Automatic instant money transfer machine

• US 6,554,184 B1
• Filed: 05/05/2000
• Issued: 04/29/2003
• Est. Priority Date: 05/07/1999
• Status: Expired due to Term

• Current Assignee: Kioba Processing, LLC (IP Investments Group LLC)
• Original Assignee: Carl Raymond Amos
• Inventors: Amos, Carl Raymond
• Primary Examiner(s): Frech, Karl D.
• Assistant Examiner(s): LE, UYEN CHAU N
• Application Number:
  US09/565,389
• Time in Patent Office: 1,089 Days
• Field of Search: 235/379, 235/380, 235/375, 235/382, 235/381, 235/383, 235/487, 705/42, 705/43, 705/17, 705/26
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/202 Depositing operations within ATMs depositing in general G07D11/00
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

The Instant Money-Automatic Transfer Machine system (Aunty IM) is a multiplicity of devices on a communications network available 24 hours a day, as sender, receiver and dispenser of funds interchangeably. The Aunty IM accepts standard currancy for deposit amounts or fees charged to transfer to another such reciever/dispenser device. The Sender starts a pending transaction transfer by indicating which device pays for the transfer (Sender, device A, or Dispenser, device B), to whom and where the funds are to be made available to device(s) B_1−n. The amount is fed into currency acceptor at device A and a receipt is generated by the Sender, device A. A Receiver becomes a Dispenser only when the Receiver retrieves the pending transaction from device A using a verifiable password or identification. The cash is dispensed. The fee is charged at either end of the transaction.

Claims

1. A money transfer system comprising of a plurality of money transfer devices, each of said money transfer devices comprises a currency accepting means, a currency dispensing means, a coin accepting means, a coin dispensing means, a data input means, and an output means, wherein said output means is a printer;

the system further comprises a computer which includes a microprocessor and a modem for controlling communication directly between the plural of said money transfer devices.

2. A money transfer system comprising a plurality of money transfer devices, each of said money transfer devices comprises a currency accepting means, a currency dispensing means, a coin accepting means, a coin dispensing means, a data input means, a display means, and output means;

the system further includes computing means and telecommunication means, wherein the telecommunications means directly controls communication between the plurality of said money transfer devices.

3. The system of claim 2, wherein each money transfer device operates as a sender, receiver and dispenser of funds interchangeably.

4. The system of claim 2, wherein money is fed into a proximal money transfer device and electronically causing a dispensing of like funds at a distal money transfer device.

5. The system of claim 2, whereby currency or money amounts are transmitted over distances reciprocally to similarly interconnected web of money transfer devices whereby inserting currency at proximal end will cause by electronic means dispensing of like finds at distal end.

6. The system of claim 2, wherein said money transfer devices utilize a communications network between proximal and distal ends.

7. The system of claim 2, wherein said system further comprises a central database server to record transactions and for accounting and inventory control.

8. The system of claim 2, wherein the system uses an automated teller machine network.

9. The system of claim 2, wherein the system uses currency, credit or banking cards at the money transfer devices or through a personal computer or the central database server and accesses proximal and distal financial institutions.

10. The system of claim 9, which includes automated teller machine system modifications to accept transfer transactions funds from said money transfer devices and said funds to said devices by a user accessing a designated financial account through an automated teller machine network, the Internet, or communication means.

11. The system of claim 2, which further comprises biometrics means to identify both an initiator and recipient.

12. The system of claim 2, wherein currency acceptor means and coin acceptor means include recycling means to dispense money accepted as funds to be dispensed.

13. A method of money transfer between a plurality of money transfer devices, each of said money transfer devices at a proximal end transmits information utilizing a communication network on a transaction to be completed at a distal end,

a) the transaction information comprises:

i) a recipient identification data,

ii) a designated distal end or general locality,

iii) an amount of finds in the transaction,

iv) what type of funds is to be made available to one or more money transfer devices at said distal end,

v) what type of finds has been accepted by the money transfer device, whether currency, credit or debit,

vi) confirmation and transaction codes and a password,

b) wherein said money transfer device designations comprise;

i) each money transfer device is either a sender or a receiver or a dispenser interchangeably, depending on whether the money transfer device is on the proximal or distal end of said transaction,

ii) said money transfer device becomes the sender by initiating said transaction,

iii) said money transfer device becomes the receiver by receiving a signal that said transaction is pending in said designated general locality,

iv) said receiver becomes the dispenser only when one receiver money transfer device on the distal end indicates a retrieval of a pending transaction;

c) wherein said transaction transpires in the following manner;

i) when a transaction initiation signal is generated said transaction information is prompted to be entered to said money transfer device, said sender, on the proximal end,

ii) the sender money transfer device generates a confirmation code and prompts for said password, if said password is not entered then said password is internally generated,

iii) said sender money transfer device verifies all said transaction information,

iv) said transaction information is then encrypted for transmittal,

v) said sender money transfer device generates a receipt,

vi) a first set of signals is sent to distal end or designated general locality for receiver money transfer devices,

vii) an input signal, is received by the receiver money transfer device to indicate a retrieval of a pending transaction,

viii) the password is inputted to the receiver money transfer device to initiate the retrieval

ix) the transaction information is verified by the receiver money transfer device, which then becomes the said dispenser money transfer device,

x) a second set of signals is transmitted back to the sender money transfer device to indicate the pending transaction is no longer available,

xi) said amount of funds are dispensed according to the transaction information.

14. The method of claim 13, wherein said transferred funds are dispensed as currency or financial instruments.

15. The method of claim 13, wherein said currency is recycled into the money transfer device as funds to dispense.

16. The method of claim 13, wherein the transaction information includes whether the proximal or distal end of the transaction pays or provides the transaction fee.