Cardless ATM Transactions

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PCT Application Number                     : Will update soon
Indian Patent Application Number  : 201741033411
US Patent Application Number         : Will update soon

In recent years, financial services industry has become increasingly expanded. Banks, for example, now offer a wide variety of products and services not previously available to customer. Due to the expansion and advent of new technology in the financial services industry, it undergoes significant pressures. Customers have less and less time to manage their money so to overcome this problem and to interact with banks includes ubiquitous; ATM into the market. ATM is an electronic banking outlet that allows the customers of a financial institution to complete financial transactions, particularly cash withdrawal, and receive reports of customer’s account balances without the assistance of a human cashier, clerk or bank teller, bank representative. ATMs offer the convenience of multiple locations and are faster than going to the bank. ATM provides access to bank from any part of the world. Anyone with a credit card or debit card can access most ATMs.

Traditionally, to perform financial transaction using ATM, the user/customer must insert an ATM card associated with the user's account into a card reader on the ATM and provide the user's Personal Identification Number (PIN) and one time password (OTP), usually by inputting the PIN, OTP through a keypad or touch screen on the ATM. The ATM reads user account information from the magnetic stripe on the ATM card and receives the PIN, OTP through the keypad or touch screen. Information from the magnetic stripe and the PIN, OTP are sent to a bank server for authentication purpose. Based on authentication of PIN, OTP financial transaction can be completed.

On the other hand in the current process of performing financial transaction (which may include insert card, enter PIN, and OTP, and waiting for OTP) at the ATM is also very inconvenient, burdensome and unreliable and inefficient and time consuming process for customer. Irrespective of these drawbacks, additionally, it is often cumbersome to carry ATM cards and keeping ATM cards safe and remembering passwords cause inconvenience in use and raise transaction security issues. Unfortunately, the conventional mechanisms that require the bank card are inconvenient in that they require a user to carry the bank card in order to be able access funds via an ATM. Therefore, it would be advantageous to perform financial transaction without using a physical bank card such as credit card or debit card.

Hence, it would be advantageous to provide a way in which the conventional method, system and device being  replaced or supplemented by quicker, more convenient or more economical financial transaction method by utilizing a biometric identification or biometric information or biometrics which is unique identity of the user/customer.

Similar to physical visits to a bank branch, an ATM enables customers to access their bank accounts in order to make cash withdrawals or advances (e.g., credit card cash advances). Unfortunately, the conventional mechanisms that require a card are inconvenient in that they require a user to carry the plastic card in order to be able access funds via an ATM. Therefore, there still exists a dire need to provide a new, technically advanced and improved system and method that enables users to perform financial transactions by using a biometric identification or biometric information or biometrics of the user without any need of physical cards.

How it works:

The cardless ATM transaction works based on the unique identification code such as PAN card, AADHAR card number(in India), SSN (US) or directly the system fetch one or more bank account details by using user biometrics such as finger prints or iris(each user register their biometrics with the bank while opening the bank account). Once the system retrieved the user bank details successfully then the same will be displayed on the ATM screen.



Now user can choose one of the accounts on the ATM screen and then the system will ask for the PIN for the particular bank account. Once the system authenticates the user then it will display the respective bank options page. Now user can select the option according to the requirement and finish the transaction. Once the transaction is completed then the ATM will redirects to the main page which contains all the bank accounts/names of the user. If the user wants to exit completely then they can choose exist or cancel option in the ATM.

**The major advantage with this innovation is no need of any bank cards such as Debit/Credit cards and also no smart phones required.

Select Bank Account:

Authentication :


Please share your valuable suggestions and comments on this article.

 Reach me @ my.innovationconcepts@gmail.com

Disclaimer: Chances are there that some one may have patents on the similar innovative ideas but all these concepts are my own individual thoughts. 

Thanks,
SPCS

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