1/14/2015
`
`New banking group launches with focus on improving patent quality Blog Intellectual Asset Management (IAM) Maximising IP Value for Business
`
`New banking group launches with focus on
`improving patent quality
`
`15
`OCT 14
`
`The Clearing House, a banking industry group representing more than 20 US and
`international financial institutions, has formed the Patent Quality Initiative, a project aimed at
`eliminating bad patents through better prior art searching, research and filing IPRs. The
`move reflects the rise in patent infringement cases involving financial institutions and their
`increased sophistication as significant patent holders. It is also notable given the increased
`convergence in the banking sector as tech companies such as Apple and Google develop
`mobile payment systems.
`
`Richard Lloyd
`
`The initiative is being led by Sean Reilly who spoke exclusively to IAM before the news was announced late
`Tuesday night. He pointed out that the launch of the PQI was in part driven by banks’ increased willingness to
`fight patent suits rather than simply settle. Plus, they have clearly come to realise the value tied up in their
`own portfolios and have developed their own internal IP teams to more effectively manage their patent
`strategies. “It’s not that long ago that banks didn’t even have their own IP officers,” Reilly observed.
`
`The PQI’s initial focus will be in synthesizing the universe of prior art related to banking and making that
`information more accessible. It also plans on filing IPRs against what it views as poor quality patents and
`representing its members’ interests through filing amicus briefs in relevant cases.
`
`Over the last few years it has been clear that banks are a growing presence in the patent community. An
`article by IP data company ktMINE in the most recent issue of IAM (68, November/December 2014) looked at
`the most active companies in IP in 2013 and placed a number of banks, including Bank of America, Wells
`Fargo, Citigroup and JPMorgan Chase, in the top 50.
`
`Patent litigation cases involving the banks remains relatively rare, particularly compared with the tech sector,
`but the convergence of technology and banking has certainly helped fuel greater interest in the sector from
`NPEs. Intellectual Ventures, for instance, has been involved in a number of disputes with major financial
`institutions such as Capital One, Citibank and HSBC. But Reilly insisted that the launch of the PQI was not a
`simple antiNPE play and added that the initiative was focused on behaviours not actors. “The problem is not
`patent monetisation that can actually help drive investment,” he said. “The problem is low quality patents
`regardless of the owner.”
`
`Although the launch of the initiative also coincides with the ongoing debate around patent reform in the US,
`which could resurface in the next Congress, Reilly maintained that the PQI was not designed as a way for the
`banking sector to shape any new legislation. “We don’t envision this being a legislative advocacy vehicle,” he
`said. “The focus is on the private sector taking action, using the tools that are available.”
`
`http://www.iammagazine.com/Blog/Detail.aspx?g=972d0d5dd11642fd945d82ac28c33b3a
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`
`
`
`New banking group launches with focus on improving patent quality Blog Intellectual Asset Management (IAM) Maximising IP Value for Business
`
`New banking group launches with focus on
`improving patent quality
`
`15
`OCT 14
`
`The Clearing House, a banking industry group representing more than 20 US and
`international financial institutions, has formed the Patent Quality Initiative, a project aimed at
`eliminating bad patents through better prior art searching, research and filing IPRs. The
`move reflects the rise in patent infringement cases involving financial institutions and their
`increased sophistication as significant patent holders. It is also notable given the increased
`convergence in the banking sector as tech companies such as Apple and Google develop
`mobile payment systems.
`
`Richard Lloyd
`
`The initiative is being led by Sean Reilly who spoke exclusively to IAM before the news was announced late
`Tuesday night. He pointed out that the launch of the PQI was in part driven by banks’ increased willingness to
`fight patent suits rather than simply settle. Plus, they have clearly come to realise the value tied up in their
`own portfolios and have developed their own internal IP teams to more effectively manage their patent
`strategies. “It’s not that long ago that banks didn’t even have their own IP officers,” Reilly observed.
`
`The PQI’s initial focus will be in synthesizing the universe of prior art related to banking and making that
`information more accessible. It also plans on filing IPRs against what it views as poor quality patents and
`representing its members’ interests through filing amicus briefs in relevant cases.
`
`Over the last few years it has been clear that banks are a growing presence in the patent community. An
`article by IP data company ktMINE in the most recent issue of IAM (68, November/December 2014) looked at
`the most active companies in IP in 2013 and placed a number of banks, including Bank of America, Wells
`Fargo, Citigroup and JPMorgan Chase, in the top 50.
`
`Patent litigation cases involving the banks remains relatively rare, particularly compared with the tech sector,
`but the convergence of technology and banking has certainly helped fuel greater interest in the sector from
`NPEs. Intellectual Ventures, for instance, has been involved in a number of disputes with major financial
`institutions such as Capital One, Citibank and HSBC. But Reilly insisted that the launch of the PQI was not a
`simple antiNPE play and added that the initiative was focused on behaviours not actors. “The problem is not
`patent monetisation that can actually help drive investment,” he said. “The problem is low quality patents
`regardless of the owner.”
`
`Although the launch of the initiative also coincides with the ongoing debate around patent reform in the US,
`which could resurface in the next Congress, Reilly maintained that the PQI was not designed as a way for the
`banking sector to shape any new legislation. “We don’t envision this being a legislative advocacy vehicle,” he
`said. “The focus is on the private sector taking action, using the tools that are available.”
`
`http://www.iammagazine.com/Blog/Detail.aspx?g=972d0d5dd11642fd945d82ac28c33b3a
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`1/14/2015
`
`New banking group launches with focus on improving patent quality Blog Intellectual Asset Management (IAM) Maximising IP Value for Business
`
`Perhaps the most interesting part of PQI is what it says about the banking sector overall. The launch of mobile
`payment systems such as Google Wallet, Apple Pay and Amazon Mobile Payment means that it is the focus
`of a range of new technologies. Not surprisingly, Reilly maintained that the general trend is one of greater
`collaboration between the tech arrivistes and the main retail banks. That maybe true for now, but as we’ve
`seen with smartphones, convergence can mean messy and very expensive patent litigation.
`
`The convergence in the sector was highlighted by some recent research by Patexia, a crowd sourcing patent
`analytics firm. It looked at the largest owners of patents and patent applications under the international patent
`classification code related to banking and found that just two banks – Bank of America and JP Morgan Chase
` made the top 15. Citigroup did not make the list but with 298 patents and applications it is clearly a major
`player.
`
`Here’s the list in full:
`
`Rank Organisation
`
`Patents/applications related to
`banking
`
`1
`
`2
`
`3
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`10
`
`11
`
`12
`
`13
`
`14
`
`15
`
`IBM
`
`eBay
`
`Microsoft
`
`Bank of America
`
`
`SAP
`
`Visa
`
`Yahoo
`
`Trading Technologies
`International
`
`Amazon
`
`JPMorgan Chase
`
`Hewlett Packard
`
` 2223
`
` 1217
`
` 1120
`
` 1096
`
` 980
`
` 839
`
` 805
`
` 731
`
` 609
`
` 564
`
` 453
`
` 415
`
`Oracle Interntional Corporation
`
` 414
`
`Accenture Global Services
`
` 399
`
`Intellectual Ventures (III holding
`1 LLC)
`
` 377
`
`http://www.iammagazine.com/Blog/Detail.aspx?g=972d0d5dd11642fd945d82ac28c33b3a
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`1/14/2015
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`New banking group launches with focus on improving patent quality Blog Intellectual Asset Management (IAM) Maximising IP Value for Business
`
`Source: Patexia
`
`This doesn’t mean that the retail banks are all doomed and the future of banking lies with the giants of tech.
`But it does point to a far more complex finance sector leading presumably to some major licensing
`negotiations and possibly more patent litigation. The PQI looks like an early step by the banks as they
`continue to grapple with some very new and different business dynamics.
`
`Leave a comment
`
`Please log in or register to leave a comment.
`
`http://www.iammagazine.com/Blog/Detail.aspx?g=972d0d5dd11642fd945d82ac28c33b3a
`
`3/3
`
`
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