The Bank of England is working with the BIS Innovation Hub London centre on a project that will explore how technology can enhance the analytical use of ISO 20022 data to shed light on economic conditions, system liquidity and compliance
The increased use of ISO 20022 standards for payment messages in Real Time Gross Settlement (RTGS) systems means many central banks will adopt the protocol in the coming years. The UK's high value payments system Chaps completed the cutover to the new data standard in June last year.
Project Keystone aims to develop a standardised data analytics platform focused on ISO 20022 data. As part of the project, two modules will be developed.
The first will address the complexities of handling the ISO 20022 data structure and the associated data storage requirements, and the second will provide analysis based on the data.
Keystone is intended to become an off-the-shelf component that payment system operators can integrate into their own systems.
The Bank of England believes that Keystone's support of analytics capabilities could enable payment system operators to utilise the enriched data contained within the ISO 20022 message scheme for greater understanding of economic conditions, system liquidity, and compliance with ISO 20022 standards.
In addition, as Keystone will create a standardised data platform, future users will be able to create and share additional analytics capabilities within the central banking community.