Taken together these two features mean publicly accessible data are a public good.4 In addition datasets can produce additional insights quite distinct from the question they were originally created to answer – they generate positive externalities. And the analytical value produced by combining two datasets can be more than the sum of its parts – there are economies of scope in data. 1  For more on this see Mark Carney’s recent speech at the University of Toronto’s Machine Learning and the Market for Intelligence Conference: Carney, M (2018), “AI and the Global Economy”, slides available at https://www.bankofengland.co.uk//media/boe/files/speech/2018/ai-and-the-global-economy-mark-carney-slides.pdf. 2 I set out the Bank’s approach to fintech in a speech at the Treasury’s International Fintech Conference in London earlier this year: Ramsden, D (2018), “Open to Fintech”, available at https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/the-bank-ofengland-open-to-fintech-speech-by-dave-ramsden.pdf 3 Indeed “AI and Data” is one of the four “Grand Challenges” identified in the Government’s Industrial Strategy. Details available at https://www.gov.uk/government/topical-events/the-uks-industrial-strategy. 4 There is a longer discussion on this in HM Treasury (2018), “The Economic Value of Data”, available at https://www.gov.uk/government/publications/the-economic-value-of-data-discussion-paper 2  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  2  But like oil, data must be refined and cleaned in order to be used, and in this regard not all data is created equal. Unstructured, non-standardised and siloed data can be challenging to interrogate for insight, and significantly reduce the efficiency and effectiveness of automated processes. In banking and finance, and in particular in payments, data standards are a foundation for providing critical economic functions.

I’m pleased to report that, as outlined in our Consultation Response Document9 published a week ago, we received wide and consistent support for our proposals. We will be going forward with implementing ISO 20022, via the introduction of the Common Credit Message or CCM – which is central to message harmonization across the UK’s main interbank payment systems, as well as providing compatibility with the emerging international consensus. The Bank’s direct responsibility is for the UK’s high value payment system, CHAPS10, so we will be working closely with Pay.UK as we develop the CCM. But success will also require ongoing input from across the whole payment chain. It is important we implement this change effectively. Both to mitigate the risks that migration brings, but also to ensure we capture this opportunity. I want to emphasise that we must not think of the ISO 20022 implementation as one-off change, to be left untouched in the UK’s payment systems for years and allowed to become outdated. Furthermore, we must work hard to ensure that our implementation of ISO 20022 is not just inwardly focussed but internationally harmonised; international co-ordination will be key to unlocking the potential benefits for users of payment systems globally. Beyond the migration, there will need to be an ongoing evolution, development and enhancement of ISO 20022 and payments data in the UK. We must keep this in mind as we implement the standard; and indeed  9  The Consultation Paper is available at https://www.bankofengland.co.uk/-/media/boe/files/payments/rtgs-renewal-programme/iso20022/iso-20022-consultation-paper.pdf. The Consultation Response Document is at https://www.bankofengland.co.uk//media/boe/files/payments/rtgs-renewal-programme/iso-20022/iso-20022-consultation-response.pdf.