Fiserv units file patent suit against FIS

Fiserv units file patent suit against FIS

Fiserv payment subsidiaries CheckFree and CashEdge have filed a patent infringement lawsuit against rival FIS and its Metavante unit.

The suit alleges that some FIS technology, including its Payment Manager products - which process inter-bank account-to-account fund transfers, payment instructions, and provide electronic biller notifications - infringe Fiserv patents.

In a statement, Fiserv says: "Fiserv is a leader in providing innovative and complex technology solutions and has devoted significant resources developing and maintaining an extensive intellectual property portfolio....We have a responsibility to protect our intellectual property from further infringement and exploitation."

FIS has yet to comment on the suit.

Fiserv acquired CheckFree for around $4.4 billion in 2007 and CashEdge for $465 million last year. FIS took over Metavante in 2009, paying about $3 billion.

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