USAA resolves patent dispute with Truist Bank

USAA has settled a lawsuit it filed in opposition to Truist Bank involving its patented remote-deposit know-how.

The insurance coverage and monetary providers firm stated it has finalized a settlement and license settlement with North Carolina-based Truist, resolving one of many many authorized battles it had initiated in opposition to banking rivals.

USAA developed its remote-deposit seize know-how within the early 2000s, enabling customers to deposit checks by photographing them with their cellular units.

The lawsuit in opposition to Truist was filed in July 2022, accusing the financial institution of infringing on three patents awarded between 2006 and 2009.

USAA had gained two comparable lawsuits in opposition to Wells Fargo and was awarded a mixed $302.8 million. It additionally gained a jury verdict in opposition to PNC Bank earlier this yr.

USAA launched its first distant examine deposit system, Deposit@Home, in 2006, adopted by Deposit@Mobile in 2009. The firm initiated a licensing program in 2017 to permit banks and credit score unions to pay for the usage of its patented know-how.

Nathan McKinley, vp and head of company growth, stated USAA “remains willing” to enter licensing preparations with banks and credit score unions.

“USAA is proud of our record of innovation, including remote deposit capture technology that has made banking easier for our members,” McKinley stated in an announcement through the San Antonio Express News.

In different information, USAA not too long ago named Tom Troy as its chief transformation officer. He joined the corporate from CSAA Insurance Group, the place he served as president and CEO for 4 years.

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