Fintech Giant 'The Clearing House' Joins Open-Source Patent Protection Powerhouse OIN (zdnet.com) 6
The Clearing House, a banking association and payments company owned by the largest commercial banks in the U.S., has joined the Open Invention Network (OIN) -- the world's largest patent nonaggression consortium. ZDNet reports: The OIN has long protected Linux and Linux-related software from patent aggression by rival companies. With the increase in patent troll attacks, the OIN is also defending companies from these assaults. You may not think financial companies and banks are subject to such attacks. I mean, TCH's roots go all the way back to 1853. Think again.
As Keith Bergelt, CEO of OIN, said in June, "The most sophisticated and compelling global banking and fintech companies have essentially become technology companies that employ open-source software to deliver their services at scale." Further, patent trolls "appear to be targeting them for this reason, along with the fact that financial services companies have not historically been active patent filers." That's because, historically, they've purchased most of their tech from third-party vendors.
That was then. This is now. Today, financial institutions generate more tech in-house, so they're more concerned about being granted patents, building patent portfolios, and related patent issues. Indeed, these days fintech businesses have their own Fintech Open Source Foundation (FINOS), the financial sector branch of the Linux Foundation. So, Bergelt said in a release Wednesday, "Advancements in financial services and fintech increasingly rely on open-source technologies. As the most experienced payment company in the US, and a keystone for the financial services industry, we are pleased that The Clearing House is committed to patent nonaggression in core Linux and adjacent open-source technologies."
As Keith Bergelt, CEO of OIN, said in June, "The most sophisticated and compelling global banking and fintech companies have essentially become technology companies that employ open-source software to deliver their services at scale." Further, patent trolls "appear to be targeting them for this reason, along with the fact that financial services companies have not historically been active patent filers." That's because, historically, they've purchased most of their tech from third-party vendors.
That was then. This is now. Today, financial institutions generate more tech in-house, so they're more concerned about being granted patents, building patent portfolios, and related patent issues. Indeed, these days fintech businesses have their own Fintech Open Source Foundation (FINOS), the financial sector branch of the Linux Foundation. So, Bergelt said in a release Wednesday, "Advancements in financial services and fintech increasingly rely on open-source technologies. As the most experienced payment company in the US, and a keystone for the financial services industry, we are pleased that The Clearing House is committed to patent nonaggression in core Linux and adjacent open-source technologies."
Wait (Score:2)
Here on Slashdot, most people hate banks but love open source.
So how am I supposed to feel about this?
Re: (Score:1)
Chicken stocks (Score:2)
Re: Chicken stocks (Score:2)
If your portfolio managed to lose money over the last couple of years, you must have been making some really weird investments.