Canada's Advanced Software Design Corporation has filed suit against financial IT firm Fiserv and three regional Federal Reserve banks, alleging infringement on patents it holds on its anti-cheque fraud technology.
Advanced Software claims Fiserv's cheque fraud detection product infringes three patents it holds that cover software that encrypts and validates data from cheques in order to prevent fraud.
According to a Bloomberg report, the privately-held Ontario-based firm has filed a lawsuit in a federal court in St Louis against Fiserv and the Federal Reserve banks of St Louis, Philadelphia and Atlanta, which all use the Fiserv technology.
Advanced Software is seeking a court order blocking further infringement and cash compensation.