” (PIPs) and the core ledger infrastructure. For example, exploring the appropriate API design and functionality. Consider how technology decisions facilitate user experience journeys.
- Offline payments – explore potential solutions to enabling payments without connection to a wider network.
- Security, performance and resilience – understand the necessary design choices for a highly secure, resilient and performant system, and the trade-offs that may be required in order to meet wider technology, functional design, or policy goals.
The successful applicant could come from a variety of backgrounds, but should be able to demonstrate relevant technical skills and experience, ideally from a strong payments perspective, and could have a background in a range of relevant disciplines including, but not limited to, systems architecture, business analysis, software development, technology consulting, product engineering, policy etc.
- A keen interest in CBDC or the future of money.
- Experience building and managing high performance, diverse and inclusive, teams.
- The ability to lead aspects of high profile programmes of work on technically complex topics; including thought leadership on technology and functional implications of CBDC.
- Strategic thinking and problem solving skills; calmness and composure under pressure.
- Experience dealing with senior stakeholders, including exceptional communications skills and the ability to advise non-technical executive audiences on technology topics.
- Proven interpersonal skills and a collaborative working style, with experience of effective liaison with stakeholders in other parts of the Bank and externally.
Highly desirable (just some of the below)
- Knowledge or understanding of existing electronic payment systems such as card payments, Open Banking, or other alternative payment methods.
- Technical experience of existing payment structures and architectures.
- Strong exposure to technical / software development projects ideally within a financial or regulatory environment
- Software development experience, including in specific areas such as payment APIs, database structures, blockchain technology etc.
- Experience in translating strategic plans and requirements into supporting enterprise-wide technology strategies
- Architecture experience, including the production of design artefacts, and working across domains of an enterprise architecture
As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.
We offer a competitive salary (plus a strong flexible benefits package and pension offering).
The total package also includes:
- A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year. The current cost to the Bank of providing this pension is 35% of your salary.
- A discretionary performance award based on a current award pool and target award of 10%
- A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits
- 25 days annual leave with option to buy up to 13 additional days through flexible benefits
- Private medical insurance and income protection insurance
This role is London based.
We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to job shares, flexible and part time working patterns.
We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV.
Please fully complete the application form questions as requested as any incomplete submissions may not be reviewed.
The closing date for applications is 16th May 2021.
Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.