Banks Unite to Launch Groundbreaking Financial Transactions Global Research Network

In a significant move to promote data-driven decision-making and foster greater economic understanding, three prominent banks' research institutes have joined forces to launch an open, collaborative, non-profit platform. The collaborative effort, spearheaded by ABN AMRO, BBVA Research and Prometis lab by BNP Paribas Fortis, seeks to bridge the gap between economic reality and policy response by providing actionable, real-time, data-driven insights to households, businesses, and policymakers.

In today's fast-paced, rapidly changing economic landscape, traditional public data collection methods face increasing challenges in capturing timely and representative economic information. The new research network seeks to address this gap by leveraging transaction-based insights to better understand the financial realities of people, households, and businesses, while maintaining the highest standards of privacy protection.

"In these restless times, government policies to help households and firms stay resilient mostly rely on information from survey data. Survey response rates are however declining at a time when economic fluctuations affecting households and firms are exceptionally large. This unfortunate situation clouds policy makers view on what is happening, where support is needed and what implications policy has on people. Financial transaction data can help out. When financial transaction data are anonymized and analyzed with scientific rigor, it has the potential to provide real time, accurate and granular insights into how the economy is faring, where policy is needed and how it impacts households and firms. This global collaborative network represents a significant step forward to help answer this call. It makes us proud to contribute to knowledge as a public good by connecting the dots on transaction data, science and policy.” As said by Sandra Phlippen, Chief Economist at ABN AMRO Bank and endowed professor of Sustainable Banking at the University of Groningen.

The non-profit platform will operate on the principles of openness, inclusivity, and transparency, collaborating with industry, policymakers, and academia to generate high-quality research and promote trust through data-driven insights. Each participating institution will analyze its own anonymized data, with the network facilitating the exchange of methodologies, research findings, and aggregated insights. All methods and results will be made openly available, ensuring that valuable economic insights are accessible to all peers in the industry, while proprietary data remains secure within each institution.

The network is built on a collaborative governance model. A Scientific Council, made up of leading economists from international institutions and academia, sets research priorities and ensures scientific rigor. A Management Steering Committee, composed of representatives from socially committed financial institutions, oversees operations and provides data context. Topic Groups, organized around priorities identified by the Scientific Council, bring together leading researchers, corporates, academia, and policymakers to facilitate knowledge exchange through webinars, workshops, and talks, generating ideas for deeper investigation. From these collaborative discussions, the Scientific Council advises on establishing Topic-specific Working Groups, where participating banks provide support for in-depth research, developing new methodologies and insights on societally important topics. The initiative also welcomes Associated Research Members—individuals and organizations engaging in the network's seminars, conferences, and events—to further broaden the exchange of ideas. The Scientific Council is fully established, and the Management Steering Committee is expanding to include more financial institutions committed to societal impact, with CaixaBank and Danske Bank as the first to join, reinforcing the network's open and collaborative ethos.

This innovative initiative marks a significant step forward in the responsible use of financial data for social good, demonstrating the potential for financial institutions to act as a force for positive change while respecting individual privacy and data sovereignty.

To learn more about the network's mission, research pillars, and members, visit www.ftgrn.org