Bank of America patents mobile banking programs and video ATM terminals

From IP Watchdog –

“In order to stay atop the world of financial services, the Bank of America is forced to be very innovative especially given the rise of mobile banking services and financial cybersecurity risks. Recently, Samsung announced BofA as a launch partner of its Samsung Pay mobile pay service along with JPMorgan Chase, Citigroup and US Bancorp; all four of these banks are also members of Apple Pay as well. Much of BofA’s ability to innovate comes from strategic startup acquisitions and its most recent Technology Innovation Summit identified 30 startups out of the 200 which presented technologies to the banking giant that the company will add to its roster of vendors. This focus on identifying useful innovation from outside of the company is a trend in the banking industry that extends far beyond the Bank of America.”

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5 More Banks Sued for Patent Infringement

From Bank Info Security

“Five more banks have been sued for patent infringement related to banking technology that is core to their business. Some 13 banks have been named in lawsuits by just one patent-holding company since May (see Patent Lawsuits Target Eight Banks).

This latest flurry of legal action is spurring discussion of regulatory reforms. The challenge, however, will be ensuring that such reforms don't hinder innovation by banks seeking patents for new technologies they develop, legal experts say.”

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