Method and system for automated value transfer

Details Method and system for automated value transfer Method and system for automated value transfer

2008-08-25

2011-10-18

Le, Thien M. (Department: 2887)

Registers

Systems controlled by data bearing records

Credit or identification card systems

C235S375000, C235S379000, C705S016000, C705S017000

Reexamination Certificate

active

08038058

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.

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