USAA resolves patent dispute with Truist Financial institution

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

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 towards banking opponents.

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

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 gained two related lawsuits towards Wells Fargo and was awarded a mixed $302.8 million. It additionally gained a jury verdict towards PNC Financial institution earlier this 12 months.

USAA launched its first distant examine deposit system, Deposit@House, 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 expertise.

Nathan McKinley, vice chairman and head of company improvement, stated USAA “stays prepared” to enter licensing preparations with banks and credit score unions.

“USAA is pleased with our report of innovation, together with remote deposit capture technology that has made banking simpler for our members,” McKinley stated in a press release through the San Antonio Specific Information.

In different information, USAA just lately 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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