LML Payment Systems, a provider of electronic cheque processing services, has settled patent infringement lawsuits it filed against e-payments processors First Data, Nova Information Systems and Electronic Clearing House (Echo).
LML says First Data, Nova Information Systems - which is a payment processing subsidiary of US Bancorp - along with Echo and its Xpresschex subsidiary have all agreed to licence its patents for electronic cheque conversion going forward.
LML has also entered into a cross-patent licence agreement with First Data.
Commenting on the Echo settlement, Joel Barry, chairman and chief executive officer of Echo, says: "While we were confident in our own legal position, we felt reaching a settlement prior to a long and costly trial was the best option."
Specific financial and other terms of the agreements were not disclosed.