USAA and Bank of America enter patent agreement

USAA and Bank of America  have entered into a patent cross-license agreement allowing each company to use the other’s patent portfolio.

The agreement covers technologies including artificial intelligence, machine learning, information security, network infrastructure, payment processing and mobile check deposit.

Financial terms were not disclosed. USAA said it is interested in pursuing similar licensing agreements with other banks and credit unions.

“For more than 100 years, USAA has been deeply committed to serving military members and their families, and we are continually seeking new ways to meet their unique needs. 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. 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.” – Mike Chaparro, Investments Principal at USAA.

“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. 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.” – David Marx, Business Management and Controls Executive at Bank of America.