RICHMOND HILL, Ontario- LAWFUEL –Advanced Software Design (ASD) Corporation, a leader in innovative fraud prevention solutions for banks and credit unions, announced it has filed a lawsuit against Fiserv, Inc. and the Federal Reserve Banks of St. Louis, Philadelphia and Atlanta, for infringement of the patents relating to ASD’s SAND® (Self-Authenticated Negotiable Documents) technology.
According to the lawsuit, the patent infringement is caused by The Federal Reserve Banks’ use of the “Secure Seal” technology, supplied by Fiserv, for the validation and/or printing of US Treasury checks.
“We made multiple attempts to discuss a mutually beneficial business arrangement with Fiserv, to avoid impacting their bank customers and the industry. Regrettably, having received no response from Fiserv, we have been forced to also involve the Federal Reserve Banks in this process, in addition to Fiserv, and ask the Court to resolve this matter. ASD is actively engaged in selling the SAND® technology, therefore protecting our intellectual property is essential, as is the protection it affords to our clients and partners. Considering Fiserv’s and the Federal Reserve Banks’ position in the industry, and the high visibility of the US Treasury checks, we have become increasingly concerned that financial institutions might incorrectly assume they must implement Fiserv’s technology,” said Calin Sandru, President, ASD. “The industry is aware of our patent portfolio and our commitment to license our check validation interoperability patent based on a policy of ‘reasonable and non-discriminatory terms to customers similarly situated’.”
ASD continues to support the adoption of multiple image survivable check security features to prevent fraud. The interoperability patent is not the object of this lawsuit. This lawsuit is about Fiserv, Fiserv’s technology, and the Federal Reserve Banks implementing methods claimed under the SAND® patents.
Acting on behalf of ASD in this matter is the law firm of Senniger Powers, St. Louis, MO.
About Advanced Software Design Corporation
Advanced Software Design (ASD) Corporation is a privately held software company and a leader in innovative fraud solutions. ASD provides end-to-end solutions to prevent fraud in an image exchange environment, and enable financial institutions to derive value from new cash management and treasury services. ASD’s patented SAND® interoperable image survivable security feature, payee positive pay, OASIS™ transaction analysis, signature and check stock verification, and ValidateCheck™ enable detection of check alterations, counterfeits and forgeries, at the point of presentment, and interoperability. www.asdc.comList your legal jobs on the LawFuel Network