Truist Joins the Open Invention Network
DURHAM, N.C., April 12, 2022 (GLOBE NEWSWIRE) — Open Invention Network (OIN), the organization formed to safeguard open source software (OSS) and now the largest patent non-aggression community in history, announced today that Truist Financial Corporation (Truist) has joined as a community member. Truist is the sixth largest U.S. bank by assets and the seventh largest global insurance broker. As a significant user and supporter of open source, Truist is reinforcing its commitment to OSS as an enabler of advanced financial services and mobile banking platforms.
“Banking and insurance platforms increasingly rely on open source technologies to modernize existing systems and build new Fintech-driven capabilities,” said Keith Bergelt, CEO of Open Invention Network. “We are pleased that an established financial services leader like Truist is committed to patent non-aggression in core Linux and adjacent open source technologies.”
“As we build a better experience for our clients, open source can be a significant innovation enabler for the platforms and applications we build and integrate,” said Truist Chief IP Counsel Michael Springs. “We’re proud to join the Open Invention Network and support its role in protecting open source software from patent risk.”
OIN’s community practices 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. The OIN license can be signed online at http://www.j-oin.net/.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $522 billion as of June 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.
About Open Invention Network
Open Invention Network (OIN) is the largest patent non-aggression community in history and supports freedom of action in Linux as a key element of open source software (OSS). Patent non-aggression in core technologies is a cultural norm within OSS, so that the litmus test for authentic behavior in the OSS community includes OIN membership. Funded by Google, IBM, NEC, Philips, Sony, SUSE and Toyota, OIN has more than 3,600 community members. The OIN patent license and member cross-licenses are available royalty-free to any party that joins the OIN community.
For more information, please visit www.openinventionnetwork.com.
Media-Only Contact:
Ed Schauweker
AVID Public Relations for Open Invention Network
[email protected]
+1 (703) 963-5238
