USAA, Truist Settle Remote Deposit Capture Litigation

SAN ANTONIO – USAA and Truist Bank have entered into a settlement and patent license agreement that resolves the remote deposit capture (RDC) litigation between them.

“USAA remains willing to enter into mutually beneficial licensing arrangements with all banks and credit unions, regardless of their situations,” said Nathan McKinley, USAA vice president and head of Corporate Development.  “USAA is proud of our record of innovation, including remote deposit capture technology that has made banking easier for our members.” 

Terms of the agreement are not public.

Banks and credit unions are taking RDC licensing agreements and acknowledging USAA’s patent rights. “We continue to work with even more banks to create reasonable licensing agreements that benefit their customers,” McKinley added.

About USAA

Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking, and investment and retirement solutions to more than 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 37,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.