VP Product Manager – NBFI Clearing & Payments Solutions
Top Benefits
About the role
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. TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs. As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.
Job Description
Role Overview We 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 Accountabilities
Strategic 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.
Who We Are
TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience. With more than 6,500 professionals operating out of 40 cities across the globe, we strive to make every interaction, product and experience remarkably human and refreshingly simple. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions. In 2023, we acquired Cowen Inc., offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise, while growing our strong, diversified investment bank. Together, we are reimagining what banking can be for our clients, colleagues and communities.
Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical, and mental well-being goals. Total Rewards at TD includes a base salary, variable compensation, and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off, banking benefits and discounts, career development, and reward and recognition programs. Learn more Additional Information: We’re delighted that you’re considering building a career with TD. Through regular development conversations, training programs, and a competitive benefits plan, we’re committed to providing the support our colleagues need to thrive both at work and at home. Please be advised that this job opportunity is subject to provincial regulation for employment purposes. It is imperative to acknowledge that each province or territory within the jurisdiction of Canada may have its own set of regulations, requirements.
Colleague Development
If you’re interested in a specific career path or are looking to build certain skills, we want to help you succeed. You’ll have regular career, development, and performance conversations with your manager, as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities. If you’re passionate about helping clients and building deep, lasting relationships, TD offers diverse career paths where you can grow your expertise and make a meaningful impact. We're committed to your success and foster a respectful workplace where diverse perspectives are valued, everyone has fair opportunities to grow, and you can unlock your full potential to achieve your career goals. Here at TD, we hire and develop the best.
Training & Onboarding
We will provide training and onboarding sessions to ensure that you’ve got everything you need to succeed in your new role.
Interview Process
We’ll reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.
Accommodation
Your accessibility is important to us. Please let us know if you’d like accommodations (including accessible meeting rooms, captioning for virtual interviews, etc.) to help us remove barriers so that you can participate throughout the interview process.
We look forward to hearing from you!
Language Requirement (Quebec only)
Sans Objet
Not the right fit? Search for VP Product Manager jobs in Toronto, Ontario, Canada
About TD
The Toronto-Dominion Bank & its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth largest bank in North America by assets & serves approx. 28 million customers in a number of locations in key financial centres around the globe. With over 95,000 employees, TD ranks among the world's leading online financial firms, with more than 17 million active online and mobile customers. Delivering legendary customer experiences is who we are & is part of our goal to be the Better Bank. Visit our Careers page to learn more about TD & why TD is a great place to work.
Similar Jobs
VP Product Manager – NBFI Clearing & Payments Solutions
Top Benefits
About the role
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. TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs. As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.
Job Description
Role Overview We 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 Accountabilities
Strategic 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.
Who We Are
TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience. With more than 6,500 professionals operating out of 40 cities across the globe, we strive to make every interaction, product and experience remarkably human and refreshingly simple. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions. In 2023, we acquired Cowen Inc., offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise, while growing our strong, diversified investment bank. Together, we are reimagining what banking can be for our clients, colleagues and communities.
Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical, and mental well-being goals. Total Rewards at TD includes a base salary, variable compensation, and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off, banking benefits and discounts, career development, and reward and recognition programs. Learn more Additional Information: We’re delighted that you’re considering building a career with TD. Through regular development conversations, training programs, and a competitive benefits plan, we’re committed to providing the support our colleagues need to thrive both at work and at home. Please be advised that this job opportunity is subject to provincial regulation for employment purposes. It is imperative to acknowledge that each province or territory within the jurisdiction of Canada may have its own set of regulations, requirements.
Colleague Development
If you’re interested in a specific career path or are looking to build certain skills, we want to help you succeed. You’ll have regular career, development, and performance conversations with your manager, as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities. If you’re passionate about helping clients and building deep, lasting relationships, TD offers diverse career paths where you can grow your expertise and make a meaningful impact. We're committed to your success and foster a respectful workplace where diverse perspectives are valued, everyone has fair opportunities to grow, and you can unlock your full potential to achieve your career goals. Here at TD, we hire and develop the best.
Training & Onboarding
We will provide training and onboarding sessions to ensure that you’ve got everything you need to succeed in your new role.
Interview Process
We’ll reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.
Accommodation
Your accessibility is important to us. Please let us know if you’d like accommodations (including accessible meeting rooms, captioning for virtual interviews, etc.) to help us remove barriers so that you can participate throughout the interview process.
We look forward to hearing from you!
Language Requirement (Quebec only)
Sans Objet
Not the right fit? Search for VP Product Manager jobs in Toronto, Ontario, Canada
About TD
The Toronto-Dominion Bank & its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth largest bank in North America by assets & serves approx. 28 million customers in a number of locations in key financial centres around the globe. With over 95,000 employees, TD ranks among the world's leading online financial firms, with more than 17 million active online and mobile customers. Delivering legendary customer experiences is who we are & is part of our goal to be the Better Bank. Visit our Careers page to learn more about TD & why TD is a great place to work.