MasterCard and IBM team up to create European Data Trust

Truata is a company founded by MasterCard and IBM. This is the first European Data Trust to enable small and medium-sized businesses to comply with the GDPR. The firm will manage, analyze, and comply with the data.

As of May 25, 2018, the RGPD (General Regulation on Data Protection) , or GDPR in English, will enter into force throughout the European Union. Many companies with personal data on European citizens will have to comply with the new transparency rules . Failure to comply with the rules will be punishable by a fine of 4% of the turnover.

The RGPD represents a major challenge for most of the companies involved. Especially for small businesses that may not have the resources to manage their own data. To help them, IBM and MasterCard have decided to join forces to create one of the first European "Data Trusts".

Truata will be in charge of conforming the data held by SMEs to RGPD

This Dublin-based independent company, named Truata, will manage, analyze and anonymize personal data held by companies such as travel agencies and insurance companies. For example, it will free data sets of essential information such as the person's name or contact information.

IBM and MasterCard both provided their technology expertise and initial investments, and are currently negotiating with three other potential founders. The company will be led by Felix Marx, who describes the Data Trust as the latest evolution in data economy. Truata will offer its services as of May 25, 2018 , when the RGPD comes into effect.