Reverse vault cash system and methods

• US 20070027800A1
• Filed: 01/03/2005
• Published: 02/01/2007
• Est. Priority Date: 01/08/2004
• Status: Active Grant

• Current Assignee: VeriFone Israel Limited (Verifone Systems, Inc.)
• Original Assignee: VeriFone Israel Limited (Verifone Systems, Inc.)
• Inventors: Lipkin, David
• Granted Patent: US 8,280,814 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

An electronic cash management methodology including providing a plurality of electronic cash safes each associated with a communicator, upon receipt of cash into one of the plurality of cash safes, employing the communicator for providing a computer network notification from the one of the plurality of electronic cash safes indicating receipt of the cash and at least partially identifying a product sold in return for the cash, responsive to at least one of the computer network notification from the communicator, effecting payment to a supplier of the product by a financial institution having physical control of the cash safe, accruing non-loan interest payable from an operator of the one of the plurality of electronic cash safes to the financial institution in respect of the payment as from the time of the effecting payment, collecting the cash from the cash safe on behalf of the financial institution and depositing the cash to the account of the financial institution, terminating the accruing non-loan interest upon the depositing the cash to the extent that the cash covers the payment and payment by the operator of the one of the plurality of electronic cash safes of accrued non-loan interest in respect of the payment to the financial institution having control of the cash safe.

Claims

1. An electronic cash management methodology comprising:

providing a plurality of electronic cash safes each associated with a communicator;

upon receipt of cash into one of said plurality of cash safes, employing said communicator for providing a computer network notification from said one of said plurality of electronic cash safes indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

accruing non-loan interest payable from an operator of said one of said plurality of electronic cash safes to said financial institution in respect of said payment as from the time of said effecting payment;

collecting said cash from said cash safe on behalf of said financial institution and depositing said cash to the account of said financial institution;

terminating said accruing non-loan interest upon said depositing said cash to the extent that said cash covers said payment; and

payment by said operator of said one of said plurality of electronic cash safes of accrued non-loan interest in respect of said payment to said financial institution having control of said cash safe.

2. An electronic cash management methodology according to claim 1 and wherein said providing a plurality of electronic cash safes each associated with a communicator comprises providing at least one of electronic vending machines and electronic kiosks.

3. An electronic cash management methodology according to claim 1 and wherein said providing a plurality of electronic cash safes each associated with a communicator comprises providing data communications functionality for data communication to and from a computerized point of sale.

4. An electronic cash management methodology according to claim 1 and wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

5. An electronic cash management methodology according to claim 4 and wherein said financial institution is a vault cash manager.

6. An electronic cash management methodology according to claim 1 and wherein said payment by said operator of said one of said plurality of electronic cash safes of accrued non-loan interest in respect of said payment by said financial institution having control of said cash safe is effected by remitting by said financial institution to said operator of the proceeds of said cash collected from said cash safe and deposited to the account of said financial institution less at least payments by said financial institution to said supplier and less accrued non-loan interest due to said financial institution.

7. An electronic cash management methodology according to claim 1 and also comprising providing ATM functionality.

8. An electronic cash management methodology according to claim 7 and wherein said providing ATM functionality employs at least some of said cash received into one of said plurality of cash safes.

9. An electronic cash management methodology according to claim 1 and wherein said product comprises at least one of a prepaid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.

10. An electronic cash management methodology according to claim 1 and wherein at least one of said:

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

accruing non-loan interest payable from an operator of said one of said plurality of electronic vending machines to said financial institution in respect of said payment as from the time of said effecting payment;

terminating said accruing non-loan interest upon said depositing said cash to the extent that said cash covers said payment; and

payment by said operator of said one of said plurality of electronic vending machines of accrued non-loan interest in respect of said payment to said financial institution having control of said cash safe, employs a vault cash manager server.

11. An electronic vending machine methodology comprising:

providing a plurality of electronic vending machines, each having a cash safe and a communicator;

upon receipt of cash into said cash safe at one of said plurality of electronic vending machines employing said communicator for providing a computer network notification from said one of said plurality of electronic vending machines indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

accruing non-loan interest payable from an operator of said one of said plurality of electronic vending machines to said financial institution in respect of said payment as from the time of said effecting payment;

collecting said cash from said cash safe of said one of said plurality of electronic vending machines on behalf of said financial institution and depositing said cash to the account of said financial institution;

terminating said accruing non-loan interest upon said depositing said cash to the extent that said cash covers said payment; and

payment by said operator of said one of said plurality of electronic vending machines of accrued non-loan interest in respect of said payment to said financial institution having control of said cash safe.

12. An electronic cash management methodology according to claim 11 and wherein said providing a plurality of electronic vending machines comprises providing at least one electronic vending machines having a locked cash vault which is not under the control of said operator.

13. An electronic cash management methodology according to claim 11 and wherein said providing a plurality of electronic cash safes comprises providing data communications functionality for data communication to and from a computerized point of sale.

14. An electronic cash management methodology according to claim 11 and wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

15. An electronic cash management methodology according to claim 14 and wherein said financial institution is a vault cash manager.

16. An electronic cash management methodology according to claim 11 and wherein said payment by said operator of said one of said plurality of electronic cash safes of accrued non-loan interest is effected by remitting by said financial institution to said operator of the proceeds of said cash collected from said cash safe and deposited to the account of said financial institution less at least payments by said financial institution to said supplier and less accrued non-loan interest due to said financial institution.

17. An electronic cash management methodology according to claim 11 and also comprising providing ATM functionality.

18. An electronic cash management methodology according to claim 17 and wherein said providing ATM functionality employs at least some of said cash received into one of said plurality of cash safes.

19. An electronic cash management methodology according to claim 11 and wherein said product comprises at least one of a pre-paid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.

20. An electronic cash management methodology according to claim 11 and wherein at least one of said:

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

accruing non-loan interest payable from an operator of said one of said plurality of electronic vending machines to said financial institution in respect of said payment as from the time of said effecting payment;

terminating said accruing non-loan interest upon said depositing said cash to the extent that said cash covers said payment; and

payment by said operator of said one of said plurality of electronic vending machines of accrued non-loan interest in respect of said payment to said financial institution having control of said cash safe, employs a vault cash manager server.

21. An electronic cash management system comprising:

a plurality of computerized points of sale including electronic cash safes each associated with a communicator, said communicator being operative, upon receipt of cash into one of said plurality of cash safes, employing said communicator for providing a computer network notification from said one of said plurality of electronic cash safes indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

a vault cash server, responsive to at least one of said computer network notification from said communicator, for effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

non-loan interest accrual functionality accruing non-loan interest payable from an operator of said one of said plurality of electronic cash safes to said financial institution in respect of said payment to said supplier as from the time of said effecting payment and terminating said accruing non-loan interest upon collecting said cash from said cash safe on behalf of said financial institution and depositing said cash to the account of said financial institution to the extent that said cash covers said payment; and

non-loan interest payment functionality paying said non-loan interest by said operator of said one of said plurality of electronic cash safes of said accrued non-loan interest to said financial institution having control of said cash safe.

22. An electronic cash management system according to claim 21 and wherein said plurality of computerized points of sale include at least one of electronic vending machines and electronic kiosks.

23. An electronic cash management system according to claim 21 and wherein said plurality of electronic cash safes each associated with a communicator comprise data communications functionality for data communication to and from at least one of said plurality of computerized points of sale.

24. An electronic cash management system according to claim 21 and wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

25. An electronic cash management system according to claim 24 and wherein said financial institution is a vault cash manager.

26. An electronic cash management system according to claim 21 and wherein said payment by said operator of said one of said plurality of electronic cash safes of accrued non-loan interest in respect of said payment by said financial institution having control of said cash safe is effected by remitting by said financial institution to said operator of the proceeds of said cash collected from said cash safe and deposited to the account of said financial institution less at least payments by said financial institution to said supplier and less accrued non-loan interest due to said financial institution.

27. An electronic cash management system according to claim 21 and also comprising providing ATM functionality.

28. An electronic cash management system according to claim 27 and wherein said ATM functionality employs a bill recycler for utilizing at least some of said cash received into one of said plurality of cash safes.

29. An electronic cash management system according to claim 21 and wherein said product comprises at least one of a pre-prepaid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.

30. An electronic cash management methodology comprising:

providing a plurality of electronic cash safes each associated with a communicator;

upon receipt of cash into one of said plurality of cash safes, employing said communicator for providing a computer network notification from said one of said plurality of electronic cash safes indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

establishing a non-loan payment obligation payable from an operator of said one of said plurality of electronic cash safes to said financial institution in respect of said payment upon said effecting payment;

collecting said cash from said cash safe on behalf of said financial institution and depositing said cash to the account of said financial institution; and

payment by said operator of said one of said plurality of electronic cash safes of said non-loan payment to said financial institution having control of said cash safe.

31. An electronic cash management methodology according to claim 30 and wherein said providing a plurality of electronic cash safes each associated with a communicator comprises providing at least one of electronic vending machines and electronic kiosks.

32. An electronic cash management methodology according to claim 30 and wherein said providing a plurality of electronic cash safes each associated with a communicator comprises providing data communications functionality for data communication to and from a computerized point of sale.

33. An electronic cash management methodology according to claims 30 and wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

34. An electronic cash management methodology according to claim 33 and wherein said financial institution is a vault cash manager.

35. An electronic cash management methodology according to claim 30 and wherein said payment by said operator of said one of said plurality of electronic cash safes of said non-loan payment to said financial institution having control of said cash safe is effected by remitting by said financial institution to said operator of the proceeds of said cash collected from said cash safe and deposited to the account of said financial institution less at least payments by said financial institution to said supplier and less said non-loan payment due to said financial institution.

36. An electronic cash management methodology according to claim 30 and also comprising providing ATM functionality.

37. An electronic cash management methodology according to claim 36 and wherein said providing ATM functionality employs at least some of said cash received into one of said plurality of cash safes.

38. An electronic cash management methodology according to claim 30 and wherein said product comprises at least one of a pre-paid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.

39. An electronic cash management methodology according to claim 30 and wherein at least one of said:

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

establishing a non-loan payment obligation payable from an operator of said one of said plurality- of electronic cash safes to said financial institution in respect of said payment upon said effecting payment;

collecting said cash from said cash safe on behalf of said financial institution and depositing said cash to the account of said financial institution; and

payment by said operator of said one of said plurality of electronic cash safes of said non-loan payment to said financial institution having control of said cash safe employs a vault cash manager server.

40. An electronic vending machine methodology comprising:

providing a plurality of electronic vending machines, each having a cash safe and a communicator;

upon receipt of cash into said cash safe at one of said plurality of electronic vending machines employing said communicator for providing a computer network notification from said one of said plurality of electronic vending machines indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

establishing a non-loan payment obligation payable from an operator of said one of said plurality of electronic vending machines to said financial institution in respect of said payment upon said effecting payment;

collecting said cash from said cash safe of said one of said plurality of electronic vending machines on behalf of said financial institution and depositing said cash to the account of said financial institution; and

payment by said operator of said one of said plurality of electronic cash safes of said non-loan payment to said financial institution having control of said cash safe.

41. An electronic cash management methodology according to claim 40 and wherein said providing a plurality of electronic vending machines comprises providing at least one electronic vending machines having a locked cash vault which is not under the control of said operator.

42. An electronic cash management methodology according to claim 40 and wherein said providing a plurality of electronic cash safes comprises providing data communications functionality for data communication to and from a computerized point of sale.

43. An electronic cash management methodology according to claim 40 and wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

44. An electronic cash management methodology according to claim 43 and wherein said financial institution is a vault cash manager.

45. An electronic cash management methodology according to claim 40 and wherein said payment by said operator of said one of said plurality of electronic cash safes of said non-loan payment to said financial institution is effected by remitting by said financial institution to said operator of the proceeds of said cash collected from said cash safe and deposited to the account of said financial institution less at least payments by said financial institution to said supplier and less said non-loan payment due to said financial institution.

46. An electronic cash management methodology according to claim 40 and also comprising providing ATM functionality.

47. An electronic cash management methodology according to claim 46 and wherein said providing ATM functionality employs at least some of said cash received into one of said plurality of cash safes.

48. An electronic cash management methodology according to claim 40 and wherein said product comprises at least one of a pre-paid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.

49. An electronic cash management methodology according to claim 40 and wherein at least one of said:

responsive to at least one of said computer network notification from said communicator, effecting payment to a supplier of said product by a financial institution having physical control of said cash safe;

establishing a non-loan payment obligation payable from an operator of said one of said plurality of electronic vending machines to said financial institution in respect of said payment upon said effecting payment;

collecting said cash from said cash safe of said one of said plurality of electronic vending machines on behalf of said financial institution and depositing said cash to the account of said financial institution; and

payment by said operator of said one of said plurality of electronic cash safes of said non-loan payment to said financial institution having control of said cash safe, employs a vault cash manager server.

50. An electronic cash management system comprising:

a plurality of computerized points of sale including electronic cash safes each associated with a communicator, said communicator being operative, upon receipt of cash into one of said plurality of cash safes, employing said communicator for providing a computer network notification from said one of said plurality of electronic cash safes indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

a vault cash server, responsive to at least one of said computer network notification from said communicator, for effecting payment to a supplier of said product by a financial institution having physical control of said cash safe; and

non-loan payment functionality paying a non-loan payment by said operator of said one of said plurality of electronic cash safes to said financial institution having control of said cash safe.

51. An electronic cash management system according to claim 50 and wherein said plurality of computerized points of sale include at least one of electronic vending machines and electronic kiosks.

52. An electronic cash management system according to claim 50 and wherein said plurality of electronic cash safes each associated with a communicator comprise data communications functionality for data communication to and from at least one of said plurality of computerized points of sale.

53. An electronic cash management system according to claim 50 and wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

54. An electronic cash management system according to claim 53 and wherein said financial institution is a vault cash manager.

55. An electronic cash management system according to claim 50 and wherein said payment by said operator of said one of said plurality of electronic cash safes of said non-loan payment to said financial institution is effected by remitting by said financial institution to said operator of the proceeds of said cash collected from said cash safe and deposited to the account of said financial institution less at least payments by said financial institution to said supplier and less said non-loan payment due to said financial institution.

56. An electronic cash management system according to claim 50 and also comprising providing ATM functionality.

57. An electronic cash management system according to claim 56 and wherein said ATM functionality employs a bill recycler for utilizing at least some of said cash received into one of said plurality of cash safes.

58. An electronic cash management system according to claim 50 and wherein said product comprises at least one of a pre-paid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.