USAA sues Regions Financial Corporation over alleged mobile deposit tech patent infringement
The United Services Automobile Association (USAA) has filed a lawsuit against Alabama-headquartered Regions Financial Corporation and its banking subsidiary, Regions Bank, alleging patent infringement over its technology designed to enable US service members to deposit paper checks using a mobile device.
USAA sues Regions Financial Corporation
In the filing, made with the US District Court for the Eastern District of Texas on 28 January, USAA alleges that Regions’ mobile banking app infringes on four specific remote deposit capture (RDC) technology patents held by USAA.
USAA alleges that “Regions and its predecessors have chosen to use USAA’s patented technologies without permission and to use them for its own commercial gain”, adding that its lawsuit seeks unspecified “remedies”.
USAA, an insurance and banking services provider to US military personnel based in San Antonio, Texas, was previously awarded more than $300 million in damages following two patent infringement lawsuits related to its mobile deposit tech against Wells Fargo in 2019 and 2020.
In comments sent to FinTech Futures, Nathan McKinley, USAA vice president and head of corporate development, said: “We have signed many license agreements and look forward to working with more banks and credit unions to create mutually beneficial license agreements.
“We remain committed to improving our technology and to be reasonably compensated for the significant benefits our innovations have brought to the industry.”
Regions Bank declined to comment on the lawsuit when contacted by FinTech Futures.
