Aug 4 (Reuters) - Bank of America (BAC.N), opens new tab and financial services company United Services Automobile Association announced on Tuesday that they have agreed to license each other's patent portfolios, sharing innovations related to banking services and other technology.
The financial institutions in a press release cited their "long history of innovation across a range of technologies, including artificial intelligence, machine learning, information security, and network infrastructure, as well as banking‑specific capabilities such as payment processing and mobile check deposit."
The institutions did not disclose the financial terms of their agreement.
“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," Bank of America executive David Marx said in a statement.
"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," USAA Investments Principal Mike Chaparro said.
San Antonio-based USAA, which caters to military service members and their families, has sued several rivals in the past for infringing patents related to mobile-banking technology.
USAA previously won more than $500 million in related cases against Wells Fargo and PNC Bank, although its $218 million jury win against PNC was later overturned by a federal appeals court. The U.S. Supreme Court declined USAA's petition to review the PNC case in May.
USAA has also settled lawsuits against Truist and Regions Bank. It had not sued Bank of America.
Reporting by Blake Brittain in Washington
