Method and system for performing a cash transaction with a self-service financial transaction terminal

• US 8,554,672 B1
• Filed: 12/27/2012
• Issued: 10/08/2013
• Est. Priority Date: 07/20/2000
• Status: Expired due to Term

• Current Assignee: Citicorp Credit Services Incorporated (Citigroup Incorporated)
• Original Assignee: Citicorp Development Center Incorporated (Citigroup Incorporated)
• Inventors: Rizzo, Carol J., Hsu, Phoebe Rin-Rin, Sears, Michael L.
• Primary Examiner(s): MILEF, ELDA G
• Application Number:
  US13/728,147
• Time in Patent Office: 285 Days
• Field of Search: 705/35, 705 39- 44
• 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 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/305 using wired telephone networks
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/425 using two different networks, one for transaction and one for security confirmation
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A method and system for performing a cash transaction with a self-service financial transaction terminal makes use of computer hardware and software that allows a financial institution cardholder to authorize a recipient to withdraw a specified amount of cash at an ATM of the particular financial institution. The cardholder can set up the transaction, for example, from any telephone using an interactive voice response (IVR) system, or by utilizing the application at a financial institution ATM, or by using an Internet website application. The originator can set up the recipient'"'"'s ATM transaction to be either cardless or card-initiated.

Claims

1. A method for transferring funds from an originator to a recipient, the method comprising:

receiving, using a computer, a selection from the originator of an option to transfer funds from a source account of the originator to a financial institution escrow account for dispensing to the recipient at any of a plurality of financial transaction terminals and identification information for the recipient, wherein the recipient identification information comprises a cardless identifier associated with the recipient and wherein the cardless identifier does not require a transaction card of the recipient for use of the cardless identifier;

furnishing, using a computer, a unique authentication code associated with the recipient identification information to the originator upon receiving the recipient identification information that identifies the recipient, said recipient identification information and associated unique authentication code serving only to identify the recipient for dispensing of the cash in the financial institution escrow account to the recipient at any of the plurality of financial transaction terminals without allowing the recipient access to any account of the originator;

receiving, using a computer, a designation of the source account and an amount of funds to be transferred from the source account to the financial institution escrow account for dispensing to the recipient at any of the plurality of financial transaction terminals;

transferring, using a computer, the designated amount of funds from the source account of the originator to the financial institution escrow account for dispensing to the recipient at any of the plurality of financial transaction terminals;

receiving, using a computer, entry by the recipient of the recipient identification information and the associated unique authentication code; and

dispensing, using a computer, at said one of the plurality of financial transaction terminals, to the recipient an amount of funds specified by the recipient up to the designated amount of cash from the financial institution escrow account.

2. The method according to claim 1, further comprising receiving, using a computer, a selection from the originator of an option to receive notification when the designated amount of funds in the financial institution escrow account is dispensed to the recipient at any of the plurality of financial transaction terminals.

3. The method according to claim 2, further comprising notifying, using a computer, the originator of dispensing to the recipient of the specified the amount of funds specified by the recipient from the financial institution escrow account.

4. The method according to claim 1, further comprising receiving, by a computer, a designation of an enabling event by the originator, wherein the funds are not available to the recipient until the occurrence of the enabling event.

5. The method according to claim 1, further comprising dispensing funds at the self-service financial transaction terminal from the financial institution escrow account.

6. The method according to claim 2, further comprising notifying, by the computer of the financial institution, the originator that cash was dispensed to the recipient from the funds in the financial institution escrow account.

7. The method according to claim 1, wherein the identification information comprises an alphabetic, numeric, or alphanumeric identifier.

8. The method according to claim 1, wherein the computer comprises an interactive voice response computer.

9. The method according to claim 1, further comprising receiving, by a computer, the selection to transfer funds by the originator via a website.

10. The method according to claim 1, further comprising receiving, by a computer, a selection of an end date wherein the money is no longer available to the recipient after the end date.

11. The method according to claim 1, further comprising confirming the identification information before providing the code.

12. The method according to claim 1, further comprising allowing withdrawal by the recipient of only a portion of the money designated by the originator.

13. A method for transferring money from an originator to a recipient, the method comprising:

receiving, by a computer, instructions from the originator to transfer funds from a source account to a escrow account for dispensing to the recipient at a financial transaction terminal;

receiving, by the computer, an amount of funds to be transferred from the source account to the escrow account;

receiving, by the computer, identification information for the recipient that identifies the recipient;

providing, by the computer, a code associated with the recipient and for use by the recipient along with the identification information for authenticating the recipient to receive the funds at the financial transaction terminal from the escrow account;

receiving, by the computer, a selection by the recipient at a financial transaction terminal to dispense funds designated by the originator;

receiving, by the computer, entry by the recipient of the identification information and the code; and

authenticating, by the computer, the recipient based upon the identification information and the code, wherein the funds are available for dispensing to the recipient upon authentication of the recipient.

14. The method according to claim 13, further comprising sending, by the computer, a notification to the originator when the funds are transferred from the source account to the escrow account.

15. The method according to claim 13, further comprising receiving, by the computer, a designation of an enabling event by the originator, wherein the funds are not available to the recipient until the occurrence of the enabling event.

16. The method according to claim 13, further comprising dispensing cash at the financial transaction terminal from the escrow account.

17. The method according to claim 13, wherein the identification information is associated with a transaction card of the recipient.

18. The method according to claim 13, wherein the computer comprises an interactive voice response computer.

19. The method according to claim 13, further comprising receiving, by the computer, the selection to transfer funds by the originator via a website.

20. The method according to claim 13, further comprising receiving, by the computer, a selection of an end date wherein the money is no longer available to the recipient after the end date.

21. The method according to claim 13, further comprising receiving, by the computer, information read from a transaction card of the recipient at the financial transaction terminal, and

authenticating, by the computer, the recipient using the information read from the transaction card.

22. The method according to claim 13, further comprising providing, by the computer, an option to the originator to select identification information of the recipient based upon a cardless identifier or a transaction card of the recipient.

23. The method according to claim 13, further comprising confirming the identification information before providing the code.

24. The method according to claim 13, further comprising allowing withdrawal by the recipient of only a portion of the money designated by the originator.