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The Bank of England (BoE) and the Bank for International Settlements (BIS) Innovation Hub have developed a prototype analytical tool designed to unlock the potential of ISO 20022 payments data, as global adoption of the messaging standard accelerates.
With 93% of payment system operators already implementing or preparing to implement ISO 20022, concerns have grown about inconsistent application across jurisdictions. In response, the Committee on Payments and Market Infrastructures (CPMI) has published harmonised data requirements, while the BoE and BIS are advancing practical solutions under Project Keystone.
The prototype features two modules:
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A data management module that addresses the complexities of ISO 20022’s rich data structure and storage requirements.
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An analytics module that enables deeper insights into transaction data.
Designed as an off-the-shelf component, Keystone can be integrated by payment system operators to analyse payments data more effectively. Potential use cases for central banks and market authorities include real-time economic monitoring, liquidity analysis, and compliance checks with ISO 20022 standards.
While the current prototype focuses on a limited set of analytics, future iterations may expand into areas such as incorporating Business Identifier Codes (BICs) and Legal Entity Identifiers (LEIs) to provide greater visibility into entities involved in transactions.
According to the project partners, Keystone represents a significant step toward ensuring that the transition to ISO 20022 not only standardises payments messaging globally but also delivers enhanced value through data-driven insights and improved oversight.
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