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Fiserv, a financial services tech firm, recently filed a patent infringement lawsuit on behalf of its subsidiaries CheckFree and CashEdge against another tech company, FIS, and its subsidiary Metavante Corp.
Fiserv believes its intellectual property was violated by FIS, and Fiserv's lawsuit seeks to protect that property. The lawsuit pertains to FIS' Payment Manager products, which Fiserv alleges "infringes on Fiserv's patents when it provides customers with certain financial and payment solutions."
Considering this lawsuit, tech companies would be well-advised to secure a professional liability insurance package, which could help defray the potentially substantial legal costs associated with a patent infringement suit.
Following up the news of the lawsuit, Bank Systems & Technology explained how this lawsuit could have a significant impact on many banks.
According to the website, Fiserv and FIS are two of the largest financial technology vendors, and many banks may have to change their operations if FIS is found guilty of patent infringement and has to pull its Payment Manager products.