Swedbank is warned by Accumulate


Swedbank is warned by Accumulate

18 Dec 2019 Comments Closed 299 Views

Swedbank has received a warning letter regarding the use of Mobile BankID in the US from Accumulate, which accuses several large banks of patent infringement.

Realtime has previously published articles about the Swedish tech company Accumulate accusing several major banks for stealing their technology solutions in the development of the popular mobile banking app.

Accumulate has now begun collaborations to develop the company’s patent on the US market. As a step in this, Accumulate and its affiliates will require licenses from anyone considered to use Accumulate’s patent rights in the United States. 

“The use of Mobile BankID in the United States exploits Accumulate’s US patents and Accumulate and its partners require licenses to be signed or their use terminated,” Accumulate writes in a press release.

Accumulate currently has three approved patents in the US and one US patent application that will be approved shortly. Accumulate’s patent gives Accumulate an exclusive right to use the solutions for mobile secure transactions that Accumulate developed already in 2007. “The US patent portfolio is within the same patent family as the Swedish patents to which the Mobile BankID process applies”, the press release further states.

Accumulate, through its attorneys and partners, sent a warning letter to Swedbank, which is considered a “leading and driving party behind Mobile BankID with the most users” to alert Swedbank about the US patents and the need to sign licenses for use, provision and issuance in the U.S.

Swedbank has been invited to a dialogue and to sign valid licenses. Alternatively, if they do not want to do the right thing for themselves, Swedbank must stop all use, provision and release in the US of Mobile BankID, according to Accumulate. This would mean that customers with Mobile BankID from Swedbank would not be able to use Mobile BankID when they are in the US and that no login to Swedbank’s Internet bank or mobile bank can be done with Mobile BankID.

No company has yet signed a license to use, provide or issue Mobile BankID in the United States. The Riksbank has already ceased to provide Mobile BankID for use in the United States.

For the Swedish market, disputes are ongoing in the Patent and the Market Court regarding infringement and use of Accumulate’s corporate secrets and patent infringement. This process is unaffected and not affected by US rights.

Accumulate has been supported by the International Litigation Fund Therium. “Accumulate has strong grounds for its sentiment and we believe that they are right in the matter,” says Mats Geijer, Investment Manager Sweden.

Source: https://www.realtid.se/