The Bank for International Settlements Innovation Hub’s London Centre, in collaboration with the Bank of England, published results from Project Keystone, a prototype analytics tool designed to extract insights from ISO 20022 payment messages as adoption of the standard expands across RTGS systems and other market infrastructures. Keystone combines an ISO 20022 data transformation and storage platform with analytics modules intended to support economic, financial and compliance analysis. The prototype is designed for wholesale payment system data and includes configurable ingestion via an API and batch file processing, a medallion-style data pipeline (raw, parsed and aggregated layers), and open-source components that can be deployed on-premises or in the cloud, with capacity to process over one million transactions per day. Predefined modules cover liquidity monitoring, economic monitoring using purpose codes and other structured fields, messaging compliance checks aligned with CPMI harmonised ISO 20022 data requirements (including validation of identifiers and code sets), and analysis of payments later returned due to fraud; access to any personal data within messages is restricted so users can see validation results without viewing underlying personal data. The report outlines how Keystone could be used by payment system operators as an off-the-shelf component or as a reference implementation, and flags potential future enhancements such as expanding the set of pre-built analytic use cases and augmenting analysis with additional reference data from sources including BICs and Legal Entity Identifiers.

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