FinTech is the advanced banking technology in back-end and customer-facing systems. These run the gambit from online banking on personal computers to being able to deposit checks and trade cryptocurrencies on a smartphone.
While it started out as capabilities, by technology companies, that would enable them to compete against traditional banks, the legacy financial services industry has been quick to adopt these innovations. The vast majority of all FinTech apps and back-end platforms leverage one or more open source software (OSS) projects.
Open Invention Network (OIN) is the patent non-aggression community formed to safeguard OSS. It is financially backed by Google, IBM/Red Hat, NEC, Philips, Sony, SUSE and Toyota. OIN and Truist have announced that Truist Financial Corporation has joined as a community member.
Truist is the sixth largest U.S. bank by assets and the seventh largest global insurance broker. As a significant user and supporter of open source, Truist is reinforcing its commitment to OSS as an enabler of advanced financial services and mobile banking platforms.
“As we build a better experience for our clients, open source can be a significant innovation enabler for the platforms and applications we build and integrate,” said Truist Chief IP Counsel Michael Springs. “We’re proud to join the Open Invention Network and support its role in protecting open source software from patent risk.”
Through its venture investments division, Truist Ventures, Truist has insights and access to customer-focused Fintech capabilities. These include mobile banking, mobile payments, blockchain and cryptocurrency, point-of-sale lending and digital trading, among others.
“Banking and insurance platforms increasingly rely on open source technologies to modernize existing systems and build new Fintech-driven capabilities,” said Keith Bergelt, CEO of Open Invention Network. “We are pleased that an established financial services leader like Truist is committed to patent non-aggression in core Linux and adjacent open source technologies.”
OIN’s community practices patent non-aggression in core Linux and adjacent open source technologies by cross-licensing Linux System patents to one another on a royalty-free basis.