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

• Current Assignee: First Data Corporation (Fiserv Incorporated), Hewlett-Packard Development Company, L.P. (HP Inc.), Western Union
• Original Assignee: Electronic Data Systems Corporation (Perspecta, Inc.)
• Inventors: Rosenzweig, Michael J., Brant, Michael J., Marcous, Neil P.
• Primary Examiner(s): Hajec, Donald T.
• Assistant Examiner(s): FRECH, KARL D
• Application Number:
  US08/392,423
• Time in Patent Office: 881 Days
• Field of Search: 235/379, 902/8, 902/10, 902/12, 902/13, 902/14, 364/408
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems

Abstract

A system and method for fully automated electronic transfer of cash or cash equivalent between a sender and a recipient is shown, including an initiating terminal for receiving a designation of an amount of money to be electronically transferred, an account from which it is to be transferred, and a security code from the sender, a central terminal for storing the amount and the security code in a file in the central terminal, and a dispensing terminal for receiving from the recipient an entry corresponding to the designated amount of money to be transferred and the security code, for providing the entered amount of money and security code to the central terminal for comparison with the information stored in the central terminal'"'"'s file, and for dispensing to the recipient funds equivalent to the designated amount of money without requiring the recipient to have a card to activate the dispensing terminal.

Claims

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.

2. The system for automated electronic transfer of funds of claim 1, wherein said initiating terminal is an automated teller machine (ATM).

3. The system for automated electronic transfer of funds of claim 1, wherein said initiating terminal is a personal computer with a graphical user interface.

4. The system for automated electronic transfer of funds of claim 1, wherein said initiating terminal is a touch-tone telephone with a voice response unit.

5. The system for automated electronic transfer of funds of claim 4, wherein said touch-tone telephone is a screen phone.

6. The system for automated electronic transfer of funds of claim 1, wherein said central terminal further comprises a number generator for generating said unique personal identification number.

7. The system for automated electronic transfer of funds of claim 1, wherein said dispensing terminal is an automated teller machine (ATM).

8. The system for automated electronic transfer of funds of claim 1, wherein said initiating terminal encrypts said security code before providing said encrypted security code to said central terminal.

9. The system for automated electronic transfer of funds of claim 1, wherein said dispensing terminal encrypts said security code before providing said encrypted security code to said central terminal.

10. The system for automated electronic transfer of funds of claim 1, wherein said designation of an amount of money is the provision of actual legal tender.

11. The system for automated electronic transfer of funds of claim 1, wherein said initiating terminal also includes a financial card reader.

12. The system for automated, electronic transfer of funds of claim 11, wherein said financial card is a credit card.

13. The system for automated electronic transfer of funds of claim 11, wherein said financial card is a debit card.

14. The system for automated electronic transfer of funds of claim 11, wherein said financial card is a smart card.

15. The system for automated electronic transfer of funds of claim 14, wherein said smart card is a stored value card.

16. The system for automated electronic transfer of funds of claim 1, wherein said initiating terminal further comprises a cash acceptance mechanism.

17. A method for fully automated electronic transfer of funds between a sender and a recipient, comprising the steps of:

receiving at an initiating terminal a designation of an amount of money to be electronically transferred from said sender;

providing, by a central terminal, a unique personal identification number to said initiating terminal;

providing, by said initiating terminal, said unique personal identification number to said sender;

storing said amount of money to be transferred and said unique personal identification number at said central terminal;

receiving at a dispensing terminal an entry corresponding to each of said designated amount of money and said unique personal identification number;

providing by said dispensing terminal said entry corresponding to each of said designated amount of money and said unique personal identification number to said central terminal for confirmational comparison; and

dispensing by said dispensing terminal of 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.

18. The method for fully automated electronic transfer of funds of claim 17, wherein said dispensing terminal is an automated teller machine (ATM).

19. The method for fully automated electronic transfer of funds of claim 17, wherein said step of receiving at an initiating terminal further comprises the step of receiving financial card information from said sender.

20. The method for fully automated electronic transfer of funds of claim 19, wherein said financial card is a debit card.

21. The method for fully automated electronic transfer of funds of claim 19, wherein said financial card is a credit card.

22. The method for fully automated electronic transfer of funds of claim 19, wherein said financial card is a smart card.

23. The method for fully automated electronic transfer of funds of claim 22, wherein said smart card is a stored value card.

24. The method for fully automated electronic transfer of funds of claim 17, wherein said step of receiving at an initiating terminal further comprises a step of encrypting said security code.

25. The method for fully automated electronic transfer of funds of claim 17, wherein said step of receiving at a dispensing terminal further comprises a step of encrypting said security code.

26. The method for fully automated electronic transfer of funds of claim 17, wherein said step of receiving at an initiating terminal further comprises a step of receiving actual currency from said sender.

27. A method for fully automated electronic transfer of cash or cash equivalent between a sender and a recipient, comprising the steps of:

receiving at an initiating terminal a designation of an amount of money to be electronically transferred corresponding to an amount of cash or cash equivalent desired by said sender to be provided to said recipient, and a security code from said sender;

providing, by a central terminal, a unique personal identification number to said initiating terminal in exchange for receiving said amount and said security code;

providing, by said initiating terminal, said unique personal identification number to said sender;

storing said amount of money to be transferred, said security code, and said unique personal identification number in a file at said central terminal;

receiving, at a dispensing terminal, an entry corresponding to each of said designated amount of money, said security code and said unique personal identification number;

providing by said dispensing terminal said entry corresponding to each of said designated amount of money, said security code and said unique personal identification number to said central terminal for comparison with said stored file; and

dispensing by said dispensing terminal of cash or cash equivalent corresponding to said designated amount of money directly to said recipient without requiring said recipient to have a card to activate said dispensing terminal.

28. The method for fully automated electronic transfer of cash or cash equivalent of claim 27, wherein said dispensing terminal is an automated teller machine (ATM).

29. The method for fully automated electronic transfer of cash or cash equivalent of claim 27, wherein said step of receiving at an initiating terminal further comprises the step of receiving financial card information from said sender.

30. The method for fully automated electronic transfer of cash or cash equivalent of claim 29, wherein said financial card is a debit card.

31. The method for fully automated electronic transfer of cash or cash equivalent of claim 29, wherein said financial card is a credit card.

32. The method for fully automated electronic transfer of cash or cash equivalent of claim 29, wherein said financial card is a smart card.

33. The method for fully automated electronic transfer of cash or cash equivalent of claim 32, wherein said smart card is a stored value card.

34. The method for fully automated electronic transfer of cash or cash equivalent of claim 27, wherein said step of receiving at an initiating terminal further comprises a step of encrypting said security code.

35. The method for fully automated electronic transfer of cash or cash equivalent of claim 27, wherein said step of receiving at a dispensing terminal further comprises a step of encrypting said security code.

36. The method for fully automated electronic transfer of cash or cash equivalent of claim 27, wherein said cash equivalent is at least one traveller'"'"'s cheque.

37. The method for fully automated electronic transfer of cash or cash equivalent of claim 27, wherein said cash equivalent is stamps.

38. The method for fully automated electronic transfer of cash or cash equivalent of claim 27, wherein said step of receiving at an initiating terminal further comprises a step of receiving actual currency from said sender.

39. A fully automated system for electronic transfer of cash or cash equivalent between a sender and a recipient, comprising:

an initiating terminal for receiving a designation of an amount of money to be electronically transferred corresponding to an amount of cash or cash equivalent desired by said sender to be provided to said recipient, an account from which it is to be transferred, and a security code from said sender;

a central terminal for receiving said amount and said security code, storing said amount of money to be transferred and said security code in a file therein; and

a dispensing terminal for receiving from said recipient an entry corresponding to each of said designated amount of money and said security code, for providing said entry corresponding to each of said designated amount of money and said security code to said central terminal for comparison with said file, for receiving confirmation of positive match between said entry and said file, and for dispensing directly to the recipient cash or cash equivalent corresponding to said designated amount of money without requiring said recipient to have a card to activate said dispensing terminal.

40. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said initiating terminal is an automated teller machine (ATM).

41. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said initiating terminal is a personal computer with a graphical user interface.

42. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said initiating terminal is a touch-tone telephone with a voice response unit.

43. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said central terminal further comprises a number generator for generating said unique personal identification number.

44. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said dispensing terminal is an automated teller machine (ATM).

45. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said initiating terminal encrypts said security code before providing said encrypted security code to said central terminal.

46. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said dispensing terminal encrypts said security code before providing said encrypted security code to said central terminal.

47. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said designation of an amount of money is the provision of actual legal tender.

48. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said initiating terminal also includes a financial card reader.

49. The system for fully automated electronic transfer of cash or cash equivalent of claim 48, wherein said financial card is a credit card.

50. The system for fully automated electronic transfer of cash or cash equivalent of claim 48, wherein said financial card is a debit card.

51. The system for fully automated electronic transfer of cash or cash equivalent of claim 48, wherein said financial card is a smart card.

52. The system for fully automated electronic transfer of cash or cash equivalent of claim 51, wherein said smart card is a stored value card.

53. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said cash equivalent is at least one traveller'"'"'s cheque.

54. The system for fully automated electronic transfer of cash or cash equivalent of claim 39, wherein said cash equivalent is stamps.

55. A method for fully automated electronic transfer of cash or cash equivalent, comprising the steps of:

receiving, at a central terminal, an electronic signal representing a designation of an amount of cash or cash equivalent to be electronically transferred and a security code from a sender;

providing, by said central terminal, a unique personal identification number to be provided to said sender;

storing said electronic signal representing said designation of an amount of cash or cash equivalent to be transferred and said security code, and said unique personal identification number in a file at said central terminal;

receiving, by said central terminal, an entry corresponding to each of said designated amount of cash or cash equivalent, said security code and said unique personal identification number;

comprising, by said central terminal, said electronic signal with said received entry for confirmational match; and

providing, by said central terminal, a further signal to directly dispense cash or cash equivalent corresponding to said designated amount of money to a recipient without requiring a card to dispense said cash or cash equivalent.

56. The method for fully automated electronic transfer of cash or cash equivalent of claim 55, wherein said step of receiving, at a central terminal, an electronic signal representing a designation of an amount, further comprises the step of receiving financial card information from said sender.

57. A method for fully automated electronic transfer of cash or cash equivalent, comprising the steps of:

receiving, at a central terminal, an electronic signal representing a designation of an amount of cash or cash equivalent to be electronically transferred and a security code from a sender;

storing said electronic signal representing said designation of an amount of cash or cash equivalent to be transferred and said security code, at said central terminal;

receiving, by said central terminal, an entry provided, corresponding to each of said designated amount of cash or cash equivalent and said security code;

comparing, by said central terminal, said electronic signal with said received entry for confirmational match; and

providing, by said central terminal, a further signal to directly dispense cash or cash equivalent corresponding to said designated amount of money to a recipient without requiring a card to dispense said cash or cash equivalent.

58. The method for fully automated electronic transfer of cash or cash equivalent of claim 57, wherein said step of receiving, at a central terminal, an electronic signal representing a designation of an amount, further comprises the step of receiving financial card information from said sender.

59. A method for fully automated electronic transfer of cash or cash equivalent, comprising the steps of:

receiving, at a central terminal, an electronic signal representing a designation of an amount of cash or cash equivalent to be electronically transferred from a sender;

providing, by said central terminal, a unique personal identification number to be provided to said sender;

storing said electronic signal representing said designation of an amount of cash or cash equivalent to be transferred and said unique personal identification number in a file at said central terminal receiving, by said central terminal, an entry corresponding to each of said designated amount of cash or cash equivalent and said unique personal identification number;

comparing, by said central terminal, said electronic signal with said received entry for confirmational match; and

providing, by said central terminal, a further signal to directly dispense cash or cash equivalent corresponding to said designated amount of money to a recipient without requiring a card to dispense said cash or cash equivalent.

60. The method for fully automated electronic transfer of cash or cash equivalent of claim 59, wherein said step of receiving, at a central terminal, an electronic signal representing a designation of an amount, further comprises the step of receiving financial card information from said sender.