Intellectual property rights and standard setting in financial services: the case of the Single European Payments Area
AbstractFor many reasons, payment systems are subject to strong network effects; one of those is the necessity of interoperability among participants. This is often accomplished via standard-setting organizations. The goal of the Single European Payments Area (SEPA) is to establish modern cross-boarder consumer payment systems for Europe. This too will require a standard-setting arrangement. But patents are also becoming an important feature of electronic payment systems and thus standard setting under SEPA should incorporate a policy to address the ownership and licensing of essential intellectual property. Using examples from the experience of European mobile telephony and financial patenting in the United States, the authors argue that the lack of a well-developed IP policy creates significant risks for participants in the new SEPA payment systems. ; Also issued as Payment Cards Center Discussion Paper No. 07-09
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Bibliographic InfoPaper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 07-20.
Date of creation: 2007
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-10-06 (All new papers)
- NEP-EEC-2007-10-06 (European Economics)
- NEP-IPR-2007-10-06 (Intellectual Property Rights)
- NEP-NET-2007-10-06 (Network Economics)
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- Bruno Rossignoli & Francesca Arnaboldi, 2009. "Financial innovation: theoretical issues and empirical evidence in Italy and in the UK," International Review of Economics, Springer, vol. 56(3), pages 275-301, September.
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