Bank of america corporation (20240242557). Intelligent Cash Handling simplified abstract

Intelligent Cash Handling

Organization Name

bank of america corporation

Inventor(s)

Paul Martin Mattison, Sr. of Sherrills Ford NC (US)

Matthew E. Williams of Little Elm TX (US)

Carl Parziale of Charlotte NC (US)

Pavan Singaraju of Waxhaw NC (US)

Anne Price of Newport TN (US)

David Smiddy of Chadds Ford PA (US)

Brandon Kozlowski of Charlotte NC (US)

Jennifer Raley of Mount Holly NC (US)

Intelligent Cash Handling - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240242557 titled 'Intelligent Cash Handling

Simplified Explanation

The patent application discusses a cash handling device that can process transactions requested from a mobile device. The device generates a graphical identifier for authorization, establishes a connection with the mobile device, processes the transaction, and notifies the completion of the transaction.

• The cash handling device can process transactions requested from a mobile device.
• It generates a graphical identifier for authorization.
• It establishes a connection with the mobile device.
• It processes the transaction associated with the mobile device.
• It notifies the completion of the transaction.

Key Features and Innovation

• Integration of cash handling device with mobile devices for transaction processing.
• Generation of graphical identifiers for authorization.
• Secure connection establishment between the cash handling device and mobile device.
• Efficient processing of pre-staged transactions.
• Notification system for transaction completion.

Potential Applications

The technology can be applied in various industries such as retail, banking, and hospitality for secure and efficient cash handling processes.

Problems Solved

• Streamlining cash handling processes.
• Enhancing security measures for transaction authorization.
• Improving efficiency in processing transactions.

Benefits

• Increased security in cash handling transactions.
• Improved efficiency and accuracy in processing transactions.
• Seamless integration with mobile devices for convenience.

Commercial Applications

Title: "Mobile-Integrated Cash Handling Devices: Revolutionizing Transaction Processing" This technology can be commercially used in retail stores, banks, and casinos to enhance cash handling processes, improve security, and streamline transaction processing, leading to increased customer satisfaction and operational efficiency.

Prior Art

Readers can explore prior art related to mobile-integrated cash handling devices in the fields of financial technology, mobile payment systems, and cash management solutions.

Frequently Updated Research

Researchers are continuously exploring advancements in mobile-integrated cash handling devices, focusing on enhancing security features, improving transaction processing speed, and expanding compatibility with various mobile devices.

Questions about Mobile-Integrated Cash Handling Devices

How does the graphical identifier enhance security in transaction processing?

The graphical identifier serves as an additional layer of authorization, ensuring that only authorized mobile devices can access and process transactions on the cash handling device.

What are the potential challenges in integrating mobile devices with cash handling devices?

Challenges may include compatibility issues, security concerns, and the need for robust communication protocols to ensure seamless transaction processing between the devices.

Original Abstract Submitted

aspects of the disclosure relate to cash handling devices that provide intelligent monitoring and management of cash cycles. a cash handling device having at least one processor, a communication interface, and memory may receive, from a mobile device, a request to process a pre-staged transaction. subsequently, the cash handling device may generate and present a graphical identifier based on the mobile device requesting access to the cash handling device. next, the cash handling device may verify that the mobile device is authorized to perform the pre-staged transaction based on the graphical identifier being scanned by the mobile device and cause a connection to be established between the cash handling device and the mobile device. thereafter, the cash handling device may identify and process the pre-staged transaction associated with the mobile device. then, the cash handling device may generate a notification indicating completed processing of the identified pre-staged transaction.