Project Keystone is a BIS Innovation Hub London Centre initiative in cooperation with the Bank of England that will explore how technology can enhance the analytical use of ISO 20022 data.
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. Ninety-three percent1 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.
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 for greater understanding of economic conditions, system liquidity, and compliance with ISO 20022 standards.
In addition, as Keystone created a standardised data platform, future users will be able to create and share additional analytics capabilities within the central banking community.