FedNow Service Gets New Leadership at Federal Reserve Bank of Boston

The Federal Reserve Bank of Boston has announced the promotions of two FedNow® Service executives to senior leadership positions within the organization.

Nick Stanescu has been named executive vice president and chief FedNow executive, while Daniel Anthony has been appointed as executive vice president and will continue to serve as FedNow Service’s chief information officer (CIO), the bank said in a Wednesday (Nov. 15) press release.

The FedNow Service, developed by the Federal Reserve, is an instant payment infrastructure that allows eligible depository institutions across the country to offer instant payment services.

Stanescu, who has been with the Federal Reserve System for 20 years, previously served as senior vice president and FedNow Service’s business executive since the program’s inception in August 2019, the release said.

His previous experience includes holding various executive-level positions within the Federal Reserve Bank of New York, where he oversaw Fedwire Funds and National Settlement Services, which clear and settle financial transactions exceeding $4 trillion per day, per the release.

Anthony joined the Boston Fed and Federal Reserve System in 2019 as senior vice president and CIO for the FedNow Service, according to the press release. He is responsible for managing and directing the program’s overall technology strategy, architecture, application development and cybersecurity.

Before joining the bank, Anthony led the technology function at one of New Zealand’s largest corporations, Fletcher Building, the release said. He previously held senior-level technology roles at Google, Accenture, LivingSocial and Bearing Point.

The Federal Reserve Bank of Boston serves the First Federal Reserve District, covering all of New England except for Fairfield County, Connecticut, per the release. The bank’s responsibilities include monitoring local and national economic conditions to inform monetary policy decisions, promoting economic growth and community revitalization through outreach initiatives, supervising banks and bank holding companies, and providing financial services to facilitate banking operations.

The FedNow Service was launched by the Federal Reserve on July 20, becoming the first nationwide payments infrastructure to be implemented in about 40 years.

At the time of the launch, financial institutions were ready with instant payment capabilities via the service, and payment service providers were ready to support payment processing for banks and credit unions, PYMNTS reported at the time.