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Global competition. Scalability. Data mobility. These — among other factors — are causing insurance companies to follow other leaders in Banking & Financial Services by turning towards Open Source & patent non-aggression.

Patent wars in Fintech are not just inevitable but are already happening & disputes between top financial organizations have forced Banks and Financial Services companies to rethink their patent strategies. They’re reconsidering their approach to patent defense. They must. They have billions of investment capital at stake & the industry is experiencing increased exposure to more patent disputes — Financial Services industry patent litigation by Non-Practicing Entities (NPEs) — from 2020 to 2021 — grew more than 100%, almost 3 times more than the next closest sector, which grew 35%.

The insurance industry realizes Open Source solutions are the only way to stay competitive, scale products, climb the ecosystem to actualize digital applications & foster data mobility. As such, insurance companies around the world are catching on, sharing this philosophy & moving forward with other industry leaders. They, too, are seeking solutions to protect their patent risks, are turning towards patent non-aggression, relying on Open Source — and are joining our community.

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OIN Community Members

Open Source Advocates | Insurance

Truist | OIN Community Member
Ally - OIN Community
Nationwide

What Members are Saying

We recognize the value in shared innovation, a fundamental characteristic of open source communities. In addition to joining OIN, Square is one of the founders of the Crypto Open Patent Alliance (COPA), a collaborative consortium in which members pledge not to use their crypto technology patents, except for defensive purposes. Our participation in the OIN community demonstrates our commitment to support collaborative technology development.

Max SillsCounsel at Square and General Manager of COPA