VP, Fintech Operations

At Stearns Bank, we’re helping people, entrepreneurs, small businesses, and local communities nationwide reach their full financial potential. Sound like something you want to be a part of? If so, we’re currently looking for a VP, Fintech Operations to join our team! This is a fully remote position. 

Come see how we’re doing business unusual and charting our own path to reimagine a more inclusive financial services and banking ecosystem for all.

Benefits

Stearns Bank understands and respects that everyone is managing unique career, family, and wellness needs. That’s why we offer industry-leading benefits to employees to help them live healthy lives and bring their full selves to work every day. Benefits may vary for part-time positions. Some of those benefits include:

• Employee Stock Ownership Plan & 401k Plan with Employer Match
• Healthcare (Medical, Dental, Vision, Telehealth, Life insurance)
• 12-week Paid Medical Leave
• Paid Parental Leave: 21-weeks Primary Care Parent, 14-weeks Secondary Care Parent
• $5,000 Family Care Reimbursement: Childcare, Elder Care, Student Loan Debt, Pet expenses, down payment assistance
• PTO from 13 to 23 days depending on tenure. Cashout and Carryover options.
• 10 Days Sick Time
• 11 Paid Holidays
• 4 Days Volunteer Time
• 2 Days Self Allowance Time
• Tuition Assistance

For this position, we anticipate an annual salary between $130,000 - $150,000. Final employment offers will be dependent upon the selected candidate’s relevant qualifications and experience.

Job summary

This position addresses Stearns Bank's strategic initiative to be the sponsor bank of choice for fintechs looking to provide financial services to their end users. The VP, Fintech Operations will establish frameworks and operational excellence standards that enable sustainable growth while maintaining our commitment to regulatory compliance and community banking values.

Responsibilities

Payment Operations Management

• Payment Rails Oversight: Manage end-to-end operations across seven distinct payment rails.
• ACH Processing: Same Day ACH, traditional batch processing, NACHA Operating Rules compliance.
• Wire Transfers: Fedwire and SWIFT networks, cut-off time management, large value transfers.
• Real-Time Payments (RTP): The Clearing House network operations, 24/7/365 processing capabilities.
• FedNow Services: Federal Reserve instant payment service operations and compliance.
• Card Networks: Transaction processing, interchange management, and network compliance across all card networks.
• Check Processing: Digital check processing, remote deposit capture, check conversion services.
• International Transfers: Cross-border payment facilitation and correspondent banking relationships.
• Operational Excellence: Ensure high accuracy rates across all payment rails with comprehensive monitoring and exception handling procedures.
• Settlement and Reconciliation: Oversee daily funding activities and manage settlement procedures and collaborate with other subject matter experts to ensure accurate financial reconciliation across all payment channels.

Account Operations and Management

• FBO Account Administration: Manage for benefit of accounts for fintech partners, including fund segregation, regulatory compliance, and partner due diligence for both licensed and non-licensed entities.
• Deposit Account Operations: Oversee consumer and business demand deposit accounts, savings accounts, and certificate of deposit programs.
• Account Opening: Work with fintech partners to implement robust account onboarding workflows that meet bank policies and procedures, regulatory requirements and applicable laws.
• Account Maintenance: Coordinate account lifecycle management, dormancy procedures, and account closure protocols.

Fintech Partnership Development and Oversight

• Due Diligence Management: Participate in comprehensive partner evaluation processes, including operational assessments.
• Ongoing Oversight: Collaborate with cross-functional teams to ensure ongoing compliance with regulatory guidance and applicable laws.
• Partner Relationship Management: Maintain ongoing relationships with fintech partners, ensuring service delivery excellence and issue resolution.

Regulatory Compliance and Risk Management

• Banking Regulations: Ensure compliance with FFIEC guidelines, FDIC requirements, OCC supervisory standards, and Federal Reserve regulations.
• Risk Assessment: Conduct regular risk assessments of fintech operations, implement mitigation strategies, and maintain comprehensive risk registers.

Policy Development and Process Optimization

• Operational Policies: Develop, implement, and maintain comprehensive policies and procedures for fintech operations.
• Process Improvement: Identify operational inefficiencies and implement solutions to enhance productivity and reduce risk.
• Best Practices: Research industry best practices and implement relevant improvements to maintain competitive positioning.
• Documentation: Ensure comprehensive documentation of all operational procedures and compliance requirements.
• Maintain a solid understanding of all legal and regulatory compliance issues as they pertain to this position.
• Completes training as required.

Requirements

• Occasionally lift and/or move up to 10 lbs. 
• Literacy in English.
• Ability to sit for extended periods of time, twist, bend, sit, walk use hands to twist, handle or feel objects, tools, or controls, such as computer mouse, computer keyboard, calculator, stapler, telephone, staple puller, etc., reach with hands and arms, balance, stoop, kneel, talk, or hear.
• Specific vision abilities required by the job include close vision, distance vision, peripheral vision, depth perception and the ability to adjust focus.

Qualifications

• Bachelor’s degree in finance, Business Administration, Operations Management, or related field.
• Advanced Degree (MBA, MS) preferred.
• Minimum 10+ years of progressive experience in financial services operations.
• 10+ years specific experience in payment operations, banking back-office functions, or fintech operations.
• 5+ years experience with fintech partnerships, digital banking, or Banking-as-a-Service operations.
• 5+ years experience in banking compliance and regulatory management.
• 5+ years experience in risk management and operational controls.

THE COMPANY

Founded in 1912, Stearns Financial Services Inc. (SFSI) is a $3.2 billion, independently owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide. Specializing in affordable housing financing, USDA and SBA lending, and small business and equipment financing, Stearns Bank is regularly recognized as one of the country’s top-performing banks and “Best Banks to Work For” by American Banker.

As a Star Tribune Top Workplaces award recipient and an award recipient of the Minnesota Business Magazine 100 Best Places to Work in Minnesota, Stearns takes pride in their team and holds their employees in extremely high regard. We offer a competitive salary and benefit package including our Employee Stock Ownership Program-one of the best long-term incentive programs in the nation. To learn more about Stearns Bank, visit www. StearnsBank.com

EQUAL OPPORTUNITY EMPLOYER /AFFIRMATIVE ACTION PLAN

We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, or creed, religion, sex, marital status, familial status, sexual orientation, national origin, age, disability, veteran’s status, status with regard to public assistance, or any other class protected by Federal, State, local laws governing nondiscrimination in employment.