Fintech Patents

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
Multifunctional mobile banking system
Euronet Worldwide Inc.

Online payment portals

AU Patent # 2013205573 etc.
Payment application framework
Paypal Inc.

Security and identity verification

US Patent # US8782775B2
Embedded authentication systems in an electronic device
Apple Inc.

Loan management applications

AU Patent # 2009202196
Loan portfolio management and automatic loan repayment method and system
Advanced Merchant Payments, Ltd.

Block chain and cryptocurrency

AU Patent # 2018100999
Integration of Cryptocurrency Splitting Technology, Highly Scalable Blockchain Network and Mirror Advertising Technology for transparency of Business Operations and Taxation
CHERKAS, Ruslan MR; PAVLENKO, Ivan MR; SASHIN, Sergey MR; TCHERKAS, Dmitri DR; VASILENKO, Alex MR; WILLIAMS, Elise MRS

Insurance applications

AU Patent # 2011101529
A Method of Providing Insurance
IUG Asset Management Limited.

Loan calculators, personal financing apps

AU Patent # 2018101796
An Online Home Loan Comparison Calculator with added functionality, allowing the user to ascertain the net effect of adding the cost of a Solar PV System to the original home loan amount. The Solar Home Loan Calculator allows the user to compare 2 different loan amounts with 2 varying or equal interest rates, showing a net loss or gain in terms of loan payments. The calculator also allows the user to input the electricity savings generated by the Solar PV System in dollar terms, as extra loan repayments, illustrating the reduction in overall home loan interest payable, loan term & LVR
Xenara Financial Pty. Ltd.

What are the key regions for Fintech Patents?

Fintech Patents Worldwide