Fintech company The Clearing House joins OIN, an open source patent protection authority

A blank cashier's check

You may not have heard of it The Clearing House (TCH), but you use its services every day. Its US payments network clears more than $2 trillion in wire, Automated Clearing House (ACH), check image and real-time payments every day. How does it do that? Through open source software. And it’s a target for open source patent trolls. So, ACH joined this week Open Innovation Network (OIN) — The world’s largest patent non-infringement consortium.

OIN has long protected Linux and Linux-related software from patent encroachment by competing companies. With the increase in patent troll attacks, OIN is also protecting organizations from these attacks.

You might not think that financial institutions and banks are subject to such attacks. That is, TCH’s roots all go back to 1853. Think again.

as Keith BerkeldOIN’s CEO said in June, “The most sophisticated and compelling global banking and fintech companies have essentially become technology companies that use open source software to deliver their services at scale.”

Further: The company successfully transitioned to a four-day work week. Here is the procedure

Also, patent trolls “seem to target them for this reason, along with the fact that financial services firms have historically not been patent filers.” That’s because, historically, they’ve purchased most of their technology from third-party vendors.

It was then. This is now. Today, financial institutions develop more technology in-house, so they are more concerned with the issuance of patents, building patent portfolios, and related patent issues. In fact, fintech businesses have their own these days FinTech Open Source Foundation (FINOS)Finance branch of the Linux Foundation.

As such, Berkeld said in a statement released Wednesday, “Advances in financial services and fintech increasingly rely on open-source technologies. We are pleased that The Clearing House, the most experienced payment institution in the United States and a cornerstone of the financial services industry. Patents on core Linux and adjacent open-source technologies Absence.”

You don’t have to be a $2-trillion-a-day transaction company to get OIN patent protection. Even small businesses can sign up OIN license online.

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