Financial Services Leadership Team

Mark Gould

Chief Payments Executive

Mark serves as the Federal Reserve Financial Services’ chief payments executive. He is responsible for the Federal Reserve’s full portfolio of cash, retail, wholesale and instant payment services across the United States.

Mark's career began in the Retail Payments Division of the Federal Reserve Bank of San Francisco. From February 2014 to 2021, he served as the chief operating officer and first vice president of the San Francisco Fed. From this position, he led the Federal Reserve System’s Cash Product Office, which oversees the processing, quality and distribution of U.S. currency domestically and internationally. Mark began his role as FRFS chief payments executive in March 2021. During his career, Mark has provided executive leadership to a range of Bank functions at the intersection of payments, technology, strategy and operations.

Randy Balducci

Chief of Enterprise Services

Randall (Randy) leads the team responsible for providing critical FRFS business functions, including strategic planning, finance, people, legal, vendor management, and risk management and compliance.

Randy began his Fed career at the Federal Reserve Bank of St. Louis and has worked in various financial, operational and Treasury leadership roles throughout the Federal Reserve System. Most recently, Randy was a senior vice president and FedNow Service portfolio management executive, where he led business and technology portfolio management for the FedNow Service, as well as portfolio reporting, communications, and risk management and compliance.

Shonda Clay

Chief Product and Relationship Officer

Shonda leads integrated product development for the Federal Reserve’s portfolio of payment products and FRFS engagement and communications with financial institutions and the industry more broadly, including customer relations, customer experience, marketing and research, and the Federal Reserve’s payment system improvement initiatives.

Her Fed career began at the Federal Reserve Bank of Dallas as a management intern and pivoted to the Federal Reserve Bank of Chicago to join the then forming national customer relations and support area. Throughout her career, Shonda has brought a customer-focused approach to leadership responsibilities in FRFS customer and industry relations, marketing and the FedLine network.

Tracy Harrington

Chief Information Officer (CIO)

Tracy leads the team responsible for the FRFS technology strategy and execution. She drives the planning, design, implementation and delivery of critical payment access solutions and applications, with an emphasis on digital transformation and innovation.

She began her career with the Federal Reserve Bank of Chicago. Her tenure with the Federal Reserve has encompassed multiple areas of management responsibility within bank supervision, application development, program management, operations, security, business continuity and risk management.

Nick Stanescu

Chief FedNow Executive

Nick leads the team that runs the FedNow Service including technology, product and portfolio management functions. His team is responsible for expanding the FedNow Service’s network and volume, as well as delivering new service functionality.

He began his career at the Federal Reserve Bank of New York and held leadership roles in Fedwire Funds and National Settlement Services, Information Security and the Federal Reserve’s National Incident Response Team. Most recently, Nick served as the FedNow business executive with the Federal Reserve Bank of Boston. In this role, he led product management, industry readiness and business operations for the new service.

Luke Woodward

Chief of Payments Operations

Luke leads the team responsible for payments operations and customer support, including FedNow, FedACH, Check, Fedwire Funds, Fedwire Securities and the National Settlement Service.

He began his Fed career at the Federal Reserve Bank of Kansas City as assistant vice president within the Treasury Services and Technology Support Division. He has since held leadership roles in payments strategy, research and wholesale operations. Most recently, Luke was head of FRFS operations.

Kathleen Young

Chief of FedCash Services

Kathleen leads the team responsible for providing guidance and support to 28 Reserve Bank Cash offices, including national currency and coin management, and implementation of the NextGen Program that invests in the future of the cash supply chain by modernizing and maintaining the fleet of cash processing machines and sensors.

Over the course of her career, Kathleen has taken on a variety of roles with increasing responsibility and developed cross-functional knowledge within the Cash Product Office, ITS Central Services and National IT, the Customer Relations and Support Office, Retail Payments Office, and with the Atlanta and San Francisco Reserve Banks.

Margaret Riley

Director of the Office of the Chief Payments Executive

Margaret (Marg) is a senior advisor to Mark Gould and leads the Office of the Chief Payments Executive. She is responsible for governance coordination and executive communications.

Marg began her Fed career with the Federal Reserve Bank of San Francisco and has held leadership responsibilities for financial institution supervision and, most recently, in the Federal Reserve System’s national cash services.

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