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System and method for electronic transfer of funds using an automated teller machine to dispense the transferred funds

  • US 5,650,604 A
  • Filed: 02/22/1995
  • Issued: 07/22/1997
  • Est. Priority Date: 02/22/1995
  • Status: Expired due to Term
First Claim
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1. A system for automated electronic transfer of funds between a sender and a recipient, comprising:

  • an initiating terminal for receiving a designation of an amount of funds to be electronically transferred from said sender, and providing a unique personal identification number to said sender;

    a central terminal for providing to said initiating terminal said unique personal identification number for each electronic transfer of funds transaction, and storing said amount of money to be transferred and said unique personal identification number in a file therein; and

    a dispensing terminal for receiving an entry corresponding to each of said designated amount of money and said unique personal identification number, for providing said entry corresponding to each of said designated amount of money and said unique personal identification number to said central terminal for comparison with said file, for receiving confirmation of positive match between said entry and said file, and for dispensing funds corresponding to said designated amount of money directly to said recipient without requiring said recipient to have a card to activate said dispensing terminal.

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