Remote Check Cashing via Image Capture and Approval
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Solution Overview
Problem
Unbanked and underbanked consumers face difficulties in cashing checks as they typically need to visit third-party check cashing entities, lacking the option for remote pre-staging and self-service completion of transactions.
Innovation Solution
A system and method allowing unbanked and underbanked consumers to pre-stage check cashing transactions using a mobile or personal computer, capturing images of checks, sending them for approval, and completing the transaction at a self-service terminal like an ATM or kiosk, using wireless communication and image capture devices.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If unbanked consumers visit third-party check cashing entities, then they can cash checks, but they face longer wait times and higher complexity in the process
Solution Approach 1:
The system allows consumers to pre-stage check cashing transactions by capturing check images and submitting them for approval before visiting the self-service terminal. This preliminary action reduces wait time at the terminal since approval is pre-obtained, and simplifies the in-person process to merely submitting the pre-approved transaction.
Solution Approach 2:
The invention enables consumers to perform check cashing transactions through self-service terminals (ATMs, kiosks) rather than requiring assistance from third-party check cashing entities. The automated approval system and self-service terminal interaction eliminate human intermediary complexity and reduce waiting times.
2Ease of operation
If consumers use self-service terminals to cash checks, then they gain convenience and reduced wait times, but they need additional infrastructure (image capture devices, approval systems)
Solution Approach 1:
The self-service terminal is designed to perform multiple functions: capturing check images, processing approval requests, and dispensing cash. By integrating these functions into a single multi-functional device, the system avoids requiring separate specialized equipment for each function, thereby reducing overall infrastructure complexity while maintaining convenience.
Solution Approach 2:
The approval system acts as an intermediary between the consumer's image capture device and the self-service terminal. It processes check images remotely, determines approval status, and communicates results back, thereby decoupling the complexity of check verification from the self-service terminal and enabling consumers to use simple mobile devices for image capture.
3Loss of time
If consumers pre-stage transactions remotely, then they reduce wait times and improve convenience, but they require integration between mobile devices and approval systems
Solution Approach 1:
The system uses digital copies (images) of physical checks instead of requiring the original check document to be physically present during approval processing. This copying approach enables remote pre-staging of transactions through mobile devices, dramatically reducing transaction time while the standardized image processing protocols keep integration complexity manageable.
Data Source
AI summary
A system and method of cashing a check which reduces wait times and automates a very manual process. An example method includes capturing an image of the check, sending a request including an image file containing the image of the check to a check approval system, receiving an approval to cash the check from the check approval system, and submitting the image file and the approval during a check cashing transaction at a self-service terminal.