HomeCoinsOntology (ONT)Ontology Integrates With Plaid, Bringing Open Banking Style Benefits To ONTO Users...

Ontology Integrates With Plaid, Bringing Open Banking Style Benefits To ONTO Users | by The Ontology Team | OntologyNetwork | Aug, 2020

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The Ontology Team

The move will offer ONTO wallet users a better picture of their financial health

Thanks to Ontology’s new integration with Plaid, a data network powering the fintech tools that millions of people rely on to improve their financial lives, ONTO wallet users will now be able to enjoy open banking-style benefits through increased access to a vast amount of consolidated financial data from multiple institutions and categorized transaction data.

ONTO users will also be able to receive detailed information on their personal data which can be leveraged to improve their ONT score, a credit score accumulated by completing identity, financial, and social authentication.

Commenting, Andy Ji, Co-founder of Ontology, said, “Plaid’s status as a leading fintech company and their vision to democratize financial services through technology, is closely aligned with what we are committed to achieving at Ontology. The integration of Plaid’s API will allow us to provide detailed transaction history and data to ONTO users, who will have the opportunity to gain a complete understanding of their financial picture. This marks another important step in fulfilling our commitment of allowing consumers to take back control of their data. We look forward to what this integration will bring to the Ontology community, as we continue to enrich our ecosystem and service-offering.”

Over 80% of the world’s largest fintechs are powered by Plaid, including Acorns, Betterment, Coinbase, and Venmo. Across the US, Canada, and Europe, Plaid connects over 11,000 financial institutions. To date, 1 in 4 US bank account holders has used Plaid.

With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.

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