20 April 2017
London
Reporter: Mark Dugdale

Law firm sees rise in fintech patents


The number of financial technology patents filed through the international system administered by the World Intellectual Property Organization has increased 49 percent in five years, according to commercial law firm EMW.

The UK firm’s research revealed that the number of fintech patents filed worldwide is continuing to rise sharply, reaching 9,545 in 2016, up 6 percent from the 9,045 filed the year before.

Fintech patents, covering banking, exchanges, investment, insurance, payment architecture and the calculation of taxation, are up 49 percent from the 6,399 filed in 2011.

Examples of the technology patented include artificial intelligence-enabled methods for highlighting risks in real-time, with suspicious or abnormal activities picked up using predictive models, as well as new tools for providing crypto or other digital currency-related services, including bitcoin trading platforms and bitcoin storage services.

Felix Dodd, solicitor at EMW, commented: “Technology is revolutionising the services that financial services businesses provide to consumers, as well as serving a vital cost-cutting function.”

“The surge in patents reflects both the proliferation of start-ups bringing new technology and products to market over the last few years, as well as investment by more traditional financial services firms in an effort to remain relevant and retain market share.”

More Europe news
The latest news from IPPro Patents
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
ILO ruling “vote of no confidence” for Battistelli, says CSC
07 December 2017 | Munich | Reporter: Barney Dixon
In an open letter to the EPO’s heads of delegations, the CSC said that it interpreted the ILO’s decision as a “massive vote of no confidence in the president of the EPO"
EPO president’s impartiality questioned at ILO
06 December 2017 | Geneva | Reporter: Barney Dixon
The International Labour Organisation has questioned the impartiality of EPO president Benoît Battistelli, in two tribunal decisions concerning an EPO employee, and found that there was a conflict of interest on the part of the president
EPSU calls for halt to EPO fixed-term contracts
30 November 2017 | Munich | Reporter: Barney Dixon
The European Public Service Union has penned a letter to the European Patent Office’s Administrative Council chairman, Christopher Ernst, asking the council to reject new renewable five-year fixed-term contracts
EU Commission unveils SEP plans
29 November 2017 | Brussels | Reporter: Barney Dixon
Both the App Association and IP Europe, which were previously at loggerheads over the future of SEPs in Europe, have welcomed the communication, with ACT president Morgan Reed describing the communication as a “positive outcome”
Illumina takes victory at UK High Court
23 November 2017 | London | Reporter: Barney Dixon
Illumina has secured wins at the UK High Court of Justice in two patent infringement lawsuits against Premaitha and Ariosa
SUEPO concerned over EPO 'product' targets
22 November 2017 | Munich | Reporter: Barney Dixon
The Staff Union of the European Patent Office has voiced its concerns over increasing ‘product’ targets at the European Patent Office
Mewburn Ellis opens Munich office
16 November 2017 | Munich | Reporter: Barney Dixon
Intellectual property boutique Mewburn Ellis has opened a new office in Munich, its first expansion outside of the UK