18528338. SYSTEMS AND METHODS FOR PERFORMING ATM FUND TRANSFER USING ACTIVE AUTHENTICATION simplified abstract (Capital One Services, LLC)
Contents
SYSTEMS AND METHODS FOR PERFORMING ATM FUND TRANSFER USING ACTIVE AUTHENTICATION
Organization Name
Inventor(s)
Rudolph Christian Wolfs of Hockessin DE (US)
David Aaron Pinski of Narberth PA (US)
SYSTEMS AND METHODS FOR PERFORMING ATM FUND TRANSFER USING ACTIVE AUTHENTICATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 18528338 titled 'SYSTEMS AND METHODS FOR PERFORMING ATM FUND TRANSFER USING ACTIVE AUTHENTICATION
Simplified Explanation:
The patent application describes a method for performing a fund transfer at an ATM using a mobile financial transaction instrument. The process involves receiving an active authentication transaction key, generating a PIN, and transmitting an authorization request message to a financial institution.
- Receiving an active authentication transaction key at an ATM from a mobile financial transaction instrument via a wireless communication protocol.
- Generating a PIN at the ATM and storing it in a machine-readable storage medium.
- Transmitting an authorization request message to a financial institution identified by the active authentication transaction key.
- The authorization request message includes the PIN and at least a portion of the active authentication transaction key.
- Dispensing funds in response to receiving the PIN from a user of the mobile financial transaction instrument.
Potential Applications: This technology could be used in various financial institutions, ATMs, and mobile banking applications to enhance security and streamline fund transfer processes.
Problems Solved: This technology addresses the need for secure and efficient fund transfers at ATMs, reducing the risk of unauthorized transactions and enhancing user experience.
Benefits: The benefits of this technology include improved security, convenience for users, and increased efficiency in fund transfer processes.
Commercial Applications: Title: Enhanced Security and Efficiency in ATM Fund Transfers This technology could be commercially applied by banks, financial institutions, and ATM manufacturers to offer secure and user-friendly fund transfer services, attracting more customers and enhancing their overall banking experience.
Prior Art: There may be prior art related to secure fund transfer methods at ATMs using mobile financial transaction instruments. Researchers can explore existing patents and publications in the field of mobile banking and financial technology.
Frequently Updated Research: Researchers and developers in the field of financial technology are constantly innovating to improve security and efficiency in fund transfer processes. Stay updated on the latest advancements in mobile banking and ATM technologies to incorporate cutting-edge solutions into your operations.
Questions about ATM Fund Transfer Technology: 1. How does this technology improve security in fund transfer processes at ATMs? 2. What are the potential challenges in implementing this technology in existing ATM systems?
Original Abstract Submitted
A method of performing a fund transfer at an ATM includes receiving an active authentication transaction key at an ATM from a mobile financial transaction instrument via a wireless communication protocol, generating a PIN at the ATM, and storing the PIN in a machine readable storage medium. An authorization request message is transmitted to a financial institution identified by the active authentication transaction key. The authorization request message includes the PIN and at least a portion of the active authentication transaction key. The PIN is received from a user of the mobile financial transaction instrument, and the funds are dispensed in response to receiving the PIN.
