London
20 April 2017
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 (WIPO) 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 through WIPO’s international Patent Cooperation Treaty (PCT) system, which has more than 150 countries as signatories, 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.”

Patents generally grant their owners 20 years of exclusivity to an invention, although this can differ across jurisdictions.

The international patent system, under the PCT, allows applicants to simultaneously seek protection for an invention in a large number of countries.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

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

Subscribe now
Geopolitics causing confusion in financial crime compliance
25 April 2017 | London | Reporter: Stephanie Palmer
The Trump administration’s approach to regulation is a concern when it comes to financial crime compliance, but experts speaking at the SWIFT Business Forum suggested that attendees may have bigger fish to fry
BNP Paribas aims for €2 billion+ revenue
25 April 2017 | Paris | Reporter: Mark Dugdale
The French custody bank revealed the aim as part of its recent investor day, with a list of expanded service offerings proposed
Sharing is caring is cyber crime combat
25 April 2017 | London | Reporter: Stephanie Palmer
A more holistic and communicative approach is required to tackle cyber crime in financial services, heard attendees of the SWIFT Business Forum
SWIFT tests distributed ledger technology for reconciliations
25 April 2017 | Brussels | Reporter: Drew Nicol
The results of the proof of concept will be presented at Sibos in Toronto in October
NEX Group pairs ENSO and RSRCHX for MiFID II solution
25 April 2017 | New York | Reporter: Drew Nicol
The NEX Group's ENSO, a centralised treasury management solution for the buy side, is set to expand its broker vote tool to include research consumption for the second Markets in Financial Instruments Directive
New faces on DTCC board of directors
24 April 2017 | New York | Reporter: Stephanie Palmer
The Depository Trust & Clearing Corporation (DTCC) has appointed four new members to its board of directors
Saudi stock exchange makes move to T+2
24 April 2017 | Riyadh | Reporter: Stephanie Palmer
Tadawul, the Saudi Arabian stock exchange, has officially moved to a T+2 settlement cycle for listed securities, from its previous T+0 system
More news