Payments data for public good

The Campus and Barclays are working together on developing payments data for public good. Payments data is one of the top 3 sought-after data sources for economic statistics.

The Office for National Statistics (ONS) has seconded staff into Barclays to explore the data, and whether it can be used to enhance, supplement or create new economic indicators. Data privacy is preserved throughout this project, with no identifiable data or commercially sensitive data leaving Barclays.

The first 3 areas for exploration are:

  • the night time economy
  • big ticket items as a leading economic indicator
  • inter-regional trade / supply chains

Team members

ONS

  • Louisa Nolan
  • Sebnem Oguz
  • Wil Roberts / Silvia Lui - tbd

Barclays

  • Justinas Circtautas

The need

  • Bank transactions (payments) and financial data is a rich source of information about the economy. The volume of the data may allow detailed, timely regional indicators to be constructed.

  • Leading indicators, i.e. early indicators of economic health, using big, timely datasets, are of great interest in the UK and world wide currently. Early signs of changes in the economy allow policy-makers to respond promptly.

Impact

This project has the potential to to enhance official statistics by delivering:

  • richer, more detailed breakdowns of economic statistics, including by geography, type of spending, demography
  • faster economic indicators

Data science

  • These re new datasets, may require some big data processing
  • potential for machine learning to address coverage and bias issues
  • development and comparison of time series

Stakeholders

  • Barclays Plc
  • ONS national accounts and economic statistics
  • anyone with an interest in improved regional breakdowns e.g. local authorities, ESCOE, policy-makers
  • HMT, Bank of England, OBR etc.

Code and outputs

  • white paper
  • seminars
  • regularly published indicator(s)

Delivery

  • October 2018 Project started

Further information

Please contact datasciencecampus@ons.gov.uk for more information.

Updates

  • No updates yet.

Notes

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