Discover Partners with USAA: Access to Cutting-Edge Mobile Deposit Tech

USAA, the online military bank, has just struck a major victory in its goal to protect its remote deposit capture patents. According to recent reports, the bank partnered with Discover Financial Services and secured a licensing agreement.

The two companies made a deal that will allow Discover to license over 130 USAA patents. Most of them relate to technology that will allow the bank’s customers to deposit cheques using only their mobile phones.

USAA reaches an agreement with Discover

So far, the agreement’s details have yet to be discovered, as both companies decided not to disclose them yet. USAA’s head of corporate development, Nathan McKinley, stated that the bank is looking forward to working with other banks and financial institutions to create reasonable licensing agreements that will bring new benefits to their customers.

The bank takes these agreements quite seriously, to the point where, in 2019, a jury awarded USAA $200 million in damages from Wells Fargo. At the time, Wells Fargo failed to license the remote deposit capture technology, which was taken as quite a setback for the bank.

The bank’s new attempt with Discover Financial Services has seemingly been more successful, and it will provide Discover with a license to more than 130 USAA patents, covering remote deposit capture (RDC) technology. As a result, Discover will now have the right to continue its users the convenience of easily depositing checks via mobile phones.

McKinley added that the USAA is proud of its record in terms of innovation and that he believes that the customers will greatly benefit under the new agreement. There are now multiple RDC license agreements in place, and the banks have started to acknowledge USAA’s patent rights because of it.

What is USAA?

At this point, USAA is a more than a century-old bank, officially founded in 1922. Its founders were military officers who created the bank to provide US military members insurance, banking, and investment services. In addition to that, they also offer retirement solutions to veterans who have served the country honorably.

The military members and their families can use the bank’s services to better their lives and reach banking solutions that will improve their financial experiences.

The bank is headquartered in San Antonio, but it has offices in eight US cities and three locations overseas. It employs over 37,000 people around the world, and every year, it contributes to national and local nonprofits to support military families and entire military communities where its employees live and work.

The bank offers a number of deals, including a solution that would allow customers to grow their savings by earning 5% annual yield on a 15-month fixed-rate CD. Another solution called Pay As You Drive allows users to obtain a usage-based insurance option with auto rates based on how much and how safely they drive.

There are multiple options that the bank offers, many of which are worth considering by those eligible to use them.