U.S. Bancorp, with approximately 70,000 employees and $601 billion in assets, is the parent company of U.S. Bank National Association, better known as U.S. Bank. It is the largest regional bank in the United States by assets and an industry leader in creating innovative solutions to serve customers. U.S. Bank serves millions of customers locally, nationally and globally through a diversified mix of businesses that include consumer and business banking, payment services, corporate and commercial banking and wealth management and investment services.
As financial institutions look to integrate innovative fintech solutions into their platforms, they increasingly rely on open source software. U.S. Bank has joined Open Invention Network (OIN), the organization formed to safeguard open source software and the largest patent non-aggression community in history.
“In financial services, digital innovators increasingly rely on open source technologies for building and integrating feature-rich platforms,” said Keith Bergelt, CEO of Open Invention Network. “As one of the largest U.S. banks, and a leading developer and investor in Fintech, we are pleased that U.S. Bank is committed to patent non-aggression in core Linux and adjacent open source technologies.”
“We have an unrelenting focus to put customers at the center of what we do,” said Don Relyea, chief innovation officer at U.S. Bank. “Incorporating open source software is one of the ways we implement the best technologies in our systems to deliver services and experiences that our customers value and trust. At U.S. Bank, we are committed to technology innovation, and we are proud to join the Open Invention Network and support its role in protecting open source software.”
Joining OIN signals the U.S. Bank’s continued support of cooperative technology development, as it uses open source software to advance the digital experiences available to customers that help them in their financial lives. Other financial services companies and fintech providers that are part of the OIN community include The Clearing House, Barclays, Alibaba, Block, UnionPay and Sumitomo Mitsui, among others.
As a community, OIN members practice patent non-aggression in core Linux and adjacent open source technologies by cross-licensing Linux System patents to one another on a royalty-free basis. Patents owned by Open Invention Network are similarly licensed royalty-free to any organization that agrees not to assert its patents against the Linux System.