JPMorgan Chase & Co. Joins Unified Patent’s Recently Established Electronic Payments Zone to Deter Patent Trolls
Banking leader has become a member of Unified Patents’ latest technology Zone
Los Altos, CA, March 16, 2014 – Unified Patents, which provides companies a solution for deterring NPE (Non-Practicing Entity) or patent troll activity, has announced that JPMorgan Chase & Co. has joined its Electronic Payments Zone. The Electronics Payments Zone protects companies deploying electronic payment technologies against patent assertion entities and reduces patent risk for banks, credit card companies, financial institutions, and other payment technology providers.
As part of its ongoing effort to track and identify potential threats by NPEs, Unified Patents found that over 83% of litigation in the Electronic Payments industry was driven by NPEs. NPE litigation and threats costs companies $10 Billion annually. NPEs are a growing threat to large companies in Electronic Payments, as well as emerging companies.
“We are happy to join Unified’s Electronic Payments Zone and help to deter NPE activity aimed at electronic payments technology,” said Daryl Wooldridge, Head of IP Management, JPMorgan Chase. “This effort will reduce the risks and costs of conducting electronic payments transactions.”
The Electronic Payments Zone joins Unified Patents’ two other Zones, Cloud Storage and Content Delivery, established in 2014 and 2013. Together Unified now protects over $550 billion in product revenue across the three zones with over 70 subscribing members.
“Unified welcomes JPMorgan Chase to the growing membership in Unified’s Electronic Payments Zone,” said Gary Bender, Managing Director of the Electronic Payments Zone. “For companies involved in electronic payments, like JPMorgan Chase and others, Unified’s solution provides a proven way to reduce NPE risk and cost without incentivizing NPEs to further assert against this strategic technology area. There are now over 20 subscribers to the payments zone.”
Banks, credit card companies, financial institutions and other technology providers can join JPMorgan Chase and other subscribers interested in deterring future NPE activity from electronic payments. Unified’s deterrent solution forces NPEs to take a careful analysis before purchasing or asserting patents in this critical technology area. Unified scales its subscription fees to a company’s size, with startups paying little or nothing to join.
About Unified Patents
Unified Patents was founded in 2012 to provide operating companies an alternative resource to curb NPE patent litigation. Unified Patents addresses the risk and cost of NPE litigation by strategically protecting areas of technology, such as Cloud Storage, Content Delivery and Electronic Payments. Unified’s unique solution draws on the mutual need of large companies, SMEs and startups to proactively deter NPE activity. Among the services provided by Unified are patent transaction reports, NPE and litigation monitoring, prior art searches, and invalidity analysis. For more information about Unified or about becoming a member of one or more of its Zones, visit www.unifiedpatents.com.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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