Plaid. has been granted a patent for a permissions management system that allows users to securely authorize access to their accounts and transactions through APIs. The system includes mechanisms for generating user interfaces, validating account identifiers, and ensuring secure communication without storing sensitive credentials on user devices. GlobalData’s report on Plaid gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Plaid, EMV tokenization was a key innovation area identified from patents. Plaid's grant share as of July 2024 was 50%. Grant share is based on the ratio of number of grants to total number of patents.
Permissions management for secure user account access and transactions
The granted patent US12074880B2 describes a computer system designed to facilitate secure access to user account data through a series of program instructions executed by hardware processors. The system provides a permissions code to a user-operated computing device, enabling the generation of user interfaces that collect a first account identifier and associated account credentials. It utilizes an application programming interface (API) to access a second account identifier linked to the user account. Upon confirming that the first and second identifiers match, the system generates a token that authorizes access to user account data or initiates transactions. Notably, the system ensures that the first account identifier and credentials are not stored on the user's device, enhancing security.
In scenarios where the initial authorization mechanism fails or is unsupported, the system can initiate fallback authorization mechanisms. This includes verifying one or more authorization transactions using parameters such as transaction type and amount. The system is also capable of automatically verifying these transactions without requiring additional user input. Furthermore, it can access user account information through the API and generate interim tokens as needed. The patent outlines a comprehensive method for managing user account access securely, emphasizing the importance of maintaining user privacy and data integrity throughout the process.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
