SAN FRANCISCO, February 14, 2023 — Plaid, the data network that powers the tools millions of people rely on to live a healthier financial life, and Okta, Inc. (NASDAQ: OKTA), the leading independent identity provider, today announced a partnership and integration to help thousands of banks and financial institutions adopt OAuth and APIs for exchanging data with third parties. The partnership provides the financial services ecosystem a more secure way to accelerate their open finance initiatives and deliver seamless connectivity for potentially millions of consumers.
Consumers are demanding connected experiences — 75% of U.S. consumers agree it’s important to be able to connect bank accounts with digital finance apps and services, according to a Plaid survey with Harris Poll in 2022. Enabling this connectivity means making data exchange as seamless and secure as possible, but many companies are not yet using the most innovative methods that enhance security for consumers.
Plaid and Okta are providing the integrations, education, and support to help all companies in the financial services industry transfer data through OAuth and API solutions. (OAuth is an industry-standard protocol for authorization that gives users more control over how their data is shared.) These methods do not require passwords to be exchanged between parties, reducing the reliance on credentials, and creating better and more secure experienc