You may have never heard of The Clearing House (TCH), but you use its service every day. Its US payments network clears and settles over $2 trillion in transfers, Automated Clearing House (ACH), real-time checkout and payment images every day. How does it do that? With open source software. And that means it’s a target for open source patent trolls. So this week ACH joined Open Invention Network (OIN) – the world’s largest non-patent association.
OIN has long protected Linux and Linux-related software from patent infringement by rival companies. With the rise of patent troll attacks, OIN is also protecting companies from these attacks.
You might not think that financial companies and banks are subject to such attacks. I mean, the roots of TCH go back to 1853. Think again.
Like Keith BergeltOIN’s CEO said in June, “The most complex and attractive global banking and fintech companies have essentially become technology companies that use open source software to deliver their services on a grand scale.”
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Furthermore, patent scammers “appear to be targeting them for this reason, coupled with the fact that financial services firms have historically not been active patent filers.” pole.” That’s because, historically, they bought most of their technology from third-party vendors.
It was after that. It’s time. Today, financial institutions create more technologies in-house, so they are more concerned with patenting, patent portfolio building, and patent-related matters. Indeed, today fintech businesses have Fintech Open Source Foundation (FINOS)financial branch of the Linux Foundation.
So, Bergelt said in a statement on Wednesday, “Advances in fintech and financial services increasingly rely on open source technologies. It is the most experienced payments company in the US and a cornerstone of the platform. platform for the financial services industry, we are pleased that The Clearing House is committed to non-infringement of patents in core Linux and neighboring open source technologies.”
You don’t have to be a $2 trillion a day trading company to get OIN patent protection. Even the smallest businesses can sign Online OIN License.
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