Open Invention Network (OIN), the organization formed to safeguard open source software (OSS) and now the “largest” patent non-aggression community in history, announced recently that The Clearing House (TCH) has joined “as a community member.”
As the nation’s “most experienced” payments company, operating U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image and real-time payments, TCH is “reinforcing its commitment to OSS as an enabler of advanced financial services payment platforms.”
Keith Bergelt, CEO of Open Invention Network, said:
“Advancements in financial services and Fintech increasingly rely on open source technologies. As the most experienced payment company in the U.S., and a keystone for the financial services industry, we are pleased that The Clearing House is committed to patent non-aggression in core Linux and adjacent open source technologies.”
Sean Reilly, Senior Vice President and Associate General Counsel at The Clearing House, remarked:
“We remain focused on integrating the best technologies in our payment networks, which help to deliver services that our banks’ customers value and trust. We enable all financial institutions to offer safer, faster, and smarter digital transaction services, and open source is a significant innovation driver in these offerings. We are pleased to join the Open Invention Network and support its role in protecting open source software.”
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.”
Patents owned by Open Invention Network “are similarly licensed royalty-free to any organization that agrees not to assert its patents against the Linux System.” The OIN license can be signed online at http://www.j-oin.net/.
As noted in the update, The Clearing House “operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments.”
It is reportedly “the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions.”
In 2017, The Clearing House claims that it “revolutionized U.S. payments by introducing the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel.”
These RTP capabilities “enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers.”