What is Fintech?
Fintech encompasses all manner of developed software and apps used in the finance sector, as well as the infrastructure used to run these programs. This includes banking, insurance, point-of-sale, security and transaction technologies, amongst others. In truth, the boundaries of what may/may not be referred to as Fintech are hard to define and legislation of what is considered patentable is similarly in flux. Thus, Fintech patent applications should be carefully considered and drafted based on a clear understanding of current software patenting law in the jurisdictions of relevance.
Probably the most famous example of a Fintech patent is the 1-Click purchase technology developed by Amazon. Whilst conceptually, the technology is not complex, it bypasses several processes in purchasing items online, making purchasing easier for Amazon’s customers. Another example of a Fintech application is the use of biometrics for mobile payment apps, as in the case of Apple’s Touch ID to make purchases using Apple’s mobile wallet (Apple Wallet), application store (App Store), and multimedia store (Itunes).
Examples of Fintech Patent applications
|Mobile banking apps|
AU Patent # 2001241977
|Online payment portals|
AU Patent # 2013205573 etc.
|Security and identity verification|
US Patent # US8782775B2
|Loan management applications|
AU Patent # 2009202196
|Block chain and cryptocurrency|
AU Patent # 2018100999
AU Patent # 2011101529
|Loan calculators, personal financing apps|
AU Patent # 2018101796