ISO 20022 Data Analytics Platform Development by BIS and Bank of England
Wednesday, 21 August 2024, 07:05
ISO 20022 Data Analytics Platform: An Overview
The Bank of International Settlements (BIS) is embarking on a game-changing project aimed at developing a standardized data analytics platform specifically for ISO 20022 data. Partnering with the Bank of England, this initiative seeks to revolutionize how financial institutions manage and utilize data.
Why ISO 20022 Matters
- Enhanced Interoperability: ISO 20022 brings significant improvements in interoperability between financial systems.
- Global Standardization: The platform aims to standardize data formats globally, making it easier for institutions to adapt.
- Rich Data Models: One of the key benefits of ISO 20022 is its ability to support rich and structured data.
Project Objectives
- Develop a robust analytics platform for effective data utilization.
- Promote compliance with industry standards and regulatory requirements.
- Facilitate improved decision-making processes within financial institutions.
This collaboration signifies a crucial step towards modernizing financial data management practices, opening doors for increased efficiency and innovation across the banking sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.