Policy Analyst – Payments Directorate Full Time

Bank of England

Job Description – Policy Analyst – Payments Directorate (010078)

Policy Analyst – Payments Directorate – ( 010078 )

Primary Location UK-ENG-London

Job Policy

Organisation

Job Posting 13-Dec-2023, 5:32:35 PM

Directorate Overview

The Bank of England is the UK’s central bank. Our mission is to deliver monetary and financial stability for the British people. The Bank of England is a diverse organisation. Each of its 4,000 people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

Payments Directorate is at the heart of the financial system – operating the Real Time Gross Settlement service and CHAPS the wholesale payment service. Over £775 billion is settled each day across RTGS. We are in the process of an exciting and transformational programme to renew RTGS, enhancing not just resilience but also promoting competition and innovation. And we are leading policy work to understand future demand for payments and international efforts to enhance cross-border payments. Because of the variety and immediacy of the work we do, Payments Directorate is one of the most outward-facing and fast-moving areas of the Bank. Our Directorate Vision is “We harness central bank money to make sterling payments work for everyone and shape the payments infrastructure of tomorrow”.

To support the Directorate Vision, we have our Mission Statement: “We support the Bank’s mission to maintain monetary and financial stability by using and sharing our expertise to develop and operate resilient and efficient payment and settlement services underpinned by central bank money; to set and influence policy; and to promote innovation and competition.”

Job Description

The Payments Directorate’s Product Delivery team shape and deliver the RTGS/CHAPS strategy through establishing, developing and maintaining operational policies and messaging standards to support new and existing RTGS / CHAPS products and services. The team also influence and support payments innovation working across the Bank, and directly with prospective new users of RTGS products.

As an analyst, you will provide analytical support to the delivery of RTGS/CHAPS policies, and payment message data standards and their translation into live service.You will also influence proposals to transform payment services (from within Payments Directorate, from elsewhere in the Bank, or external).

You will be responsible for a wide range of tasks, which could include several of the following:

• Delivering analysis and supporting recommendations for changes to the RTGS access policies, provision of central bank money settlement services, or messaging standards. This includes updates to key documentation to operationalise these changes.
• Supporting engagement with domestic and international efforts to harmonise and modernise payments data messaging standards, helping to increase the efficiency and effectiveness of the UK payment industry.
• Engaging and building collaborative relationships with stakeholders seeking to use RTGS /CHAPS services to deliver novel payment solutions.This may come, for example, via engaging an applicant that wants to use an existing service differently.
• Acting as the team’s subject matter authority for a particular service / standard. Understand the relevant policies and be able to engage on content, ensuring that dependencies between different policies / services / standards are understood and incorporated.
• Developing and maintaining the cost recovery policies for RTGS and CHAPS, ensuring they support the Bank’s public policy strives for this critical national infrastructure.

Role Requirements

• Good analytical and drafting skills, including the ability to identify and draw out key points.
• Good interpersonal and communication skills (written and verbal), including being comfortable engaging with a wide range of internal and external stakeholders.
• A consistent record of balancing multiple responsibilities, including prioritising the most urgent and important tasks.
• Attention to detail and organisational skills.
• Acting in an open and inclusive manner, in line with the Bank’s behaviours.
• Experience of the policy development and implementation processes.
• Understanding of how RTGS and wider payment/settlement systems operate
• Familiarity with data reporting and analytical tools

Our Approach to Inclusion

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. You can find more information on what this means here . 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

This specific role offers a base salary of circa £40,000 – £45,000 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• 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 at Privacy and the Bank of England Bank of England.

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.

The closing date for applications is 5 January 2023 .

The assessment will comprise of two stages both involving interviews. We expect to hold the first round of interviews in early January in London or online.

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.