Mastercard and IBM have joined forces to launch a pioneering data trust to help businesses comply with the EU’s General Data Protection Regulation.
The new organisation, Truata, will provide data hosting, anonymisation and analytics services to businesses looking to outsource the management of their customers’ information.
A spokesperson said the data will undergo a depersonalisation process before it is shared with Truata and converted into anonymised tokens that can be analysed.
The organisation is targeting firms holding vast amounts of sensitive data, such as those operating in the healthcare, financial services and insurance sectors.
Truata CEO Felix Marx, a former Mastercard executive, said demand for data trusts will be “catalysed by the arrival of the GDPR and other developments like 5G and IoT”. He described the trusts as “a natural next step in the evolution of the data economy”.
The organisation was conceived by Mastercard and will be supported by IBM’s cloud, analytics and cognitive computing capabilities. The firm’s hybrid cloud chief, Arvind Krishna, said GDPR would speed up many companies’ digital transformation programmes.
He added: “We are proud to partner with Truata to offer our industry-leading technologies to help businesses extract greater value from their data, while maintaining its integrity and protecting the rights of individuals.”
Truata expects to bring more founding partners onboard before GDPR comes into effect on 25 May.