The torrid pace of innovation in the financial industry, especially in the mobile-payment sector, brings problems as well as opportunity. One of those problems is patent issues.
Patents are designed to protect the inventor from unauthorized use of intellectual property. Today’s financial services industry is much different than it was a decade ago, perhaps even five years ago, with the rise of mobile technology leading the upheaval. Start-ups use patents to attract investors and established businesses use patents to protect themselves from future infringement claims.