{"id":8924,"date":"2021-10-19T06:13:56","date_gmt":"2021-10-19T06:13:56","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=8924"},"modified":"2021-11-20T08:41:06","modified_gmt":"2021-11-20T08:41:06","slug":"file-patent-in-fintech","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/","title":{"rendered":"Why is it Necessary to File Patent in FinTech?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Patent protection is one of the most vital aspects that FinTech Companies need to work on. This is the most important in the case of FinTech Start-ups. This is because they invest a lot of time, hard work and development costs in creating unique solutions. New ideas or concepts pose a second-mover benefit when not filed or defended correctly. This is why the FinTech Industry is presently witnessing a surge in Patent filings. In this blog, we will discuss why it is necessary to file a Patent in FinTech.<\/p>\n\n\n\n<div class=\"embed-responsive embed-responsive-16by9\"><iframe class=\"embed-responsive-item\" src=\"https:\/\/www.youtube.com\/embed\/_FTDdMyTjnc\" allowfullscreen=\"\"><\/iframe><\/div><br>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a9773cbca5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a9773cbca5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/#What_is_a_FinTech\" title=\"What is a\nFinTech?\">What is a\nFinTech?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/#Why_is_it_Necessary_to_Have_Patent_in_FinTech_Sector\" title=\"Why is it Necessary to Have Patent in FinTech Sector?\">Why is it Necessary to Have Patent in FinTech Sector?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/#Benefits_of_Filing_Patent_in_FinTech\" title=\"Benefits of\nFiling Patent in FinTech\">Benefits of\nFiling Patent in FinTech<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/#Important_Points_to_Remember_While_Filing_Patent_in_FinTech_Software\" title=\"Important\nPoints to Remember While Filing Patent in FinTech Software\">Important\nPoints to Remember While Filing Patent in FinTech Software<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/#How_Can_You_Safeguard_the_New_Ideas\" title=\"How Can You\nSafeguard the New Ideas?\">How Can You\nSafeguard the New Ideas?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/#FinTech_Trend_in_India\" title=\"FinTech Trend\nin India\">FinTech Trend\nin India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/file-patent-in-fintech\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_FinTech\"><\/span>What is a\nFinTech?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before\nwe discuss why it is necessary to file a Patent in FinTech, let&#8217;s first\nunderstand the meaning of FinTech. Financial Technology, usually referred to as\n&#8220;<strong><em>FinTech<\/em><\/strong>&#8220;, is a developing industry that provides digital\ntechnology to increase efficiencies in payments systems, banking, and financial\nservices in different areas comprising digital marketplace financing, digital\nassets, investment advice, etc. The rapid innovations in blockchain &amp; artificial\nintelligence bring the forefront digital experience to conducting financial\nbusiness. Around 45% of customers choose digital channels over traditional\nfinancial institutions for their financial requirements, but what Intellectual\nProperty (IP) protections are available to prevent someone from stealing your\ntechnology? <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_is_it_Necessary_to_Have_Patent_in_FinTech_Sector\"><\/span>Why is it Necessary to Have Patent in FinTech Sector?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It\nis clearly seen that the invention benefited the FinTech Sector, which has\ngrown over 700% in the past few years, with worldwide investments in the\nFinTech topping 44 Billion Dollars in the year 2020. Many FinTech startups and\nbanks are rushing to create their Patent portfolios by getting disruptive\ntechnology in blockchain, and payment companies as financial institutions &amp;\nbanks rapidly understand the role of IP in their business and monetisation\nstrategies or plans. In 2018, financial and electronic or mobile banking\nsecurity technology reported for the majority of around four thousand FinTech\nPatent applications owned by some of the biggest organisations or companies in\nthe area of technology &amp; finance like Google, Visa, and IBM.<\/p>\n\n\n\n<p>But,\nthe rise of cryptocurrency &amp; blockchain Patents has enabled the appearance of\nmany FinTech start-ups and global FinTech hubs. The majority of the start-ups\nare leveraging business &amp; competitive intelligence to develop Patent\nportfolios around FinTech trading in commodities &amp; stocks, mining of\ncryptocurrencies &amp; blockchain executed financial security rules which\naddress the difficult financial regulatory environment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_Filing_Patent_in_FinTech\"><\/span>Benefits of\nFiling Patent in FinTech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Following\nare some benefits of filing a Patent in FinTech:<\/em><\/strong><\/p>\n\n\n\n<ol><li>Applications for Patent are considerably valuable and can attract investment from capable investors in the market;<\/li><li>Increase Market Share;<\/li><li>Unlike Copyright, <strong><a class=\"text-primary\" href=\"https:\/\/swaritadvisors.com\/patent-registration\">Patents<\/a><\/strong> can safeguard the functionality of the invention. A FinTech Patent prevents 3<sup>rd<\/sup> parties from taking advantage of the method, process or apparatus protected by the Patent. This permits the Patent owner to exercise a monopoly on their invention in terms of commercialisation\/licensing. This creates a precious revenue stream that increases the company\u2019s profile significantly.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_Points_to_Remember_While_Filing_Patent_in_FinTech_Software\"><\/span>Important\nPoints to Remember While Filing Patent in FinTech Software<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Following\nare some essential points to remember while filing a Patent in FinTech\nSoftware:<\/em><\/strong><\/p>\n\n\n\n<ol><li>Know the inventive idea in your\ninnovation and be capable of expressing how the claimed invention gives a\ntechnical solution to a technical problem. Comprise specific elements that were\nspecifically designed to accomplish an improved technology result or improvements\nto a technical area.<\/li><li>Know if your software improves\nthe way that a computer functions or employs any new functionality to get better\nthe user experience over traditional ways or technology. Clearly explain any\nsystem, components, or sub-systems used to implement your unique method.<\/li><li>Avoid the conversation of\ngeneric computer components or fundamental economic principles or methods like\nrisk mitigation or hedging that may be construed as simply &#8220;<strong><em>organising\nhuman activity<\/em><\/strong>\u201d or as stating \u201c<strong><em>conventional actions in a proper way<\/em><\/strong>\u201d.\n<\/li><li>At last, avoid simply focusing\non data aggregation &amp; storage or simply organising information that may be\nperformed on a conventional or general computer.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Can_You_Safeguard_the_New_Ideas\"><\/span>How Can You\nSafeguard the New Ideas?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Provided the value of FinTech Patents, the protection of your FinTech inventions should be a part of your overall Intellectual Property strategy. It is vital to consider patenting your invention at the concept stage, even before you plan to bring your invention into the market, as at times, the publication can affect the patent ability of your idea. Alterations in FinTech Law are quite active, and to file an efficient Patent, it is best to start off by first evaluating the basic steps on how to obtain a Patent. <\/p>\n\n\n\n<p>The\nessential rule that applies to obtaining a FinTech Patent is to first make sure\nthat the technical or expert idea you have brings about an appropriate change\nin the practical functioning of financial difficulty. FinTech Patent Proposals\nshould meet all the industry standards like improved network security for a\nfinancial transaction, innovative interface, improved computer resources use,\ngained reliability in network traffic speed, etc.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FinTech_Trend_in_India\"><\/span>FinTech Trend\nin India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>FinTech Market possesses the ability to expand up to 32 billion dollars in India in the future. <strong><em>WhatsApp<\/em><\/strong> is well-known digital platforms for communication and a widely used messaging app with more than 200 million users in India. This app carried out <strong><em>UPI (Unified Payment Interface)<\/em><\/strong> feature that was developed by <strong><em>NPCI (National Payments Corporation of India). <\/em><\/strong>This quick transfer of money digitally between participating banks permit users a fuss-free platform for merchant payments. UPI payments are rapidly getting adopted by other worldwide giants, too, comprising Google and Google launched their payment app known as <strong><em>Google Tez <\/em><\/strong>now, it is known as <strong><em>Google Pay<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Google_Pay\" class=\"text-primary\"><strong>[1]<\/strong><\/a><\/sup><strong><em>. <\/em><\/strong>Amazon &amp; Samsung also launched <strong><em>Amazon Pay<\/em><\/strong> and <strong><em>Samsung Pay<\/em><\/strong>, respectively. <\/p>\n\n\n\n<p>Apart\nfrom these huge companies, Indian digital payment companies like <strong><em>PhonePe,\nPayTM, FreeCharge, and MobiKwik<\/em><\/strong> are all UPI-enabled &amp; strengthening\ntheir market game. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After discussing the importance of filing Patent in FinTech, it is concluded that there is no uncertainty that new technology advancement &amp; disturbance in the FinTech industry will continue through 2022 as traditional banks both actively invest and obtain FinTech start-ups to give more extraordinary client service to their digitally-minded customers. Ensuring you have the correct IP protections and competitive intelligence in place will confirm you safeguard your valuable FinTech ideas while staying one step forward of the competition.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/exceptions-of-patent-infringement\/\">What are the Exceptions of Patent Infringement?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Patent protection is one of the most vital aspects that FinTech Companies need to work on. This is the most important in the case of FinTech Start-ups. This is because they invest a lot of time, hard work and development costs in creating unique solutions. New ideas or concepts pose a second-mover benefit when not [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":8925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[55],"tags":[880],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8924"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=8924"}],"version-history":[{"count":7,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8924\/revisions"}],"predecessor-version":[{"id":9568,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/8924\/revisions\/9568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/8925"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=8924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=8924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=8924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}