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We're working primarily with Salesforce. I could think of a couple different use cases. First, let SFDC control creating the password and storing it with the record. It would then become another field that could be passed in via the field tagger. Second, have Nintex create the password and provide the information in an email or separate document and/or update a field with the information.
As the OP mentioned, we would also need to have control over whether the password provided Read-Only or Read/Write capabilities.