The BIS Innovation Hub has launched Project Keystone to 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 aims to develop a standardized 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.
Keystone’s support of analytics capabilities could accelerate the ability of payment system operators to utilize the enriched data contained within the ISO 20022 message scheme for greater understanding of economic conditions, system liquidity, and compliance with ISO 20022 standards.
It is intended that Keystone will be an off-the-shelf component that payment system operators can integrate into their own systems. In addition, as Keystone will create a standardized data platform, future users will be able to create and share additional analytics capabilities within the central banking community.
The project takes its name from the “key” stone in the middle of an arch that locks all the other stones in place, allowing it to bear weight.
Project Keystone is a collaboration between the Hub’s London Centre and the Bank of England.
1 CPMI Survey, 2022 Harmonisation of ISO 20022: partnering with industry for faster, cheaper, and more transparent cross-border payments (bis.org)
