San Antonio’s USAA has entered into an agreement to license the development rights to some of its patented security technology used in financial transactions.
Terms of USAA’s agreement with Persistent Systems of Santa Clara, California, were not disclosed. But USAA will receive royalties from future sales of any products that Persistent develops based on the deal, USAA spokesman Roger Wildermuth said.
The development and intellectual property rights licensed to Persistent involve technology USAA uses to identify and verify members, at the same time protecting their privacy, in financial transactions.
Two years ago, USAA started using facial and voice recognition to allow customers in the U.S. to securely access their account information using mobile devices. It said at the time it was the first U.S. financial institution to offer both on a mobile application. The biometric technology is designed to protect customers against fraud and identity theft.
Persistent, in a news release Tuesday, said it is addressing an expanding market opportunity for digital security products and solutions in the financial services industry.
“The financial services industry is highly connected, and we want every link in the chain to be strong from a security perspective,” Gary McAlum, USAA’s chief security officer, said in the statement. “That’s why we’re excited to work with Persistent Systems to see patented innovations we use today developed into products that benefit others in the financial sector.”
USAA provides insurance and financial services to the military community. It has about 11.8 million members.
Persistent trades on the Bombay Stock Exchange. It reported $110 million in revenue in the three months ended Dec. 31, a nearly 23 percent increase from the same period in 2015.
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