BBVA Research and two other banks launch global economic research network based on financial transactions
BBVA Research ABN AMRO Bank and BNP Paribas Fortis' Prometis Lab have launched a new global research network based on financial transaction data. This non-profit platform seeks to generate real-time, high granularity economic information from anonymized data. Its goal is to monitor the economy in a timely and detailed manner and foster more informed and useful decision-making for society.
The initiative, which is open and collaborative, was created to provide more agile and accurate economic responses in a constantly changing environment, where economic policy makers face increasing challenges. Through rigorous analysis of real household and business data, the network aims to close the gap between what happens in the economy and the policies that are implemented.
The platform will operate under principles of openness, inclusiveness and transparency, ensuring that the knowledge generated can be used by policymakers, businesses and researchers. An independent Scientific Council, made up of leading international economists and the Chief Economists of the main international organizations (IMF, World Bank and OECD), will set priorities and ensure the rigor of the research. A Steering Committee, composed of representatives of the participating entities, will be in charge of the operations and the context of the data.
In addition, seminars and thematic working groups will promote joint research and shared methodologies. The network also welcomes associate members-both individuals and organizations-to participate in events and seminars, broadening the exchange of ideas.
This partnership marks a decisive step forward in the use of big data for the common good, and demonstrates the role that banks can play as agents of positive change.
More information about the network, its lines of research and its members is available at : www.ftgrn.com