The Payment, Standards, and Outreach Group (PSOG) works with national and international organizations, industry groups, and associations to develop sets of instructions called standards. These standards help make it safer and more efficient to make and accept payments.
Standards, at their best, are invisible to most people. They describe the structure that makes it easier for service providers, vendors, merchants, and customers to exchange the information they need to make purchases and pay for them.
The numbers on the bottom of a check or the placement of the chip on a credit card or the way a personal identification number (PIN) is kept secret are all payment standards at work.
Another big part of PSOG’s role is working with our partners to help businesses automate their payment processes, such as invoicing and processing payments received. We also research emerging payment trends and technologies like blockchain. With emerging technologies, standards help support innovation, but primarily focus on safety and efficiency.
With our articles, white papers, and public presentations, PSOG is committed to educating finance, payments, and business professionals in the Ninth District and across the nation. If you’d like a member of our PSOG team to speak to your organization or group, contact the Minneapolis Fed’s Speakers Bureau.