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System and Method to Perform Cash Withdrawal in Business Establishments via a Mobile Device

IP.com Disclosure Number: IPCOM000244599D
Publication Date: 2015-Dec-24
Document File: 3 page(s) / 53K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a system and method to perform a transaction for a pre-withdrawal of funds from a bank account via a mobile application (app), and then and retrieve the cash at any business establishment selected via the map provided by the app.

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This is the abbreviated version, containing approximately 80% of the total text.

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System and Method to Perform Cash Withdrawal in Business Establishments via a Mobile Device

At certain times of day or days of the week, customers can experience a long wait time at an Automated Teller Machine (ATM). This leads to a negative customer experience. A system is needed to expedite the process when a user wants to withdraw money from a bank account using electronic services.

The novel solution is a system and method to perform a transaction for a pre -withdrawal of funds via a mobile application (app), and then retrieve the cash at any business establishment selected via the map provided by the app . In order to retrieve the cash from the selected establishment, the user presents a system-generated alphanumeric token (i.e. dynamic identifier) which is stored on an associated mobile device, as proof of the transaction. The user can perform these steps independent of the bank , user account, or card. This solution enables the user to perform several cash withdrawals from multiple cards or bank accounts in any preferred business establishment.

To implement the system and method to perform cash withdrawals in business establishments via a mobile device in a preferred embodiment:


1. A user needs to make a cash withdrawal


2. User authenticates in the mobile device using associated bank credentials and ATM procedure


3. The app shows a location map displaying the establishments from which the user can retrieve the cash


4. The user selects the business establi...