USAA resolves patent dispute with Truist Financial institution

USAA has settled a lawsuit it filed towards Truist Financial institution involving its patented remote-deposit know-how.

The insurance coverage and monetary providers firm mentioned it has finalized a settlement and license settlement with North Carolina-based Truist, resolving one of many many authorized battles it had initiated towards banking opponents.

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

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

USAA had received two comparable lawsuits towards Wells Fargo and was awarded a mixed $302.8 million. It additionally received a jury verdict towards PNC Financial institution earlier this yr.

USAA launched its first distant test deposit system, Deposit@Residence, in 2006, adopted by Deposit@Cell in 2009. The corporate 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, vice chairman and head of company improvement, mentioned USAA “stays prepared” to enter licensing preparations with banks and credit score unions.

“USAA is happy with our document of innovation, together with distant deposit seize know-how that has made banking simpler for our members,” McKinley mentioned in a press release by way of the San Antonio Categorical Information.

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

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