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Project Insight developed a proof-of-concept dashboard to enhance policymakers' understanding and monitoring of global supply chain developments.
Project Aperta has been designing, developing and testing a prototype for cross-border open finance interconnectivity via application programming interfaces (APIs) – a "network of networks" that connects existing domestic networks through a neutral interoperability layer.
This report describes Project Agorá and the prototype it delivered.
Project Atlas creates a data platform that sheds light on the macroeconomic relevance of cryptoasset markets and decentralised finance (DeFi). A first proof of concept of Project Atlas was developed focusing on international flows of cryptoassets.
This report is intended for monetary policy analysts who utilise high-frequency data for inflation nowcasting and data scientists within central banks looking for cost-effective alternatives to large language models for large-scale classification.
This report details the findings from Project FuSSE (Fully Scalable Settlement Engine), a proof-of-concept exploring how a modular, microservices-based architecture could support the design of settlement systems.
This paper introduces a novel liquidity-saving mechanism (LSM) for real-time gross settlement (RTGS) systems based on an auction framework. Unlike conventional queue-based LSMs that optimise payment netting given pre-committed liquidity, the proposed mechanism reverses the process by eliciting bids from participants to establish mutually beneficial liquidity-sharing arrangements. These arrangements are supported through side payments from liquidity receivers to liquidity providers, ensuring incentive alignment. The mechanism is evaluated using agent-based simulations calibrated with transaction data from four RTGS systems: BCRP-RTGS (Peru), SAMOS and SADC-RTGS (South Africa), and SIC (Switzerland).
Rents are the largest component of the Consumer Price Index (CPI) in many countries, making accurate and timely measurements of rental price developments essential for inflation monitoring and policy decisions. Market (asking) rent indices are often available in near real-time and with high detail, but differ substantially from the rents paid by the overall tenant population, as typically measured in the CPI. This paper proposes a model to bridge the gap between asking and all-tenant rents.
The project report describes functional findings when applying post-quantum cryptographic protocols considering deployment challenges at an organisational and technical level.
The technical report describes the Project Rialto proof of concept, its architecture and design as well as the economic considerations regarding the viability of the Rialto technical approach.
This report provides a retrospective of the six G20 TechSprint editions spanning from 2020-2025.
Project Rio is a real-time market monitoring platform to keep pace with fast-moving electronic markets. This paper tells the story of how Rio was built.
This report, the last of 3 volumes about Project Symbiosis, provides a visual example of the approaches explored in the project.
This report, the second of 3 volumes about Project Symbiosis, outlines the technical details of the project.
This report, the first of 3 volumes about Project Symbiosis, outlines the key findings of the project.
In modern monetary systems, trust in money and payments builds upon a time-tested two-tier structure. Commercial banks issue money to economic agents in the form of commercial bank deposits, and central banks ensure the convertibility of these deposits by providing commercial banks with an ultimate risk-free asset (in the form of central bank reserves) to settle transactions among themselves.
The BIS Innovation Hub’s (BISIH) first academia workshop, held from 10 to 13 June 2025, convened distinguished professors specialising in advanced information technologies, financial technology, economics and law, alongside decision makers and experts from the BIS. The workshop focused on exploring the application of technology in the financial sector and marked the launch of the BISIH’s academic engagement programme.
Project Keystone, an initiative by the BIS Innovation Hub London Centre in collaboration with the Bank of England, has developed an analytical prototype for ISO 20022 payment messages. This report outlines the results of the project.
Quantum computers may in the future break today's widely used encryption. This paper provides a framework to support the financial system in the transition to quantum-safe cryptographic infrastructures.
Project Hertha explored how transaction analytics could help identify financial crime patterns in real-time retail payment systems, while using the minimum set of data points. This report outlines the results of the project.