Method and system for automated value transfer

• US 7,416,115 B2
• Filed: 08/15/2005
• Issued: 08/26/2008
• Est. Priority Date: 02/25/2003
• Status: Expired due to Term

• 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
• Primary Examiner(s): Paik; Steven S
• Assistant Examiner(s): TAYLOR, APRIL ALICIA
• Application Number:
  US11/203,301
• Publication Number:
  US 20050269415A1
• Time in Patent Office: 1,107 Days
• Field of Search: 235/375, 235/379, 235/380, 705/16, 705/17, 705/35, 705/39
• US Class Current: 235/380
• 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 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.

2. The card of claim 1, wherein the storage medium comprises a magnetic stripe.

3. The card of claim 1, wherein the numeric string is not associated with a distinct user account.

4. The card of claim 1, wherein the cash dispensing unit comprises an automated teller machine (ATM).

5. The card of claim 1, wherein the cash dispensing unit comprises a point-of-sale terminal at a retail location.

6. 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.

7. The card of claim 6, wherein the storage medium comprises a magnetic stripe.

8. The card of claim 6, wherein the numeric string is not associated with a distinct user account.

9. The card of claim 6, wherein the cash dispensing unit comprises an automated teller machine (ATM).

10. The card of claim 6, wherein the cash dispensing unit comprises a point-of-sale terminal at a retail location.