The claim is for alleged infringement of technology patents in establishing and running the joint Standard Bank-MTN cellphone banking venture, MTN Banking. The technology allows for credit cards to be securely used where the credit card itself is not present.
In a David and Goliath clash two of South Africa's largest companies, Standard Bank and MTN, have been served with summonses that could result in a claim nearing R1 billion.
The claim is for alleged infringement of technology patents in establishing and running the joint Standard Bank-MTN cellphone banking venture, MTN Banking.
The claim is by 3MFuture Africa, a company controlled by a German information technology expert, Wolfram Reiners, who is a South African permanent resident.
Reiners claims that Standard Bank and MTN used technology developed by him and two others in 2000 to launch and maintain MTN Banking.
The technology allows for credit cards to be securely used where the credit card itself is not present.
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