Payments firm The Clearing House (TCH) has joined the Open Invention Network (OIN) as a community member to support the organisation’s mission to protect open source software (OSS).
TCH, which handles $2trillion in transactions a day, has joined to reinforce its commitment to OSS as an enabler of advanced financial services payment platforms.
Sean Reilly, senior vice president and associate general counsel at The Clearing House, explains: “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.”
Reliance on OSS
According to OIN, advancements in financial services and fintech increasingly rely on open source technologies.Keith Bergelt, CEO of OIN, commented: “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 non-aggression in core Linux and adjacent open source technologies.”
Funded by Google, IBM, NEC, Philips, Sony, SUSE and Toyota, OIN has more than 3,700 community members. The OIN patent license and member cross-licenses are available royalty-free to any party that joins the OIN community.
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 licenced royalty-free to any organisation that agrees not to assert its patents against the Linux System.