Automated Teller Machine Payment Intermediary System
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Solution Overview
Problem
Payments for services such as delivery, babysitting, and lawn mowing are often made in cash, which can be easily spent, lost, or stolen, and not deposited into bank accounts, leading to undesirable outcomes.
Innovation Solution
A system and method that allows customers to request electronic payments, associate the request with a designated account, electronically send the payment request to a payer, receive the payment, and deposit it into the customer's designated account, using a network-based system with member and non-member communication engines and databases to facilitate secure transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If payments are made in cash, then the payment process is simple and immediate, but the payment is easily spent, lost, or stolen without being saved
Solution Approach 1:
The patent introduces an automated teller machine (ATM) as an intermediary between the payer and payee. The ATM receives cash from the payer, processes the payment electronically, and deposits funds into the payee's account. This intermediary system maintains the simplicity of cash handling while ensuring secure electronic recording and savings accumulation, resolving the contradiction between operational simplicity and payment security.
2Reliability
If electronic payment systems are implemented, then payment security and account depositing are improved, but system complexity increases
Solution Approach 1:
The patent implements a self-service automated teller machine that performs payment processing without requiring bank tellers or complex manual procedures. The ATM autonomously handles cash acceptance, payment validation, electronic processing, and account crediting. This self-service approach reduces operational complexity while maintaining high security standards and ensuring proper account depositing.
Solution Approach 2:
The patent replaces manual mechanical payment processes (cash handling by tellers, physical ledger updates) with electronic automated systems. The ATM uses electronic databases, digital transaction records, and automated cash mechanisms to substitute human-operated mechanical systems, thereby improving security and efficiency while managing complexity through automation.
3Ease of manufacture
If cash payments are used, then no special equipment is needed, but the payment cannot be tracked or saved in financial accounts
Solution Approach 1:
The patent implements a feedback mechanism where the automated teller machine provides immediate confirmation to both payer and payee regarding the payment status. The system generates electronic records, updates account balances, and provides transaction receipts. This feedback loop ensures complete payment tracking while maintaining the simplicity of cash-based transactions, as the ATM handles all recording and tracking functions automatically.
Data Source
AI summary
Systems and methods to provide a payment include techniques to receive, from a customer, an electronic request for the payment, associate the request with an account designated by the customer, electronically send the request for the payment to a payer designated by the customer, receive the payment from the payer, and deposit the payment into the account designated by the customer.