Bank of America and USAA have signed a cross-license agreement that lets each company use the other’s full portfolio of patents, the firms announced Tuesday.
The agreement links perhaps the most publicly prolific financial institution in the patent sphere with one of the most protective.
USAA, a military-focused insurance and financial services provider, sent letters to 100 banks in 2017, warning them they were violating the company’s 130 mobile deposit patents.
The San Antonio-based firm has sued a handful of banks, too – winning two nine-figure judgments against Wells Fargo in 2019 and 2020, as well as a $218.5 million verdict against PNC that was overturned last year.
The legal battles continue, though. USAA sued Fifth Third last month, alleging mobile deposit capture patent infringement. The company also sued Regions, on similar grounds, in early 2025.
Bank of America, meanwhile, regularly issues press releases touting the number of patents it’s received. The bank counted roughly 6,600 as of March 2024. At the time, the Charlotte, North Carolina-based bank said it had seen a nearly 70% increase in the number of patents it owns over the previous five years.
“Bank of America’s culture empowers our employees to explore and develop innovative solutions for individual and corporate clients. This is reflected in the size and ongoing growth of our patent portfolio,” David Marx, a business management and controls executive at Bank of America, said Tuesday. “This agreement supports the application of innovations from Bank of America and USAA in ways that benefit our clients and contribute to continued progress across the financial services industry.”
The agreement appears to be the first two-way deal USAA has notched with a fellow financial institution regarding patents.
The company, historically, has offered to enter licensing agreements with individual banks as an alternative to court. Truist signed such an agreement in October 2023 to resolve a lawsuit with USAA. Discover, that same year, signed a licensing agreement to avoid court action. Raleigh, North Carolina-based First Citizens Bank & Trust signed a similar agreement in October 2024.
“The technologies we have developed have helped make banking more secure and convenient for our members and brings value to our membership through continued innovation,” Mike Chaparro, investments principal at USAA, said Tuesday. “We look forward to working with other banks and credit unions to create mutually beneficial licensing agreements, just as we have done with Bank of America.”
It is unclear whether USAA or Bank of America paid anything as part of the deal to access the other’s patents. There is no public record of court action between the companies.
USAA collaborated with identity verification software firm Mitek on remote deposit capture in the early 2000s, with an eye toward military users stationed internationally or in combat zones.
Mitek and USAA, however, had a falling out, and each separately launched similar mobile deposit capture products. After a series of legal battles over the rights and licensing of the technology, the companies settled in 2014. Both kept their patents.
