4 Oct 2002: Integral Wins Patent for XML-Based Transaction System

Integral Development Corp. has been awarded a patent for its system and method that utilizes XML for conducting web-based financial transactions in capital markets. The patent, filed for in mid-1999, will offer protection to Integral, its customers and their online business models in what has become a highly competitive environment.

The technology was developed for the Integral Direct FX, Direct Derivatives, AutoDealer and Integral Financial Server products currently in use by banks and other financial institutions. The patent is one of a series of applications that included the use of XML to represent financial instruments and the Internet as a medium for negotiating, transacting and processing financial products.

The Integral patent protects the processes and online communication required for the negotiation, transaction, and settlement of over-the-counter (OTC) foreign exchange products, interest rate derivatives and money market instruments.

“This $100 million-plus technology investment is now protected for our customers and technology partners,” said Harpal Sandhu, President and CEO of Integral. “Our customers have told us that intellectual property protection of their business models and their technology investments is a primary source of vendor risk and this official recognition of ownership reassures and gives them the green light to increase their investments in our technology.”

Integral is in active conversation with a number of technology and financial services companies who intend to embed the technology in their eCommerce offerings. The company is also expanding its business partnering investment to train and certify technology partners who will be releasing products based on Integral technology.