October 24, 2023 — Historically, Banking & Financial Services have held on to traditional & conservative methods of software development & therefore been slow to embrace Linux and Open Source Software (OSS). That is changing. Now the industry largely relies on OSS as a best practice. In fact, the report noted 536,000 changes by Financial Services companies to Open Source projects on GitHub, which is one of the largest hosts of source code, in 2022. That is 24% more contributions than in 2021. However, the pace of patent litigation in Fintech has grown by more than 100%, almost 3 times more than the next closest industry. OIN published a report examining FinTech and patent litigation & the findings indicate an unprecedented wave of patent threats to this industry. As further evidence of this trend, an influx of Banks & Financial Service firms — including insurance companies — are joining OIN for patent protection and risk reduction. Tech Company News shares more details.

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