Irish privacy solution provider Trūata has collaborated with Mastercard to bring its services to Latin America.

Trūata, founded in 2018 by Mastercard and IBM, aims to enable businesses to unlock insights through its solutions while complying with global data protection standards.

The company will initially offer its self-service analytics platform to financial institutions in Brazil.

It comes after Trūata research revealed that 79% of global consumers agree that data privacy is essential to them. This statistic spiked to 88% in Brazil. Trūata’s Privacy Enhanced Analytics Platform (PEAP) aims to address these data privacy concerns.

Felix Marx, CEO at Trūata, said: “We’re honoured to offer the benefits of our solution to Mastercard’s bank customers in Brazil. Data privacy has come to the forefront of consumer thinking, and our recent Global Consumer State of Mind Report highlights just how important it is for Brazilian citizens.”

Trūata Privacy Enhanced Analytics Platform 

Users of Trūata’s platform can align their data practices with regulations while simultaneously demonstrating a proactive approach to protecting consumer privacy.

Marx added: “Via our platform, we’re giving banks the chance to grow and prosper with insights generated from customer data, with the peace of mind that they are doing so in both an ethical and legal way which adheres to data protection regulations.”

Trūata first launched its PEAP in November 2020, and now the company is looking to expand on this.

In addition, Trūata’s independent anonymisation service enables Mastercard’s bank customers to leverage Machine Learning through predictive model builders and business intelligence KPI dashboards, providing access to a comprehensive anonymised data universe.

It also provides issuing banks with access to a library of pre-built propensity models and key performance metrics. This allows them to draw upon key end-user insights to forecast account behaviours such as card usage.

Dimitrios Dosis, president of Advisors for Mastercard, said: “The Trūata platform is built on the principles of privacy by design. It is scalable and adaptable meaning that as privacy regulations around the world are introduced, the platform is able to evolve with them enabling us to offer these services in new markets.”

Brazilian acquiring banks will be able to access the platform from August 2021.