Directorate Overview Directorate Overview Payments Directorate is at the heart of the financial system. We operate the Real Time Gross Settlement (RTGS) service and CHAPS (the UK's wholesale payment system). Over £775 billion is settled every single day across RTGS. We are in the process of an exciting and groundbreaking programme to renew RTGS, improving resilience while promoting competition and innovation. Because of the variety and immediacy of the work we do, Payments Directorate is one of the most outward-facing and fast paced areas of the Bank. We are working closely with colleagues across the Bank to support greater innovation in retail and wholesale payments in the UK and internationally - a key Strategic Investment Priority for 2025-2028. Reflecting the importance of this work, forthcoming organisational changes will see Payments Directorate report directly to the Governor. Job description The Payments Operational Policy & Standards team is responsible for supporting the delivery and ongoing development of pioneering improvements to the Bank's payments infrastructure. This is achieved through creating and managing operational policies and payment message data standards which allow the Directorate to deliver product enhancements to the RTGS service consistent with the Bank's Mission, risk appetite and providing value for money for the industry. The team also works directly with prospective new users of RTGS products to promote usage of the service and consider potential enhancements to existing services. As an analyst within the Payments Operational Policy & Standards Team, you will support the delivery of operational policies and payment message data standards consistent with the Bank's current and developing payment services. This may require changes / development of the policies and standards (in line with the Bank's risk appetite); or may require changes in the design / delivery of the services. It is a role suited to people who have a delivery focus, are motivated by achieving tangible outcomes. The team is responsible for a wide range of tasks with responsibilities split among the analysts. Examples of the type of responsibility are provided below albeit the role will not cover all of these at any one time, and will be sized to take account the part time (3 days a week) nature of the role: Leading on developing, writing and presenting robust policy proposals (including where relevant cost recovery proposals), which take into account stakeholder views, operational requirements, legal risks and the Bank's vision. Lead in developing proposals for updates to the access policies for settlement accounts in the RTGS and the provision of central bank money settlement services by the Bank. Support the evolution of these policies to adapt to emerging trends in payment services while promoting the Bank's financial stability remit. Lead the Team's contribution to cross-Payments/Bank coordination in the translation and implementation of new policy proposals (including on cost recovery) into operational policy, processes and assurance for the RTGS service. Develop and implement the cost recovery policies for RTGS and CHAPS, ensuring they support the Bank's public policy aims for this critical national infrastructure. Engage and build collaborative relationships with stakeholders seeking to use RTGS /CHAPS services to deliver novel payment solutions. This may come, for example, in engaging: the first applicant for a new offering or where an applicant wants to use an existing service differently. Support, through the provision of analysis, the Bank's engagement with domestic and international efforts to harmonise and modernise payments data messaging standards. Become a subject matter authority - Provide existing product portfolio expertise in support other policy and Payments teams', workstreams. understand the products well and be able to engage on content and ensure that dependencies between teams are understood and incorporated. Minimum criteria: Strong analytical skills: The ability to identify and draw out key points. You are able to demonstrate a consistent track record in high quality analytical thinking and problem solving. Stakeholder management : You know how to build relationships and how to liaise effectively and collaboratively with both internal and external stakeholders. You know how to get agreement from the team and various stakeholders with the ability to produce a present clear and appropriate written communication tailored to the circumstance and audience Workload management : You are able to manage and prioritise your work to reasonable deadlines and are able to drive and deliver your own work with limited day to day oversight once you have been briefed. You are comfortable contributing to, and making, recommendations for decisions. Essential criteria Motivation and Flexibility : You enjoy learning, continuous improvement, and building knowledge and expertise. You are able to adapt to change and adopt new ways of working. Desirable criteria: Understanding of how RTGS and wider payment/settlement systems operate (training will be provided to those without this knowledge) Experience of working in a policy role with some knowledge and understanding of how policy is developed and implemented within the Bank (experience and understanding can be acquired in role) Additional Information The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it's by drawing on different perspectives and experiences that we'll continue to make the best decisions for the public. We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed. For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders. Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application. Salary and Benefits Information Leeds - This role offers a full time annual salary of £48,640 - £54,720 (as the position is part time the salary and benefits will be on a pro-rated basis as appropriate). London -This role offers a full time annual salary of £54,080 - £67,600 (as the position is part time the salary and benefits will be on a pro-rated basis as appropriate). In addition, we also offer a comprehensive benefits package as detailed below: (as the position is part time the benefits will be on a pro-rated basis as appropriate). 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. A discretionary performance award based on a current award pool. A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. 26 days' annual leave with option to buy up to 12 additional days through flexible benefits. Private medical insurance and income protection. National Security Vetting Process Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice. The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis. The Application Process Important: Please ensure that you complete the 'work history' section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It's therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process. This role closes for applications on 18 April 2025. The assessment process will comprise of two stages. Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.