Wells Fargo to Pay USAA $200M for Patent Infringement

windows looking into a wells fargo location with the red and gold wells fargo logo in front

Wells Fargo was ordered to pay $200 million to USAA for infringement of its patents on mobile deposit capture technology may have significant ripple effects across the industry.

The technology at issue was developed by Mitek and is used by 6,500 other institutions. If the verdict stands, it may mean many other institutions will have to negotiate with USAA to pay additional licensing fees for their mobile deposit tech. 

USAA said in a statement that it "continues to seek opportunities to create reasonable and mutually beneficial licensing agreements with banks and credit unions."

Read the source article at American Banker Home

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