AU2019100217A4 - Method and Process of Establishing Financial and Insurance Services in Real Time by means of a Software Platform and a Secure Smart Apparatus - Google Patents

Abstract

Method and Process of Establishing Financial and Insurance Services in Real Time by means of a Software Platform and a Secure Smart Apparatus A method and process of establishing financial and insurance services in real time by means of secure apparatus is disclosed. The invention is comprised of four main components: an apparatus; a software program; a sponsored membership card (such as credit and bank cards, insurance cards etc.); and a business process of activating a bank and/or insurance account and providing credit and a policy. The apparatus establishes newly-activated accounts for interested customers. Potential customers have the option to choose from a plurality of participating lenders and/or insurance providers and a membership card, loan and policy is issued to the new patron while at the apparatus. The apparatus prints a new card for the new card holder. The apparatus verifies cardholder identity with biometrics and passport verification (RFID) technologies before an account is opened and does not require a visit to any financial or insurance institutions. FIGURE INTENDED FOR PUBLICATION CoC (00

Description

Method and Process of Establishing

Financial and Insurance Services in Real Time by means of a Software Platform and a Secure Smart Apparatus

TECHNICAL FIELD

The present invention generally relates to financial technology. More specifically, it relates to a method and process of establishing financial services in real time for new customers by means of secure apparatus.

BACKGROUND ART

The first financial apparatus were developed in England in the mid-1960s. Adrian Ashfield invented the basic idea of a card combining the key and user's identity with an automatic teller machine (ATM). Luther George Simjian in the United States developed an ATM called Bankograph and was installed in New

York City by the City Bank of New York but it was removed after six months due to the lack of customer acceptance. The Bankograph was an automated envelope deposit machine (accepting coins, cash and cheques) and did not have cash dispensing features. It is widely accepted that the first cash machine was put into use by Barclays Bank in its Enfield Town branch in North London in 1967. Transactions were initiated by inserting paper cheques issued by a teller or cashier, marked with a carbon etching for machine readability and security, which in a later model were matched with a six-digit personal identification number (PIN).

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According to the ATM Industry Association there are now close to four million ATMs installed worldwide. On most modern apparatus, customers are identified by inserting a plastic card (or some other acceptable payment card) into the machine, with authentication being performed by the customer who enters a PIN, which must match the PIN stored in the chip on the card or in the issuing financial institution's database. Using a apparatus, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions such as cash withdrawals, check balances, or credit mobile phones. Apparatus and ATMs can be used to withdraw cash in a foreign country. If the currency being withdrawn from the machine is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange rate.

Many in the banking industry have been making strides toward providing such apparatus with a greater level of sophistication by incorporating other financial tools for both new and existing users. United

States Patent No. 20110186627A and 120090108015A1 granted to Kreamer disclosed a combination

ATM vending machine that provides financial services solutions to subprime prospects and the unbanked. The present invention also provides online, wireless banking; prepaid cards; and secured lending products to customers who may not qualify for conventional bank unsecured lending products, or whose needs cannot be met by traditional lenders. While this invention does automate some financial transactions, lenders are still required to input customer information and at least some the card information into a data processing terminal at a branch facility. United States Patent No. 20100057609A1 granted to Sibson disclosed a system that provides instantaneous disbursement of loan proceeds via a virtual prepaid debit card to the applicant; however, it does not include a apparatus and proprietary software.. Expired Australian Patent No. 2002211803 disclosed a system that provides an instant issuance of a credit card; however, this service only relates to existing card holders. United States Patent No.

6877656B1 granted to Monique and Steadman also teach of a system that provides an instant issuance of

2019100217 28 Feb 2019 a credit card; however, this service also only relates to existing card holders. United States Patent No.

8429075B2 granted to Smith and White disclosed a system for issuing payment cards instantly, but it still requires manual teller inputs into the system. United States Patent No. 20100057609A1 granted to Sibson disclosed a system for processing of online loan applications with instantaneous disbursement of loan proceeds via a virtual prepaid debit card to the applicant; however, it is generally based online and does not incorporate a apparatus. United States Patent No. 8550294B2 granted to Martin disclosed a card dispensing unit for dispensing credit cards, phone cards, in-store gift cards, and the like from customeroperated apparatus but it does not incorporated automated account services. United States Patent No.

20140331189A1 granted to Kreamer disclosed an accessible self-service apparatus with enhanced communication and user identification features such as biometrics; however, it does not perform services for new card holders. International Patent No. 2007033055A3 granted to Sanford et. al. disclosed apparatus opening new credit accounts using an automated apparatus; however, it is developed for the casino environment. United States Patent No. 20080313092A1 granted to Lanham disclosed a system for obtaining loans automatically; however, it is designed for existing account holders. Korean Patent No.

20070051579A and 20020082905 disclosed terminals having advanced identification features; however, they do not manage accounts for new users.

SUMMARY OF THE INVENTION

The device herein disclosed and described provides a solution to the shortcomings in the prior art through the disclosure of a method and system establishing financial and insurance services in real time for new customers by means of secure apparatus is disclosed. An object of this invention is to provide a new level of convenience for customers seeking to obtain both financial and insurance services. A multitude of apparatus are strategically positioned at various locations in and around a community

2019100217 28 Feb 2019 allowing residents to easily access such services within their vicinity at any time of the day or night. This convenience is also extremely vital for underserved populations with no means of transportation.

Another object of the aforementioned invention is to provide a means to increase access to complex financial and insurance services usually performed within a financial institution. The apparatus comes in several versions that includes a stand along stationary unit and wall hanging unit (much like that of existing ATMs but will significantly less floor space required); as well as a mobile battery operated unit (that can be temporarily displayed at conventions and festivals). All apparatus come with a touch screen and multiple hard-wired and wireless communications such as local area network (LAN) ethernet connections, WiFi, BLE, 3G and 4G etc.

Another object of the aforementioned invention is to provide a means to facilitate new customer intake transactions in real time. Once a user’s identity and credit have been verified, they can open new accounts (checking and savings, credit line, insurance etc.) and can receive new loans to their accounts instantly. Normally, such transactions require new customers to make an appointment in-person with office personnel and sign dozens of documents. These inefficiencies can be costly to the institutions and waste customer’s time.

Another object of the aforementioned invention is to provide apparatus with enhanced security measures to identify new and existing users quickly. For example, a new customer looking to establish a line of credit can bring personal documentation to such as a passport, license, social security card etc. to a apparatus. The machine will verify their identity using tools to recognize the documentation using radio frequency identification (RFID), optical recognition and biometrics. This evidence is used to establish identity in real time rather than in-person.

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Another object of the aforementioned invention is to provide a means to perform a new user’s credit check in real time. Software within the machine is connected to a remote network and interacts with major credit reporting bureaus and receives a report that is interpreted in real time and is weighed as part of the aforementioned intake process. Remote credit reporting is also useful in establishing an insurance policy.

Another object of the aforementioned invention is to provide a means to allow users to select loan services from a multitude of popular, participating lenders on the apparatus. Once their identity is verified, users can choose from a variety of lenders to receive an instant line of credit in real time.

Spending limits are established simultaneously according to the lender’s policies. Users may also choose from a variety of participating lenders and obtain quotes from multiple agents in real time.

Another object of the aforementioned invention is to provide a means to allow credit cards that double as insurance cards to be issued to new users immediately after approval is granted at the apparatus. A card printing device inside the apparatus containing pre-personalized, printed information (e.g. insurance card, name of insurer and name of policy holder) is activated and the card is dispensed to the user. Each card also having an embedded EMV (Europay, MasterCard® and Visa®) chip. The card information and linked to insurance policy by host payment processor. Users may also choose from a variety of participating lenders and obtain quotes from multiple agents in real time.

Another object of the aforementioned invention is to provide a means to allow participating lenders to monitor card holder spending and claim patterns for both security reasons and to determine potential spending preferences and premium adjustments. Lenders and insurers are notified each time a user makes a purchase, files a claim or visits a apparatus to make a transaction. Should the user’s location be different from the location of the apparatus, the software will terminate the transaction to prevent potential abuse of the system.

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Another object of the aforementioned invention is to provide a means to streamline the credit structure of a loan more accurately reflect the terms of the agreement. If user obtains a loan and gets cash from the apparatus, the interest on that loan is calculated on the purchases made and not the overall amount of the loan. For example, if a user obtains an instant credit for $1,000 and only spends $500 of said loan, they will only pay interest on the $500.

Another object of the aforementioned invention is to provide a means for a apparatus-sponsoring bank or institution (which also has card issuing agreements in place) to generate additional revenue by charging sponsoring fee from participating lenders and insurance agents by charging them access fee and card issuing sponsoring/issuing fee on the aforementioned services.

Another object of the aforementioned invention is to pass savings from the lack of regulatory costs in certain countries on to the consumer. For example, those seeking loans outside of countries with strict lending practices (such as the industrialized nations - United States, Canada etc.) can benefit in the form of lower interest rate loans and transaction fees rather than allowing the lender to absorb such savings.

Another object of the aforementioned invention is to provide a means to increase financial product awareness. For example, participating lenders can present multimedia advertisements on the apparatus screen on a continuous loop. Passersby can have the opportunity to learn more about their services by viewing the screen as they approach.

Another object of the aforementioned invention is to provide a means to obtain insurance services in real time. Users can provide the same information and documentation that was submitted to the apparatus for the financial services. However, they can perform process such as, but not limited to: selecting a participating insurance company, selecting local insurance agents (for support issues), select from a wide

2019100217 28 Feb 2019 array of insurance types, obtain an instant quote, establish a claim, review claim status, issue a payment and receive claim payouts and the like. All process are performed in real time at the apparatus and do not require a face-to-face meeting with insurance agents or representatives.

It is briefly noted that upon a reading this disclosure, those skilled in the art will recognize various means for carrying out these intended features of the invention. As such it is to be understood that other methods, applications and systems adapted to the task may be configured to carry out these features and are therefore considered to be within the scope and intent of the present invention, and are anticipated. With respect to the above description, before explaining at least one preferred embodiment of the herein disclosed invention in detail, it is to be understood that the invention is not limited in its application to the details of construction and to the arrangement of the components in the following description or illustrated in the drawings. The invention herein described is capable of other embodiments and of being practiced and carried out in various ways which will be obvious to those skilled in the art. Also, it is to be understood that the phraseology and terminology employed herein are for the purpose of description and should not be regarded as limiting.

As such, those skilled in the art will appreciate that the conception upon which this disclosure is based may readily be utilized as a basis for designing of other structures, methods and systems for carrying out the several purposes of the present disclosed device. It is important, therefore, that the claims be regarded as including such equivalent construction and methodology insofar as they do not depart from the spirit and scope of the present invention. As used in the claims to describe the various inventive aspects and embodiments, comprising means including, but not limited to, whatever follows the word comprising. Thus, use of the term comprising indicates that the listed elements are required or mandatory, but that other elements are optional and may or may not be present. By consisting of' is meant including, and limited to, whatever follows the phrase consisting of'. Thus, the phrase consisting of' indicates that the listed elements are required or mandatory, and that no other elements may be 7

2019100217 28 Feb 2019 present. By consisting essentially of is meant including any elements listed after the phrase, and limited to other elements that do not interfere with or contribute to the activity or action specified in the disclosure for the listed elements. Thus, the phrase consisting essentially of' indicates that the listed elements are required or mandatory, but that other elements are optional and may or may not be present depending upon whether or not they affect the activity or action of the listed elements.

The objects features, and advantages of the present invention, as well as the advantages thereof over existing prior art, which will become apparent from the description to follow, are accomplished by the improvements described in this specification and hereinafter described in the following detailed description which fully discloses the invention, but should not be considered as placing limitations thereon.

BRIEF DESCRIPTION OF THE FIGURES

The accompanying drawings, which are incorporated herein and form a part of the specification, illustrate some, but not the only or exclusive, examples of embodiments and/or features.

FIG. 1 shows a perspective view of the invention being used.

FIG. 2 shows a perspective view of a standalone embodiment of the invention.

FIG. 3 showing invention software interface main categories.

FIG. 4 showing invention software application screen.

FIG. 5 showing invention software terms and conditions screen.

FIG. 6 showing invention software keypad interface.

FIG. 7 showing invention software keypad SMS interface.

FIG. 8 showing invention software ID screen.

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FIG. 9 showing invention software documentation interface.

FIG. 10 showing invention software promotional code screen.

FIG. 11 showing invention software account link screen.

FIG. 12 showing invention software biometrics interface.

FIG. 13 showing invention software loan approval process.

FIG. 14 showing invention software signature page.

FIG. 15 showing invention software loan agreement information.

FIG. 16 showing invention software main menu.

FIG. 17 showing invention software number keypad.

FIG. 18 showing invention software OTP approval keypad.

FIG. 19 showing invention software dispensing a membership card.

FIG. 20 showing invention software membership card activation.

FIG. 21 showing invention software loan and card approval.

FIG. 22 shows an illustrative view of an embodiment of the invention process.

Other aspects of the present invention shall be more readily understood when considered in conjunction with the accompanying drawings, and the following detailed description, neither of which should be considered limiting.

DETAILED DESCRIPTION OF FIGURES

In this description, the directional prepositions of up, upwardly, down, downwardly, front, back, top, upper, bottom, lower, left, right and other such terms refer to the device as it is oriented and appears in the drawings and are used for convenience only; they are not intended to be limiting or to imply that

2019100217 28 Feb 2019 the device has to be used or positioned in any particular orientation.

FIG. 1 shows a perspective view of the invention being operated by user 7. The figure showing new user 7 interacting with apparatus 1 and opening a new account. Other stakeholders connected to wireless apparatus 1 by means of software 4 such as, but not limited to credit lender 6 and bank manager 8 being notified of instant transactions being performed automatically and on their behalf by the invention on mobile computing devices 5 and desktop computer 11 thereon. Other stakeholders can include insurance agents.

FIG. 2 shows a perspective view of a standalone embodiment of the invention. Other embodiments including one that is installed onto a wall without platform 10 and another one having locking caster wheels on the base of platform 10 allowing it to be mobile. Apparatus 1 having components such as, but not limited to: touch screen 12, cash dispenser and deposit repository 13, membership card dispenser 15 and biometrics viewport 14. Said biometrics viewport 14 allowing the invention to identify a user and their documentation and including technology such as, but not limited to: facial recognition, fingerprint recognition, retinal scanning, RFID and optical character recognition therein. The figure showing apparatus 1 touch screen 12 with software being written from code that may include, but not be limited to: Java, C++, Visual Basic, Fortran, Basic and the like. The software also compatible with a plurality of operating systems such as, but not limited to: Windows, Apple and Android and compatible with a multitude of hardware platforms such as, but not limited to: personal desktops, laptops, tablets, smartphones and the like. Said software also interacting seamlessly with participating lenders’ and banks’ local networks and performing automatic financial service transactions such as, but not limited to:

opening

2019100217 28 Feb 2019 a new account, obtaining an loan instantly, obtaining a membership card 33 with EMV chip 34 instantly, receiving and depositing cash and the like.

FIG. 3 showing invention software interface main categories that include but are not limited to: applying for an ‘instant loan,’ receiving a prepaid card, performing remittance, receiving an insurance card and receiving a travel card and the like. FIG. 4 showing invention software application screen allowing users to enter any promotional discount codes or simply begin the application processes. FIG. 5 showing invention software terms and conditions screen for all financial and insurance services provided by the apparatus. FIG. 6 showing invention software keypad interface allowing users to enter their phone number directly into the system for record purposes. FIG. 7 showing invention software keypad SMS interface and once again allowing users to enter an SMS preference for messages and contact information. FIG. 8 showing invention software ID screen with users allowing the apparatus to scan personal identification artifacts they have to establish financial and insurance accounts. FIG. 9 showing invention software documentation interface showing the various forms of documentation that can be entered into the system for automatic processing. FIG. 10 showing invention software promotional code screen that steps them through the applications processes.

FIG. 11 showing invention software account link screen whereby users can link existing financial and insurance accounts to the system automatically. FIG. 12 showing invention software biometrics interface having a user pose for a ‘selfie’ (digital image) for archival purposes and verification. FIG. 13 showing invention software loan approval process listing the terms of financial and insurance agreements therein.

FIG. 14 showing invention software signature page allowing users to establish a signature in real time using said touchscreen therein. FIG. 15 showing invention software loan agreement information along with post contract agreement instructions for users. FIG. 16 showing invention software main

2019100217 28 Feb 2019 menu. FIG. 17 showing invention software number keypad. FIG. 18 showing invention software OTP approval keypad. FIG. 19 showing invention software dispensing a payment or insurance card 33 being ejected at the bottom of the apparatus. FIG. 20 showing invention software membership card PIN activation.

FIG. 21 showing invention software’s final loan and card approval.

FIG. 22 showing an illustrative view of an embodiment of the invention process. Apparatus 1 performing inputs such as, but not limited to instant membership card requests 30, new account opening requests 31, new loan or insurance requests 32, cash payments and transfers 27 (internal and bank-tobank etc.), service questions 28 and cash and check deposits 29 and the like. Apparatus 1 then transmitting and receiving information from cloud network 20 wirelessly. Cloud network 20 having algorithms performing a varietal of functions such as, but not limited to: identifying customer identities 24 with biometrics libraries; verifications of said users in real time 25; obtaining automatic credit scores 26; printing and dispensing membership cards in real time 21; monitoring and customer service routing 22; payments and financial reporting 23 and the like. The figure also showing stakeholder devices being connected to the invention using devices such as, but not limited to desktop computers 17, tablets 18 and smartphones 19 etc.

It is additionally noted and anticipated that although the device is shown in its most simple form, various components and aspects of the device may be differently shaped or slightly modified when forming the invention herein. As such those skilled in the art will appreciate the descriptions and depictions set forth in this disclosure or merely meant to portray examples of preferred modes within the overall scope and intent of the invention, and are not to be considered limiting in any manner. While all of the fundamental characteristics and features of the invention have been shown and described herein, with

2019100217 28 Feb 2019 reference to particular embodiments thereof, a latitude of modification, various changes and substitutions are intended in the foregoing disclosure and it will be apparent that in some instances, some features of the invention may be employed without a corresponding use of other features without departing from the scope of the invention as set forth. It should also be understood that various substitutions, modifications, and variations may be made by those skilled in the art without departing from the spirit or scope of the invention.

Claims (16)

1. CLAIMS (16)

   What is claimed is:

   1. A financial and insurance services apparatus characterized by:

   a. ) an apparatus;

   b. ) a software; and

   c. ) payment and membership cards.
2. 2. The apparatus of claim 1 further comprising a touch screen.
3. 3. The apparatus of claim 1 further comprising a documentation scanner.
4. 4. The apparatus of claim 1 further comprising a touch screen.
5. 5. The apparatus of claim 1 further comprising a a cash dispenser and receiver
6. 6. The apparatus of claim 1 further comprising a membership card dispenser
7. 7. The apparatus of claim 1 further comprising a wireless communications technology therein.
8. 8. The apparatus of claim 1 further comprising embodiments that allow the apparatus to stand alone, hang on a wall or be mobile with wheels thereon.
9. 9. The software of claim 1 further comprising a means of being compatible with existing financial and insurance network software platforms.
10. 10. The membership cards of claim 1. further comprised of financial and insurance accounts.

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11. 11. A method of providing financial and insurance services, the method comprising: a.) providing locational convenience;

    b. ) obtaining a loan instantly;

    c. ) obtaining cash on said loan instantly;

    d. ) obtaining an insurance plan instantly;

    e. ) submitting an insurance claim instantly; f.) obtaining a claim in real time;

    g. ) verifying identity in real time;

    h. ) facilitating intake in real time;

    i. ) scanning personal documentation;

    - j.) assessing credit score in real time;

    k. ) selecting from a range of loan and insurance providers;

    l. ) allowing cards to function as both payment and insurance card;

    m. ) monitoring card holder spending patterns;

    n. ) enhancing accuracy of a loan;

    o. ) incentivizing banks to participate;

    p. ) increasing user savings; and

    q. ) increasing product awareness.
12. 12. the method of scanning personal documentation in claim 6 further including the use of RFID technologies for scanning passport RFID tags, and optical scanner technologies for scanning paper documents.
13. 13. the method of enhancing accuracy of a loan in claim 6 further including charging a user interest onl_\ on what the user spends.
14. 14. the method of incentivizing banks to participate in claim 6 further including the obtainment of access and sponsorship fees from participating lenders.

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15. 15. the method of increasing user savings in claim 6 further including avoiding costs associated with countries with less financial regulations.
16. 16. the method of increasing product awareness in claim 6 further including the use of touch screen multimedia to display advertising.