Truata, the privacy-enhanced data analytics solutions provider, has partnered with Mastercard for the launch of its new customer self-service portal - Privacy Enhanced Analytics Platform.
The portal empowers Mastercard customers in Europe to conduct analysis on their payment card transaction data within a fully anonymized solution that was built with a privacy-by-design approach to be compliant with data protection regulations.
Truata’s independent anonymization service enables Mastercard’s customers to benefit from Business Intelligence KPI dashboards and Machine Learning (ML) models, built using a comprehensive anonymized data universe, including past and present customers, whether consented or non-consented.
Felix Marx, Chief Executive Officer at Truata, said: “For banks and financial services to grow and prosper in today’s highly competitive climate, they need to generate insights from their customer data. However, it is paramount that this is done in a way that is ethical, preserves consumer privacy and adheres to data protection regulations.
“Placing the individual at the centre of everything it does, Mastercard’s commitment to privacy by design is reflected in the way it embeds privacy and individuals’ rights, needs and interests into the design and operation of all its products, services and technologies. We’re honored to provide our data anonymization services to Mastercard's customers.”
The Privacy Enhanced Analytics Platform leverages Truata’s proprietary data anonymization and analytics technology to provide qualifying issuers with key performance and operational metrics via pre-defined dashboards. It tracks measurement and performance on consumer clearing data, and offers a scalable function designed to accommodate growing datasets.
These attributes enable customers using the solution to draw upon key end user insights such as spending attrition, card usage, travel payments, and details on recurring payments.
Gurpreet Atwal, Mastercard’s Senior VP, Data and Services, said: “We know how important data is to our issuing banks, but we also know the importance of privacy to individuals. That’s why we’ve worked closely with Truata, drawing upon its proprietary technology and expertise in data anonymization and analytics, to bring the Privacy Enhanced Analytics Platform to the market.
“This move is part of our commitment to promoting the responsible use of data. Working with Truata enables our customers to close their analytical gaps in a GDPR compliant way.”