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The increasing adoption of ISO 20022 standards for payment messaging in Real-Time Gross Settlement (RTGS) systems is driving many central banks to implement this protocol in the coming years. The UK’s high-value payment system, CHAPS, successfully transitioned to the new data standard in June of last year.
In response to this shift, the Bank of England is launching Project Keystone, an initiative aimed at developing a standardized data analytics platform specifically tailored to ISO 20022 data. This platform will consist of two key modules.
The first module will focus on managing the complexities associated with the ISO 20022 data structure, including the necessary data storage requirements. The second module will enable advanced analysis based on the enriched data provided by ISO 20022.
Project Keystone is designed to be an off-the-shelf component that payment system operators can easily integrate into their existing systems. The Bank of England envisions that Keystone’s analytics capabilities will allow payment system operators to leverage the enriched data within ISO 20022 messages, leading to deeper insights into economic conditions, system liquidity, and compliance with ISO 20022 standards.
Moreover, by creating a standardized data platform, Keystone will facilitate the development and sharing of additional analytics tools within the central banking community, fostering greater collaboration and innovation.
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