Method and system for automated value transfer

• US 20050269415A1
• Filed: 08/15/2005
• Published: 12/08/2005
• Est. Priority Date: 02/25/2003
• Status: Active Grant

• Current Assignee: Ace Series A Holdco LLC
• Original Assignee: American Cash Exchange, Inc., American Cash Exchange, LLC
• Inventors: Peterhans, Alex, Licciardello, Debra Lynn, Romero, David, Licciardello, Donald C., Greenberg, Lawrence
• Granted Patent: US 7,416,115 B2
• Time in Patent Office: Days
• US Class Current: 235/493
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

This invention provides a system and method for authorizing automated value transfers from an account available to users who do not have a pre-existing trust, business or financial relationship. In an embodiment of the present invention, a Sender at a first location purchases a PIN Card at a point of sale, such as a retail location or a bank teller. The Sender contacts an intended Recipient at a remote location and discloses a Transfer PIN associated with the PIN Card, as well as the amount being transferred, to that intended Recipient. The Recipient needs only the Transfer PIN and a Cash Card to receive the money transfer at a participating remote location. To receive the value associated with the PIN Card, the Recipient inserts or swipes the Cash Card at an ATM and enters the Transfer PIN. An authorization system then authorizes the dispensing unit to dispense that value amount.

Claims

1. A card for transferring value comprising:

a first storage medium comprising a magnetic stripe, wherein the first storage medium stores information identifying the card;

a second storage medium, wherein the second storage medium stores a string associated with a transferred value; and

a calling code printed on the card for communicating the string to a remote user,

wherein responsive to the input of the string, a cash dispensing unit dispenses a cash equivalent of the transferred value to the remote user.

2. The card of claim 1, wherein the second storage medium stores the string in a human readable form.

3. The card of claim 1 or 2, wherein the second storage medium comprises a scratch-off film for hiding the string.

4. The card of claim 1, wherein the string is associated with a predetermined transferred value.

5. The card of claim 4, wherein the predetermined transferred value corresponds to a predefined foreign currency value.

6. The card of claim 5, wherein the predefined currency value is a multiple of whole currency units.

7. The card of claim 1, wherein the second storage medium further comprises a second string associated with the calling code.

8. The card of claim 7, wherein the second string is generated by a random-number generator.

9. The card of claim 1, wherein the string is essentially unique.

10. The card of claim 1 or 9, wherein the string is generated by a random-number generator.

11. The card of claim 1, further comprising a third storage medium that stores a second string associated with the calling code.

12. The card of claim 11, wherein the third storage medium stores the second string in a human readable form.

13. The card of claim 12, wherein the third storage medium comprises a scratch-off film for hiding the second string.

14. A card for activating a cash dispensing unit comprising:

a storage medium, wherein the storage medium stores information comprising a numeric string associated with a disbursement account accessible by a plurality of unrelated users,

wherein upon insertion of the card into a cash dispensing unit, the numeric string serves to validate the card to conduct a transaction with the disbursement account.

15. The card of claim 14, wherein the storage medium comprises a magnetic stripe.

16. The card of claim 14, wherein the numeric string is not associated with a distinct user account.

17. The card of claim 14, wherein the cash dispensing unit comprises an automated teller machine (ATM).

18. The card of claim 14, wherein the cash dispensing unit comprises a point-of-sale terminal at a retail location.

19. A card for activating a cash dispensing unit comprising:

a storage medium, wherein the storage medium stores information comprising a numeric string associated with a disbursement account accessible by a plurality of unrelated users,

wherein, in response to inserting the card into a cash dispensing unit and entering an essentially unique string into the cash dispensing unit, the cash dispensing unit dispenses a predetermined amount of cash associated with the essentially unique string.

20. The card of claim 19, wherein the storage medium comprises a magnetic stripe.

21. The card of claim 19, wherein the numeric string is not associated with a distinct user account.

22. The card of claim 19, wherein the cash dispensing unit comprises an automated teller machine (ATM).

23. The card of claim 19, wherein the cash dispensing unit comprises a point-of-sale terminal at a retail location.