USAA resolves patent dispute with Truist Financial institution

USAA resolves patent dispute with Truist Financial institution | Insurance coverage Enterprise America

Lawsuit entails its remote-deposit know-how developed within the early 2000s

USAA resolves patent dispute with Truist Bank

Insurance coverage Information

Mika Pangilinan

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

The insurance coverage and monetary companies 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 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 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 received two comparable lawsuits in opposition to Wells Fargo and was awarded a mixed $302.8 million. It additionally received a jury verdict in opposition to PNC Financial institution earlier this yr.

USAA launched its first distant examine deposit system, Deposit@Dwelling, in 2006, adopted by Deposit@Cellular 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, vp and head of company growth, stated USAA “stays prepared” to enter licensing preparations with banks and credit score unions.

“USAA is happy with our file of innovation, together with distant deposit seize know-how that has made banking simpler for our members,” McKinley stated in a press release through the San Antonio Specific 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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