US payments networks operator The Clearing House (TCH) has joined the Open Invention Network (OIN) as a community member.
The networks that TCH operates clear and settle more than US$2 trillion daily. By joining the OIN, it agrees that open source software (OSS) is an enabler of advanced financial services payment platforms.
The OIN was founded to safeguard OSS, and is now the largest patent non-aggression community in history. Supporting freedom of action in Linux, the OIN has more than 3700 community members.
Keith Bergelt, CEO of the OIN, says: "Advancements in financial services and fintech increasingly rely on open source technologies. We are pleased that The Clearing House is committed to patent non-aggression in core Linux and adjacent open source technologies.”
Sean Reilly, senior vice president and associate general counsel at TCH, adds: "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.”
