The Bank of England is collaborating with the BIS Innovation Hub London center on a project aimed at enhancing the analytical use of ISO 20022 data. This initiative seeks to provide insights into economic conditions, system liquidity, and compliance.
With the growing adoption of ISO 20022 standards for payment messages in Real Time Gross Settlement (RTGS) systems, many central banks are expected to implement the protocol in the near future. Notably, the UK’s high-value payments system, Chaps, successfully transitioned to the new data standard in June of last year.
Project Keystone is designed to create a standardized data analytics platform centered on ISO 20022 data, featuring two main modules. The first module will tackle the complexities of managing the ISO 20022 data structure and its storage requirements, while the second will offer analytical capabilities based on this data.
Keystone is intended to function as a ready-to-use component that payment system operators can integrate into their existing systems. The Bank of England believes that Keystone’s analytics capabilities will allow payment system operators to leverage the enriched data within the ISO 20022 message scheme for better insights into economic conditions, system liquidity, and compliance with ISO 20022 standards.
Furthermore, by establishing a standardized data platform, Keystone will enable future users to develop and share additional analytical tools within the central banking community.