The Bank for International Settlements Innovation Hub has published a report on Project Keystone, a London Centre initiative developed with the Bank of England to enhance the analytical use of ISO 20022 payment message data. The project produced a standardised data analytics platform designed to help payment system operators make better use of enriched ISO 20022 data as adoption expands in Real Time Gross Settlement systems. Keystone comprises two modules, one addressing ISO 20022 data-structure complexity and associated storage requirements and another providing analytics based on that data. The report positions the platform as a potential off-the-shelf component for integration into operators’ systems, supporting faster use of ISO 20022 data for insights into economic conditions and system liquidity and for checking compliance with ISO 20022 standards. It also notes that standardising the data layer could enable central banks to develop, share and reuse additional analytics capabilities across the community, against a backdrop in which 93% of payment system operators have implemented ISO 20022 or are working to implement it.

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