BofA and USAA Enter Patent Cross-License Agreement
SAN ANTONIO – USAA and Bank of America announced today that they have entered into a patent cross‑license agreement enabling the reciprocal use of each other’s patent portfolios.
USAA and Bank of America each have a 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 agreement underscores the importance of protecting innovation within the banking industry. It recognizes the contributions each company has made to advancing the industry, while enabling both to expand the solutions available to their customers.
“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,” said David Marx, Business Management and Controls Executive at Bank of America. “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.”
“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,” said Mike Chaparro, Investments Principal at USAA. “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.”
About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves more than 14.5 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in seven U.S. cities and four overseas locations and employs more than 36,000 people worldwide. Each year, USAA supports national and local nonprofits serving military families and communities. With Honor Through Action, USAA advances policy, advocacy and philanthropy to support financial security, build meaningful careers and promote overall well-being across the military community. For more information about USAA, follow us on Facebook or X (@usaa), or visit usaa.com.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.