Bank of America and USAA Sign Patent Cross‑License Deal

Bank of America and USAA announced a patent cross‑license agreement that allows each firm to use the other's full portfolio of patents, including technologies such as artificial intelligence, machine learning, information security, network infrastructure, payment processing and mobile check deposit. The deal was presented as a way to protect and expand innovation within the financial‑services sector.

Bank of America executive David Marx said the agreement reflects the bank’s culture of empowering employees to develop innovative solutions for clients. USAA investments principal Mike Chaparro highlighted how the companies’ technologies have made banking more secure and convenient for USAA’s 14.5 million military‑member and family customers. The agreement marks USAA’s first two‑way patent licensing arrangement with a fellow financial institution, following earlier licensing deals with Truist, Discover and First Citizens Bank.

USAA, founded in 1922 and headquartered in San Antonio, Texas, serves members of the U.S. military, veterans and their families, while Bank of America, based in Charlotte, North Carolina, holds roughly 6,600 patents as of March 2024.