As data protection regulations are introduced around the globe, Truata builds on success in Europe to bring privacy-enhanced analytics platform to Brazilian financial institutions
Building on its momentum in Europe, Truata is now expanding into Latin America. Launched in 2018 to help businesses harness data analytics while upholding high privacy standards, Truata is bringing its self-service analytics platform to financial institutions in Brazil in collaboration with Mastercard.
As consumers continue to navigate the pandemic, data privacy remains top of mind around the world. According to Truata’s Global Consumer State of Mind Report 2021, almost 8-in-10 global consumers (79%) agree that data privacy is essential to them, a statistic that spikes at 88% in Brazil. Truata’s Privacy Enhanced Analytics Platform (PEAP) addresses these data privacy concerns while empowering businesses.
Set within the context of a rapidly evolving global privacy framework, the platform has been built on the foundations of privacy-by-design to meet the standards of global data protection regulations, including Brazil’s national privacy law, Lei Geral de Proteção de Dados (LGPD). Users of the platform can align their data practices with regulations while simultaneously demonstrating a proactive approach to protecting consumer privacy. With 82% of Brazilian consumers believing that more needs to be done to protect their online privacy, the platform provides a way to automate safe data analytics for the financial services sector, offering a compliant way to work with data at scale.
Financial institutions in Europe have been benefiting from the Privacy Enhanced Analytics Platform since its launch in November last year and Truata is aiming to build on that success. Truata’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.
Felix Marx, Chief Executive Officer at Truata, said: “We’re honoured to offer the benefits of our solution to Mastercard’s bank customers in Brazil. Following the launch of Brazil’s LGPD privacy law in September last year, 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. 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.”
The Privacy Enhanced Analytics Platform leverages Truata’s proprietary data anonymisation and analytics technology to provide qualifying issuing banks with access to an extensive library of pre-built propensity models and key performance metrics. These attributes enable bank customers using the solution to draw upon key end-user insights to forecast account behaviours such as attrition and card usage.
Dimitrios Dosis, president of Advisors for Mastercard, said: “The Truata 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.”
From August, Brazilian acquiring banks will also be able to access the platform. Using its predictive modelling capabilities, acquiring banks will be able to gain actionable insights that help them better understand their merchant space to inform decision-making for growth and innovation.
For more information about Truata and its latest solutions, visit www.truata.com.
Mastercard and Truata have co-authored a new report that explores the coming together of business competitiveness and data privacy. Follow the link to learn more.
About Truata
Truata is the privacy-enhanced data analytics solutions provider that specializes in privacy risk assessment, de-identification and true anonymisation of data. The company enables businesses to unlock powerful insights with its portfolio of proprietary solutions, while complying with the highest global data protection standards to build trust and transparency with their customers.
Truata is one of the first companies in the EU to achieve independently accredited ISO 27701 certification, an international standard for data privacy management. Truata is based in Dublin, Ireland. For more information visit www.truata.com.
26/08/2021