Posts Tagged: "Bank of America"

Third Circuit Says Patent Owner Failed to Show Banks Control Askeladden, So No Breach of Contract

The U.S. Court of Appeals for the Third Circuit on August 31 affirmed a district court’s ruling that Verify Smart Corp had failed to plausibly allege an agency relationship between Wells Fargo and Bank of America (the “Banks”) and a banking industry group’s subsidiary sufficient to prove the Banks enlisted the subsidiary to challenge a patent they were contractually prohibited from challenging themselves.

The Blockchain Patent Landscape Shows Accelerating Growth

On March 16, 2020, Bitcoin sold at $5,024, down from its previous high of over $19,000. On November 25, 2020, it sold at over $19,000 again. Interest in blockchain technology and Bitcoin, in particular, is on the rise after a cold winter, which began in January 2018. Facebook Libra made a bid to become the world’s currency, and although government regulators have so far stifled its implementation, it still may be implemented in a revised form that satisfies the regulators. Some estimate that Apple could generate $100 billion in shareholder value if they were to integrate Bitcoin into Apple Pay.

Tech Giants Lead the Way on Fintech Patents, Ahead of Banks

British patent data insights firm Cipher recently released an IP strategy report that provides a look at how many firms are patenting technologies in the hopes of disrupting various industry sectors. Among the various highlights of the report include a look at fintech patents, which shows that tech companies and not banks are leading the way in obtaining patents that cover the future of banking.

USAA Asserts Mobile Check Deposit Patents Against Wells Fargo

USAA alleges that Wells Fargo Mobile Deposit remote deposit capture system, which was released years after either of USAA’s remote deposit services were first offered, infringe upon the asserted patents. Wells Fargo Mobile Deposit has been downloaded more than 10 million times from the Google Play Store alone and by February 2018, Wells Fargo had 21 million users who were actively using a mobile banking account. Wells Fargo mobile check deposit system involves the use of alignment guides and feedback indicators which are designed to assist customers in orienting the camera, features covered by the USAA patents. Although USAA approached Wells Fargo last August to discuss the licensing of USAA’s remote deposit capture patents, Wells Fargo allegedly continues to practice the technologies without any compensation to USAA. Along with counts for infringement of each patent asserted, USAA is also seeking a finding of willful infringement to enhance the actual damages by three times.

How Bitcoin Became a Game Changer Overnight

Bitcoin was touted as the world’s first decentralized digital currency. It basically is a cryptocurrency which uses peer-to-peer technology to provide payment network gateway. Bitcoin is deliberately designed for public use by making it an open-source. Therefore, nobody owns or governs or control Bitcoin and everyone can be a part of it. Bitcoin financial infrastructure follows decentralized and automated systems which overcome the inefficiency of the traditional financial system. The unique feature of Bitcoin is that no one can block you from transferring money from anywhere in this world. Further, this makes whole transaction process irreversible. These transactions are recorded in a public distribution ledger called a blockchain.