Work Location:Toronto, Ontario, Canada
Hours:37.5
Line of Business:TD Securities
Pay Details:$140,000 - $160,000 CAD
This role is eligible for a discretionary variable compensation award that considers business and individual performance.
Job Description:Role OverviewWe are seeking an experienced Product Manager to lead the strategy, commercialization, and development of clearing, payments, and transaction banking solutions for Non-Bank Financial Institutions (NBFIs). The VP Product Manager will own a portfolio of products and capabilities that enable NBFIs to access domestic and cross-border payment infrastructure through TD's Financial Institution Clearing franchise. This includes indirect participation models for Payments Canada schemes (RTR, Lynx, ACSS), cross-border clearing solutions, settlement agent services, correspondent banking capabilities, virtual account solutions, safeguarding/client money account structures, and related transaction banking services.
The successful candidate will be responsible for end-to-end product management, spanning client strategy, market development, product innovation, regulatory compliance, technology delivery, operational readiness, and commercial performance. The role requires a deep understanding of the rapidly evolving NBFI landscape including payment service providers (PSPs), fintechs, broker-dealers, asset managers, trust companies, money services businesses (MSBs), digital asset firms, and other emerging financial ecosystem participants. The ideal candidate combines strong payments expertise, commercial acumen, and client-centric execution with the ability to lead complex initiatives across business, operations, technology, risk, legal, compliance, and regulatory stakeholders.
Key AccountabilitiesStrategic Leadership- Define and execute a multi-year strategy and roadmap for TD's NBFI clearing and payments business.
- Identify emerging market opportunities driven by regulatory change, Payments Canada modernization, RTR adoption, RPAA implementation, and evolving NBFI business models.
- Conduct market scans and competitive analysis to identify growth opportunities, product gaps, and sources of competitive differentiation.
- Develop market segmentation strategies across PSPs, fintechs, broker-dealers, asset managers, trust companies, credit unions, MSBs, and other NBFI client groups.
- Define portfolio-level OKRs, KPIs, revenue targets, and client growth objectives aligned to Transaction Banking priorities.
- Represent TD in industry forums, working groups, and market discussions relating to payments modernization, indirect participation, and NBFI access models.
Product Ownership- Own the end-to-end lifecycle of NBFI clearing products and services, including value proposition, pricing, contractual framework, operating model, SLAs, and profitability.
- Develop and maintain a comprehensive NBFI product catalogue.
- Ensure product competitiveness through market analysis, benchmarking, performance analytics, and client feedback.
- Establish and maintain product documentation, service descriptions, operating procedures, playbooks, and onboarding frameworks.
Product Development & Delivery- Translate product strategy into features, epics, user stories, and roadmap initiatives.
- Lead Agile backlog prioritization and product delivery activities.
- Define end-to-end functional and non-functional requirements across onboarding, payments processing, settlement, reporting, liquidity, and client servicing capabilities.
- Prepare business cases supporting new product development and investment decisions.
- Partner with Technology, Operations, Risk, Treasury, Legal, Compliance, and Coverage teams to deliver new products and enhancements.
- Drive operational readiness activities including process design, policy development, controls implementation, and support model creation.
Client Engagement- Serve as the product SME for NBFI clients and prospects.
- Lead client discovery sessions, solution design workshops, product demonstrations, and RFP responses.
- Support strategic sales opportunities and complex implementations.
- Partner with FI Coverage and Origination team to design client/segment specific solutions addressing clearing, settlement, safeguarding, liquidity, and payments requirements.
- Develop deep understanding of evolving NBFI business models and associated transaction banking needs.
- Champion the voice of the client throughout the product lifecycle.
Commercialization- Develop pricing frameworks and commercialization strategies for NBFI products and services.
- Monitor revenue performance, profitability, client economics, and growth metrics.
- Build business cases supporting expansion into new NBFI segments and payment use cases.
- Partner with FI Coverage and Origination team on market development initiatives and product rollout.
Risk & Regulatory Compliance- Ensure products comply with all applicable regulatory requirements, industry standards, and market best practices.
- Support governance activities, regulatory examinations, and internal audits.
- Maintain awareness of regulatory developments impacting NBFIs, including:
- Retail Payment Activities Act (RPAA)
- Payments Canada Rules
- Bank of Canada participation frameworks
- FINTRAC requirements
- AML/ATF obligations
- Consumer protection and safeguarding requirements
- Lead product risk assessments and control design activities.
- Ensure resiliency, operational risk, and third-party risk considerations are embedded into product design.
Qualifications- Undergraduate degree in Business, Finance, Economics, Engineering, or related discipline; MBA considered an asset.
- 7-10 years of experience in transaction banking, payments, clearing, treasury services, fintech, or financial services product management.
- Deep understanding of the Canadian payments ecosystem including RTR, Lynx, ACSS, Interac, Swift, and Payments Canada frameworks.
- Strong understanding of NBFI business models, including PSPs, fintechs, broker-dealers, asset managers, trust companies, and money services businesses.
- Experience defining product requirements, managing Agile delivery programs, and leading complex cross-functional initiatives.
- Proven ability to influence senior stakeholders and drive large-scale strategic programs.
- Strong commercial acumen with experience in pricing, profitability management, and business case development.
- Excellent communication, presentation, and stakeholder management skills.
Nice-to-Have- Experience supporting Payment Service Providers (PSPs) or fintech clients.
- Knowledge of RPAA and Bank of Canada registration frameworks.
- Understanding of sponsor-bank, settlement agent, indirect participation, and correspondent banking models.
- Familiarity with SWIFT, ISO 20022, APIs, virtual accounts, and embedded finance models.
- Experience with safeguarding/client money account structures and trust arrangements.
- Familiarity with digital asset, stablecoin, or tokenized payments ecosystems.
- Experience working with Payments Canada, Interac, SWIFT, BAFT, or other industry bodies.
- Relevant certifications in Agile, Payments, Treasury, Product Management, or related disciplines.
Language Requirement (Quebec only):Sans Objet
