Reverse vault cash system and methods

• US 8,280,814 B2
• Filed: 01/03/2005
• Issued: 10/02/2012
• Est. Priority Date: 01/08/2004
• Status: Active Grant

• Current Assignee: VeriFone Israel Limited (Verifone Systems, Inc.)
• Original Assignee: VeriFone Israel Limited (Verifone Systems, Inc.)
• Inventors: Lipkin, David Israel
• Primary Examiner(s): Kazimi, Hani M
• Assistant Examiner(s): SCARITO, JOHN D
• Application Number:
  US10/558,571
• Publication Number:
  US 20070027800A1
• Time in Patent Office: 2,829 Days
• Field of Search: 705/35, 705/43
• US Class Current: 705/43
• 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

An electronic cash management system including a plurality of electronic cash safes each associated with a cash acceptor and a communicator under the physical control of a financial institution operating as a vault cash manager which owns the cash located therein and operative upon receipt of cash into one of said plurality of cash safes, verified by the cash acceptor to employ the communicator for providing a computer network notification to the financial institution indicating receipt of the cash as vault cash owned by the financial institution.

Claims

1. An electronic cash management methodology comprising:

providing a plurality of electronic cash safes under the physical control of a financial institution, operating as a vault cash manager which owns cash located therein, each of said plurality of electronic cash safes being associated with a cash acceptor and a communicator;

upon receipt of cash into one of said plurality of electronic cash safes, verified by said cash acceptor, employing said communicator for providing a computer network notification from said one of said plurality of electronic cash safes indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

responsive to said computer network notification from said communicator, effecting payment to a supplier of said product by said financial institution;

accruing non-loan interest payable from an operator of said one of said plurality of electronic cash safes to said financial institution in respect of said payment;

collecting said cash from said one of said plurality of electronic cash safes on behalf of said financial institution and physically depositing said cash to the account of said financial institution; and

paying to said financial institution by said operator of said one of said plurality of electronic cash safes of said non-loan interest accrued in respect of said payment to said supplier for a period between said effecting payment to said supplier and said depositing said cash.

2. The electronic cash management methodology according to claim 1, wherein said providing a plurality of electronic cash safes comprises providing at least one of electronic vending machines and electronic kiosks.

3. The electronic cash management methodology according to claim 1, wherein said providing a plurality of electronic cash safes comprises providing data communications functionality for data communication to and from a computerized point of sale.

4. The electronic cash management methodology according to claim 1, wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

5. The electronic cash management methodology according to claim 1, wherein said paying to said financial institution by said operator of said one of said plurality of electronic cash safes of said non-loan interest accrued in respect of said payment to said supplier is effected by remitting by said financial institution to said operator net proceeds of said cash collected from said at least one of said plurality of electronic cash safes and deposited to the account of said financial institution less said payment to said supplier and less said non-loan interest accrued in respect of said payment to said supplier due to said financial institution.

6. The electronic cash management methodology according to claim 1, wherein said methodology further comprises providing ATM functionality.

7. The electronic cash management methodology according to claim 6, wherein said providing ATM functionality employs at least some of said cash received into said one of said plurality of electronic cash safes.

8. The electronic cash management methodology according to claim 1, wherein said product comprises at least one of a pre-paid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.

9. The electronic cash management methodology according to claim 1, wherein at least one of said effecting step, said accruing step and said payment step employs a vault cash manager server.

10. An electronic vending machine methodology comprising:

providing a plurality of electronic vending machines, each having a cash safe, under the physical control of a financial institution operating as a vault cash manager which owns the cash located therein, a cash acceptor, and a communicator;

upon receipt of cash into said cash safe at one of said plurality of electronic vending machines as verified by said cash acceptor, employing said communicator for providing a computer network notification from said one of said plurality of electronic vending machines indicating receipt of said cash and at least partially identifying a product sold in return for the cash;

responsive to said computer network notification from said communicator, effecting payment to a supplier of said product by said financial institution;

accruing non-loan interest payable from an operator of said one of said plurality of electronic vending machines to said financial institution in respect of said payment;

collecting said cash from said cash safe of said one of said plurality of electronic vending machines on behalf of said financial institution and physically depositing said cash to the account of said financial institution; and

paying to said financial institution by said operator of said one of said plurality of electronic vending machines of said non-loan interest accrued in respect of said payment to said supplier for a period between said effecting payment to said supplier and said depositing said cash.

11. The electronic vending machine methodology according to claim 10, wherein said providing a plurality of electronic vending machines comprises providing at least one electronic vending machine having a locked cash vault which is not under the control of said operator.

12. The electronic vending machine methodology according to claim 10, wherein said providing a plurality of electronic vending machines comprises providing data communications functionality for data communication to and from a computerized point of sale.

13. The electronic vending machine methodology according to claim 10, wherein said computer network notification is communicated via a computerized point of sale operator'"'"'s computer to at least one of said supplier and said financial institution.

14. The electronic vending machine methodology according to claim 10, wherein said paying to said financial institution by said operator of said one of said plurality of electronic vending machines of said non-loan interest accrued in respect of said payment to said supplier is effected by remitting by said financial institution to said operator net proceeds of said cash collected from said cash safe and deposited to the account of said financial institution less said payment to said supplier and less said non-loan interest accrued in respect of said payment to said supplier due to said financial institution.

15. The electronic vending machine methodology according to claim 10, wherein said methodology further comprises providing ATM functionality.

16. The electronic vending machine methodology according to claim 15, wherein said providing ATM functionality employs at least some of said cash received into said cash safe of said one of said plurality of electronic vending machines.

17. The electronic vending machine methodology according to claim 10, wherein said product comprises at least one of a pre-paid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.

18. The electronic vending machine methodology according to claim 10, wherein at least one of said effecting step, said accruing step and said payment step employs a vault cash manager server.

19. An electronic cash management system comprising:

a plurality of computerized points of sale including electronic cash safes under the physical control of a financial institution operating as a vault cash manager which owns the cash located therein, each associated with a cash acceptor, and a communicator, said communicator being operative, upon receipt of cash into one of said electronic cash safes, employing said communicator for providing a computer network notification from said one of said electronic cash safes indicating receipt of said cash and at least partially identifying a product sold in return for the cash; and

a vault cash server, responsive to said computer network notification from said communicator, for effecting payment to a supplier of said product by said financial institution.

20. The electronic cash management system according to claim 19, wherein said plurality of computerized points of sale include at least one of electronic vending machines, ATMs and electronic kiosks.

21. The electronic cash management system according to claim 20, wherein said system further comprises ATM functionality employing a bill recycler for utilizing at least some of said cash received into one of said electronic cash safes.

22. The electronic cash management system according to claim 19, wherein said product comprises at least one of a pre-paid telephone calling card, train ticket, stored value card, bill paying services, stored value card topping-up services and printable tickets.