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USAA and Bank of America sign patent cross-license deal
The agreement covers areas including AI, cybersecurity, network infrastructure, payment processing, and mobile check deposit, and financial terms were not disclosed.
USAA and Bank of America have entered into a patent cross-license agreement that allows each company to use the other’s patent portfolio, according to Coverager.
The deal covers technologies spanning artificial intelligence and machine learning, information security, network infrastructure, payment processing, and mobile check deposit. Financial terms were not disclosed.
USAA said it plans to pursue similar licensing agreements with other banks and credit unions, framing the arrangement as a way to keep improving secure and convenient banking for its members.
Bank of America described the agreement as supporting innovation from both firms that can benefit clients and contribute to progress across the financial services industry. USAA serves more than 14.5 million members of the U.S. military, veterans, and their families.