In addition to the check imaging concept, which has existed in various forms for thirty years, he wants to claim ownership of point-of-sale credit card collection processing, which has been around for even longer.
It is arrogant jackasses like this that make banking fees higher for merchants and customers. He hasn't invented anything. He is claiming rights to fees on processes that existed before he was even born. Even more outrageous is that the patent office is abetting this fraud.
Maybe I could patent the letter 'e'.
It is a regulatory taking and regulatory takings are tools that the democrats use.
Sessions is a Dixiecrat.
You’re absolutely correct about this technology and process being around for 20+ years in the banking industry. Imaging checks is nothing new at all.
Just because this guy comes along and ‘documents the process’ as performed with his equipment and software, then gets some stooge at the patent office to rubber stamp it...doesn’t entitle him to limitless piles of money.
This does smell very funny. Sessions is typically a good Senator so I’d give him the benefit of the doubt until we know more. Are you familiar with the SCO Unix fiasco? They tried to make lawsuit rewards their primary line of business also, claiming they ‘invented’ most of Unix, where in fact it had been around 10+ years before they came along and claimed some of the basic functions of it as their own. Court got wise to their ploy and it didn’t work out so well for ‘em.
SCO considered going after BoA for ‘using stolen technology’ as well.
http://www.news.com/2100-7344_3-5170073.html
This whole story has some eerily similar paralells.