BIS develops data-streaming tool for central banks

The Bank for International Settlements (BIS) has announced it will develop an open-source code to help build a data monitoring tool for central banks.

The tool is part of the organisation’s “Rio” project – Spanish for “River” – because it uses data-streaming tech, which was originally developed by social media platforms to analyse and respond to user traffic.

The bank’s new Innovation Hub, which builds technologies to solve problems in the financial system, is developing the tool to help “smoothly handle millions of messages and analyse these accurately in real time.”

According to BIS the prototype for the open-source tool will be ready sometime this year.

“We plan to test it in volatile markets requiring 7 million updates an hour – that is almost 2,000 every second,” the general manager of the BIS, Agustín Carstens, said last month. “This is what it will take to alert central banks to market dislocations, liquidity issues and volatility in real time.”

Carstens revealed that the organisation has spoken with 40 central banks about the new tool and assured that despite varying use cases and currency markets, the new technologies are flexible enough to accommodate them.

“Powerful tools do not have to be "one-size-fit-all," he added. “The same technology could play multiple roles in central banks as well as incorporating additional data from other markets.

“As central banks collaborate, the best innovations will prosper.”

BIS has opened Innovation Hubs in Hong Kong, Singapore, and Switzerland, and plans to open new centres in Toronto, London, Stockholm and a Eurosystem centre spanning both Frankfurt and Paris.

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.