Project Keystone, an initiative by the BIS Innovation Hub London Centre in collaboration with the Bank of England, has developed a prototype analytical tool to extract key insights from ISO 20022 payment messages. Read more: Project Keystone – Unlocking data analytics for ISO 20022 payments.
The increased use of the ISO 20022 standard for payment messages in Real Time Gross Settlement (RTGS) systems and other market infrastructures means an increasing number of jurisdictions will adopt the protocol in the coming years. Ninety-three percent of payment system operators have already either implemented ISO 20022 or are working to implement it in their systems.
Project Keystone developed a standardised data analytics platform focused on ISO 20022 data. As part of the project, two modules have been developed. The first addressed the complexities of handling the ISO 20022 data structure and the associated data storage requirements, while the second provided analysis based on the data. Keystone could become an off-the-shelf component that payment system operators could integrate into their own systems to unlock the value of the richer payments data.
Keystone’s support of analytics capabilities could accelerate the ability of payment system operators to utilise the enriched data contained within the ISO 20022 message scheme. Potential use cases for central banks and other authorities include greater understanding of real-time economic conditions, system liquidity, and participant assurance, including compliance with the ISO 20022 standard itself.
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