PH12015000331A1 - Systems and methods for authorizing and facilitating third-party withdrawals or payments - Google Patents

Abstract

The present invention provides a system (10) for authorizing and facilitating third party payee (16n)withdrawals or payments of specified funds (12n) from at least one payer's (14n) nominated financial account. The system (10) is at least partially operable over a communications network (20n). The system (1 0) includes: a financial institution (30n) with which the payer (14n) holds the nominated account; at least one funds dispensing or payment device (18n) capable of dispensing or paying the funds (12n) to the payee (16n) upon authorization; a physical or electronic payment card (32n) associated with the payee (16n) for use in accessing the funds dispensing or payment device (18n), when required, for acquiring the funds (12n); an escrow facility for temporarily holding the funds (12n) debited from the payer's (14n) nominated account, pending withdrawal or payment of the funds (12n) to the payee (16n); and, an initiator engine (22n) configured to: receive payment instructions from the payer (14n); communicate with the financial institution (30n) and the funds dispensing or payment device (18n). via the network (20n), in order to effect the withdrawals or payments of the funds (12n) to the payee (16n) in accordance with the payment instructions; operate the escrow facility; and, issue payment and one-time authentication instructions to the payee (16n) to be used to acquire the funds (12n) by way of their payment card (32n) and the funds dispensing or payment device (18n). Also provided is an associated method (100) for authorising and facilitating third-party payee withdrawals or payments (12n) for use with the system (10) of the invention.

Description

SYSTEMS AND/OR METHODS FOR AUTHORIZING AND FACILITATING

THIRD-PARTY WITHDRAWALS OR PAYMENTS

FIELD OF THE INVENTION

The present invention relates generally to financial services, and relates particularly, though not exclusively, to systems and/or methods for authorizing and facilitating third-party withdrawals or payments, preferably in the form of cash. More particularly, the present invention relates to systems and/or methods which enable parties having an account with a financial institution to authorize one or more third-parties to withdraw cash, or any other form of currency 10 . (whether in electronic or non-electronic form), from their account using an

Automated Teller Machine (hereinafter simply referred to as “ATM”), a Point of

Sale device (hereinafter simply referred to as “PoS device”), or any other suitable cash or currency dispensing or payment device, means or system.

It will be convenient to hereinafter describe the invention in relation to systems and/or methods for authorizing and facilitating third-party payee cash withdrawals or payments from a payer's savings, debit or credit account held with an issuing or acquiring bank or financial institution, however, it should be appreciated that the present invention is not limited to that use only. For example, the systems and/or methods of the present invention could also be used to enable payer's to authorize third-party payee’s to withdraw cash, or any other suitable form of currency (whether in electronic or non-electronic form), from other types of financial institutions, accounts or facilities, such as, for example, accounts or facilities held with telecommunications, utilities or other product or service providers. A skilled person will appreciate many possible uses and modifications of the systems and/or methods of the present invention. Accordingly, the present invention as hereinafter described should not be construed as limited to any one or more of the specific examples provided herein, but instead should be construed broadly within the spirt and scope of the invention as defined in the description and claims that now follows.

BACKGROUND OF THE INVENTION

Any discussion of documents, devices, acts or knowledge in this specification is included to explain the context of the invention. It should not be taken as an admission that any of the material forms a part of the prior art base or the common general knowledge in the relevant art in any jurisdiction, on or before the priority date of the disclosure herein.

Unless stated otherwise, throughout the ensuing description, the expressions ‘remittance’, “money”, “cash”, “currency”, “payment(s)’, “proceeds”, “funds” and/or “specified funds” refer to anything (whether in electronic or non- electronic form) that is generally accepted as a standard of value and/or a measure of wealth in a particular country or region, and which may be exchanged from one person/entity to another person/entity in accordance with the systems and/or methods of the present invention. Similarly, the expressions “card(s)”, “key card(s)”, “debit card(s)”, “credit card(s)”, “ATM card(s)’, “white label card(s)’, “white label ATM card(s)”, “white label debit card(s)’, “payment card(s)”, “cash card(s)” and/or “electronic card(s)‘ refer to any suitable type or card, device or means (whether a physical thing, or in electronic form) which may be used by a payee to withdraw cash or to receive a payment from a payer's nominated financial account or facility in accordance with the systems and/or methods of the present invention.

A skilled person will appreciate many such cards, devices, means, etc, that may be used by a payee to withdraw cash or to receive a payment in accordance with - the present invention. Accordingly, the present invention should not be construed as limited to any one or more of the specific examples provided herein. Finally, the definitions of the expressions hereinbefore described are only provided for assistance in understanding the nature of the invention, and more particularly, the preferred embodiments of the invention as hereinafter described. Such definitions, where provided, are merely examples of what the expressions refer to, and hence, are not intended to limit the scope of the invention in any way.

Remittance options, especially in developing countries, are generally time consuming, costly or inconvenient. In some countries, the process of sending money from one city to another entails a lengthy process including the act of making a cash withdrawal from one’s bank account, physically going to a third- party money sender/receiver service provider, filling in forms, and having the service provider forward the money to an associated service provider local to the intended recipient. The recipient must then go to that local service provider, fill in the required forms, before finally claiming the money that was transferred to them.

Aside from being time consuming and labour-intensive, the costs associated with . such a remittance process are often exorbitant given the various parties involved to complete a transaction.

Most financial institutions or banks offer interbank or intrabank funds transfers. However, to use such remittance processes both the payer and payee must hold at least one account with the, or an associated, financial institution or bank. In developing countries, where a large number of the population do not have accounts with financial institutions or banks, interbank or intrabank remittance processes are typically not an option or are inconvenient.

With the proliferation of smart phones, various electronic or virtual wallet services have emerged which enable parties, whom may or may not hold accounts with traditional financial institutions or banks, to experience bank-like transactions using a communications network and/or thru an associated debit card system. However, quite often the process of funding such virtual wallet services involves the use of a third-party, which can attract significant fees. Further, in developing countries, many people don’t have sufficient funds to load and/or maintain such virtual wallet services, rendering such services unavailable or inconvenient.

A need therefore exists for an improved system and/or method for authorizing and facilitating the transfer or funds between parties, one which overcomes or alleviates one or more of the aforesaid problems associated with known systems, methods or processes for transferring funds between parties, or one which at least provides a useful alternative. More particularly, a need exists for an improved system and/or method wherein parties having an account with a financial institution may readily authorize one or more third-parties, who may or may not have an account with a financial institution, to withdraw cash, or any other form of currency from their account using an ATM, a PoS device, or any other suitable cash or currency dispensing or payment device, means or system.

DISCLOSURE OF THE INVENTION

According to one aspect, the present invention provides a system for authorizing and facilitating third-party payee withdrawals or payments of specified funds from at least one payer's nominated financial account or facility, the system being at least partially operable over a communications network, the system including: at least one financial institution with which the at least one payer holds the nominated financial account or facility; at least one funds dispensing or payment device capable of dispensing or paying the specified funds to the payee upon receipt of authorization received via the communication network: at least one physical or electronic payment card associated with the payee for use by the payee in accessing the at least one funds dispensing or payment device, when required, for acquiring the specified funds; at least one escrow facility for “temporarily holding the specified funds debited from the payer's nominated financial account or facility, pending withdrawal or payment of the specified funds to the payee via the at least one funds dispensing or payment device; and, at least one initiator engine configured to: receive payment instructions from the payer; communicate with, and/or authorize, the at least one financial institution and the at least one funds dispensing or payment device, via the communications network, in order to effect the withdrawals or payments of the specified funds to the payee in accordance with the payment instructions received from the payer; operate, or authorize the operation of, the at least one escrow facility; and, issue payment and one-time authentication instructions to the payee to be used by the payee to acquire the specified funds by way of their at least one physical or electronic payment card and the at least one funds dispensing or payment device.

Preferably, the system further includes at least one payer terminal configured to enable the payer to convey the payment instructions to the at least one initiator engine via the communications network. It is also preferred that the at least one initiator engine is further configured to issue notifications to the payer of the successful or unsuccessful withdrawals of payments of the specified funds : | by/to the payee. Preferably, the at least one payer terminal is further configured to 5 receive the notifications from the at least one initiator engine via the communications network. = :

Preferably, the system further includes at least one payee terminal configured to enable the payee to receive the payment and one-time authentication instructions from the at least one initiator engine via the communications network.

Preferably, the system further includes at least one funds dispensing or payment device network provider configured to act as an intermediary between the at least one funds dispensing or payment device and the at least one initiator engine, via the communications network. Preferably, when the payee accesses the at least one funds dispending or payment device, using their at least one physical or electronic payment card, and the payment and one-time authentication information provided, the at least one funds dispensing or payment device network provider seeks, via the communications network, the authorization from the at least one initiator engine to dispense or pay the specified funds to the payee. ltis also preferred that the authorization is sent by the at least one initiator engine to the at least one funds dispensing or payment device network provider, via the communications network, upon the at least one initiator engine determining that the payment and one-time authentication information entered by the payee is valid.

Preferably, at around the same time that the authorization is sent to the at least one funds dispensing or payment device network provider, the at least one initiator engine operates, or authorizes the operation of, the at least one escrow facility, so as to release said specified funds from the at least one escrow facility so that the : specified funds may be dispensed or paid to the payee via the at least one funds dispensing or payment device.

In a practical preferred embodiment, the at least one initiator engine may be further configured to activate the at least one physical or electronic payment card at around the same time that the payment and one-time authentication instructions are sent to the payee, via the communications network.

In such a practical preferred embodiment, the at least one initiator engine may also be further configured to deactivate the at least one physical or electronic payment card after the specified funds have been dispensed or paid to the payee via the at least one funds dispensing or payment device. Preferably, the at least one physical or electronic payment card, and the payment and one-time authentication instructions, are only active for a predetermined time as set by the payer or the at least one initiator engine.

Preferably, the at least one initiator engine can receive and process - multiple payment instructions from the same or different payers simultaneously or one after another. It is also preferred that the payee can use the same ora different ‘physical or electronic payment card to receive multiple payments of specified funds from the same or different payers. ) In one practical preferred embodiment, the at least one financial institution may be an acquiring or issuing bank or financial institution, and the nominated financial account or facility may be a debit, savings or credit account or facility. :

In an alternative practical preferred embodiment, the at least one financial institution may be any form of product or service provider that may store and/or maintain currency or funds, in electronic or non-electronic form, on behalf of the payer.

Preferably, the payee is not required to hold a financial account or facility with the at least one financial institution in order to use the system.

Preferably, the at least one funds dispensing or payment device is an

ATM or PoS device. tis also preferred that the at least one physical or electronic payment card is an ATM or debit card. Preferably, the ATM or debit card is a white label ATM or debit card configured for use with the system, and/or is an existing ATM or debit card belonging to the payee should the payee hold an account with the at least one financial institution.

In a practical preferred embodiment, the specified funds may be in electronic or non-electronic form, more preferably in non-electronic, such as in the form of cash.

According to a further aspect, the present invention provides a method for authorizing and facilitating third-party payee withdrawals or payments of specified funds from at least one payer's nominated financial account or facility held with at least one financial institution, the method being at least partially operable over a communications network, the method including the steps of: providing at least one funds dispensing or payment device capable of dispensing or paying the specified funds to the payee; providing at least one physical or electronic payment card associated with the payee for use by the payee in accessing the at least one funds dispensing or payment device; providing at least one escrow facility for temporarily holding the specified funds; providing at least one initiator engine configured to communicate with the at least one financial institution and the at least one funds dispensing or payment device, via the communications network, in order to effect the withdrawals or payments of the specified funds to the payee; using the at least one initiator engine to: receive, process and validate payment instructions sent from the payer; operate, or } “authorize the operation of, the at least one escrow facility to debit the specified funds from the nominated financial account or facility, pending withdrawal or payment of the specified funds to the payee via the at least one funds dispensing or payment device; and, generate and send payment and one-time authentication instructions to the payee to be used by the payee to acquire the specified funds by way of their at least one physical or electronic payment card and the at least one funds dispensing or payment device; wherein when the payee accesses the at least one funds dispending or payment device, using their at least one physical or electronic payment card, and the payment and one-time authentication information provided, the at least one initiator engine determines whether the payment and one-time authentication information entered by the payee is valid, and if so, authorizes the at least one funds dispensing or payment device to dispense or pay the specified funds to the payee, whilst at around the same time operates, or authorizes the operation of, the at least one escrow facility to release the specified funds from the at least one escrow facility so that the specified funds may be dispensed or paid to the payee via the at least one funds dispensing or payment device. i . Preferably, the method further includes the step of providing at least one payer terminal configured to enable the payer to convey the payment instructions to the at least one initiator engine, via the communications network. It is also preferred that the at least one initiator engine is further configured to issue notifications to the payer of the successful or unsuccessful withdrawals of payments of the specified funds byfto the payee. Preferably, the at least one payer terminal is further configured to receive the notifications from the at least one initiator engine via the communications network.

Preferably, the method further includes the step of providing at least one payee terminal configured to enable the payee to receive the payment and one-time authentication instructions from the at least one initiator engine, via the communications network. :

Preferably, the method includes the step of providing at least one funds dispensing or payment device network provider configured to act as an intermediary between the at least one funds dispensing or payment device and the at least one initiator engine, via the communications network.

Preferably, the at least one initiator engine is further configured to activate the at least one physical or electronic payment card at around the same time that the payment and one-time authentication instructions are sent to the payee, via the communications network. It is also preferred that the at least one initiator engine is further configured to deactivate the at least one physical or electronic payment card after the specified funds have been dispensed or paid to the payee via the at least one funds dispensing or payment device. Preferably, the at least one physical or electronic payment card, and the payment and one-time authentication instructions, are only active for a predetermined time as set by the payer or the at least one initiator engine.

Preferably, the at least one initiator engine can receive and process multiple payment instructions from the same or different payers simultaneously or one after another. It is also preferred that the payee can use the same or a different physical or electronic payment card to receive multiple payments of the specified funds from the same or different payers.

In one practical preferred embodiment the at least one financial institution may be an acquiring or issuing bank or financial institution,''and the nominated financial account or facility may be a debit, savings or credit account or facility.

In an alternative practical preferred embodiment the at least one financial institution may be any product or service provider that may store and/or maintain currency or funds, in electronic or non-electronic form, on behalf of the : payer. :

Preferably, the payee is not required to hold a financial account or facility with the at least one financial institution in order to use the method.

Preferably, the at least one funds dispensing or payment device is an

ATM or PoS device. lt is also preferred that the at least one physical or electronic payment card is an ATM or debit card. Preferably, the ATM or debit card is a white label ATM or debit card configured for use with the method, and/or is an existing ATM or debit card belonging to the payee should the payee hold an account with the at least one financial institution.

In a practical preferred embodiment, the specified funds may be in electronic or non-electronic form, more preferably in non-electronic, such as in the form of cash. : These and other essential or preferred features of the present invention will be apparent from the description that now follows.

BRIEF DESCRIPTION OF THE DRAWINGS

In order that the invention may be more clearly understood and put into practical effect there shall now be described in detail preferred constructions of a system and/or method for authorizing and facilitating third-party withdrawals or payments, preferably in the form of cash, in accordance with the invention. The ensuing description is given by way of non-limitative examples only and is with reference to the accompanying drawings, wherein:

Fig. 1 is a block diagram of a system for authorizing and facilitating third-party withdrawals or payments, preferably in the form of cash, made in accordance with a preferred embodiment of the present invention;

Fig. 2 is a flow diagram illustrating a preferred embodiment of a method for authorizing and facilitating third-party withdrawals or payments, preferably in the form of cash, the preferred method being suitable for use with the preferred system for authorizing and facilitating third-party withdrawals or payments shown in Fig. 1; and,

Fig. 3 is a flow diagram illustrating, in further preferred detail, how a third-party payee may withdraw funds or receive a payment from one or more payer's nominated financial accounts or facilities in accordance with the preferred method for authorizing and facilitating third-party withdrawals or payments shown in Fig. 2.

MODES FOR CARRYING OUT THE INVENTION

In the following detailed description of the invention, reference is made to the drawings in which like reference numerals refer to like elements throughout, and which are intended to show by way of illustration specific embodiments in which the invention may be practiced. It is to be understood that other embodiments may be utilised and that procedural and/or structural changes may be made without departing from the spirit and scope of the invention.

Unless specifically stated otherwise as apparent from the following discussion, it is to be appreciated that throughout the description, discussions utilising terms such as "processing", "computing", “acquiring”, “transmitting”, “receiving”, "determining", and/or "displaying", or the like, refer to the action and processes of a computer system, or similar electronic computing device, that manipulates and transforms data represented as physical (electronic) quantities within the computer system's registers and memories into other data similarly represented as physical quantities within the computer system memories or ] 15 registers or other such information storage, transmission or display devices.

Discussions regarding apparatus for performing the operations of the invention are provided herein. This apparatus may be specially constructed for the required purposes, or it may comprise a general purpose computer selectively activated or reconfigured by a computer program stored in the computer. Such a computer program may be stored in a computer readable storage medium, such as, but is not limited to, any type of disk including floppy disks, optical disks, CD-

ROMs, and magnetic-optical disks, read-only memories (ROMs), random access memories (RAMs), EPROMs, EEPROMSs, magnetic or optical cards, or any type of media suitable for storing electronic instructions, and each coupled to a computer system bus.

The software modules, engines or applications, and displays presented herein are not inherently related to any particular computer or other apparatus. Various general purpose systems may be used with programs in accordance with the teachings herein, or it may prove convenient to construct more specialised apparatus to perform the required method steps. The required

- | structure for a variety of these systems will appear from the description below. In addition, the present invention is not described with reference to any particular programming language. It will be appreciated that a variety of programming languages may be used to implement the teachings of the invention as described herein.

A machine-readable medium includes any mechanism for storing or transmitting information in a form readable by a machine (e.g., a computer). For example, a machine-readable medium includes read only memory ("ROM"); random access memory ("RAM"); magnetic disk storage media; optical storage media; flash memory devices; electrical, optical, acoustical or other form of propagated signals (e.g., carrier waves, infrared signals, digital signals, etc.); etc.

In Fig. 1 there is shown a preferred system 10 for authorizing and facilitating third-party withdrawals or payments 12,, such as, for example, in the : form of cash 12, as shown, from at least one payer's 14, nominated financial account or facility. System 10 enables one or more payer's 14, having an account or facility with a financial institution, to readily authorize one or more third- party payee’s 16,, who may or may not have an account with a financial institution, to withdraw cash 12, or any other form of currency 12,, from their account(s) using an ATM 18,, PoS device 18,, and/or any other suitable cash or currency dispensing or payment device, means or system (not shown). System 10 is : suitable for use over a communications network(s) 20,, as shown. It should be understood however, that system 10 is not limited to that use only.

System 10 includes at least one initiator engine server 22,, which : includes at least one computing device 24,, which may host and/or maintain a plurality of tools or applications 26, (e.g. software and/or hardware applications, etc.) and databases/storage devices 28,, that together act as an initiator engine(s) for facilitating and authorizing withdrawals or payments 12, to third-party payee's 165, by way of ATM or PoS devices 18,

Initiator engine server 22, (hereinafter simply referred to as “initiator engine(s) 22") is designed to receive/transmit data from/to at least one financial institution server or network 30, (hereinafter referred to simply as “financial institution(s) 30,"), and at least one bank, interbank and/or ATM alliance network provider (not shown), via a communications network(s) 20,. The term “financial institution” refers to any suitable institution capable of providing a financial account or facility to a payer 14, in accordance with the invention as herein described.

Financial institutions 30, may include issuing or acquiring banks or credit providing institutions, and as such, suitable financial accounts or facilities may including savings, debit or credit accounts or facilities. Alternatively, financial institution(s) - 30, may include telecommunications, utilities or other product or service providers, and as such, alternative suitable financial accounts or facilities may include, but are not limited to, a payer's 14, smart phone or utilities account with their telecommunications or utilities service provider. The terms “bank network provider”, “interbank network provider” and “ATM alliance network provider” refer to any suitable server(s) and/or network(s) (not shown) that enable ATM, debit or similar cards 32, (whether physical cards or in electronic form) to be used to perform ATM or PoS transactions through ATM's 18, or PoS devices 18, etc., that belong to member financial institutions 30, of the network(s). A skilled person will appreciate suitable financial institutions 30, and bank, interbank and ATM alliance network providers, alternatives, variations, and the operation thereof, and as such, a detailed discussion of same need not be provided herein.

Initiator engine 22, is also designed to receiveltransmit data from/to at least one payer terminal 34, and at least one third-party payee terminal 36, (hereinafter simply referred to as “payee terminal(s) 36,"). The terms ‘payer terminal(s) 34," and “payee terminal(s) 36,” refer to any suitable type of computing device or software application, etc., capable of transmitting, receiving and/or displaying data as described herein, including, but not limited to, a mobile or cellular phone, a smart phone, an App (e.g. iOS or Android) for a smart phone, a connected Internet of Things (“oT”) device, a Personal Digital Assistant (PDA), and/or any suitable computing device, as for example a server, personal, desktop, tablet, or notebook computer.

Payer terminals 34, are each configured to be operated by at least one payer 14, of system 10. The term “payer 14," refers to any person or entity who holds a financial account or facility with a financial institution 30, in accordance with system 10. Payer's 14, are able to interact with system 10 by being in possession of, or stationed at, a payer terminal(s) 34,. In accordance with system 10, a payer 14, may utilise a payer terminal(s) 34, in order to: transmit, receive and/or display data associated with their financial account or facility; transmit instructions to initiator engine 22, for authorizing one or more payee’s 16, to withdraw funds 12, from their financial account or facility; and, receive notifications from initiator engine 22, of successful or unsuccessful transactions in accordance with the invention.

Payer terminals 34, may include various types of software and/or hardware (not shown) required for transmitting, receiving and/or displaying data to/from financial institutions 30, and initiator engine 22, in accordance with system 10 including, but not limited to: web-browser or other GUI application(s) or App(s) (not shown), which could simply be an operating system installed on payer terminal 34, that is capable of actively transmitting, receiving and/or displaying data on a screen without the need of a web-browser GUI, etc. monitor(s); GUI pointing devices; and/or, any other suitable data acquisition, transmission and/or display device(s) (not shown).

Payee terminals 36, are each configured to be operated by at least one third-party payee 16, of system 10. The term ‘payee 16,” refers to any person or entity (who may or may not hold a financial account or facility with financial institution 30,) who is able to withdraw cash 12,,, or any other form of currency (not shown), from one or more payer's 14, financial accounts or facilities using an ATM or debit card 32; etc., and an ATM, PoS, etc., device 18, upon receiving payment/transaction instructions/information from initiator engine 22, in accordance with system 10. Payee’s 16, are able to interact with system 10 by being in possession of, or stationed at, a payee terminal(s) 36,. In accordance with system 10, a payee 16, may utilise a payee terminal(s) 36, in order to (at least): receive payment and/or transaction instructionsf/information from initiator engine 22,

Payee terminals 36, may include various types of software and/or hardware (not shown) required for receiving and/or displaying data from initiator engine 22, in accordance with system 10, including, but not limited to: web- } “browser or other GUI application(s) or App(s) (not shown), which could simply be an operating system installed on payee terminal 36, that is capable of actively transmitting, receiving and/or displaying data on a screen without the need of a web-browser GUI, etc.; monitor(s); GUI pointing devices; and/or, any other suitable data acquisition, transmission and/or display device(s) (not shown).

Initiator engine 22, is configured to communicate with financial institution(s) 30,, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal(s) 34, and payee terminal(s) 36, via any suitable communications connection or network 20, (hereinafter referred to simply as a “network(s) 20,5"). Financial institution(s) 30, and bank, interbank and/or ATM alliance network provider(s) (not shown) are configured to transmit and receive data to/from initiator engine 22,, via network(s) 20,. Payer terminal(s) 34, is configured to transmit, receive and/or display data from/to initiator engine 22, and financial institution(s) 30y, via network(s) 20,. Payee terminai(s) 36, is configured to transmit, receive and/or display data from/to initiator engine 22,, via network(s) 20. Each financial institution 30,, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal 34, and/or payee terminal 36, may communicate with initiator engine 22, (and each other, where applicable) via the same or a different network 20,. Suitable networks 20, include, but are not limited to: a Local Area Network (LAN); a Personal Area Network (PAN), as for example an Intranet, a Wide Area Network (WAN), as for example the Internet; a Virtual

Private Network (VPN); a Wireless Application Protocol (WAP) network, or any other suitable telecommunication network, such as, for example, a GSM, 3G or 4G network; Bluetooth network; and/or any suitable WiFi network (wireless network). | Initiator engine 22,, financial institution(s) 30, bank, interbank and/or ATM alliance - “network provider(s) (not shown), payer terminal 34, and/or payee terminal 36,

may include various types of hardware and/or software necessary for communicating with one another via network(s) 20, and/or additional computers/hardware/software (e.g. web-server 38,, as described in further detail below) as for example routers, switches, access points and/or cellular towers, etc. (not shown), each of which would be deemed appropriate by persons skilled in the relevant art.

For security purposes, various levels or security, including hardware and/or software devices, such as, for example, one or more firewalls 40, etc., as shown, may be used to prevent the unauthorized access to, for example, financial institution(s) 30, and/or bank, interbank and/or ATM alliance network provider(s) (not shown). Similarly, initiator engine 22, may utilise security (e.g. hardware and/or software — not shown) to validate access from financial institution 30,, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal 34, and/or payee terminal 36n. It is also preferred that initiator engine 22, performs validation functions to ensure the integrity of data transmitted between initiator engine 22, financial institution 30,, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal 34, and/or payee terminal 38, to, for example, identify or authenticate account/facility, payer 14,, payee 16, and/or payment transaction details. A person skilled in the relevant art will appreciate such technologies and the many options available to achieve a desired level of security and/or data validation, and as such a detailed discussion of same will not be provided. Accordingly, the present invention should be construed as including within its scope any suitable security and/or data validation technologies as would be deemed appropriate by a person skilled in the relevant art.

Communication and/or data transfer between initiator engine 22,, financial institution 30n, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal 34, and/or payee terminal 36, may be achieved utilising any suitable communication and/or data transfer protocol, such as, for example, FTP, Hypertext Transfer Protocol (hereinafter simply referred to as "HTTP”), Electronic Mail (hereinafter simply referred to as “e-mail’), postal or regular mail, Unstructured Supplementary Service Data (USSD), voice, Voice over

IP (VoIP), Transfer Control Protocol / Internet Protocol (hereinafter simply referred . to as “TCPI/IP"), Short Message Service (hereinafter simply referred to as “SMS”),

Multimedia Message Service (hereinafter simply referred to as ‘MMS”), any suitable Internet based message service, any combination of the preceding protocols and/or technologies, and/or any other suitable protocol or communication technology that allows delivery of data and/or communication/data transfer between initiator engine 22,, financial institution 30,, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal 34, and/or payee terminal 36n, in accordance with system 10. Similarly, any suitable data transfer or file format may be used in accordance with system 10, including (but not limited to): text; a delimited file format, such as, for example, a CSV (Comma-Separated

Values) file format; and/or, an XML (Extensible Markup Language) file format.

Access to initiator engine 22, and the transfer of information between initiator engine 22,, financial institution 30,, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal 34, and/or payee terminal 36, may be intermittently provided (for example, upon request), but is preferably provided “live”, i.e. in real-time.

Tn

As already outlined above, system 10 is designed to provide an improved and simplified remittance process that enables a payer 14, to readily authorize a (third-party) payee 16, to withdraw funds, or to receive a payment, : directly from their (i.e. the payer's 14) financial account or facility. To achieve this, the payee 16, need not (but may) have an account or facility with a financial institution 30h. Instead, the payee 16, only requires an eligible ATM or debit card 32, etc. (which could be a white label ATM or debit card 32, or an existing financial institution issued ATM or debit card 32, should the payee 16, hold an -account or facility with a financial institution 30,), to access an ATM or PoS device 18,, etc., to gain access to the specified funds upon receiving notification or payment/transaction instructions (via their payee terminal 36) from initiator engine 22,. Payers 14, can readily initiate and send payment instructions to initiator engine 22, using a payer terminal(s) 34, Payer's 14, may send multiple payment instructions to initiator engine 22, for paying the same or multiple payee’s 16, from the same or different (payer 14,) financial accounts or facilities (which could be, for example, savings, debit or credit based accounts or facilities). Likewise, a payee 16, may receive (via their payee terminal 36,;) multiple payment/transaction information/instructions from initiator engine 22, for accessing specified funds from the same of multiple payer's 14, using the same or multiple ATM or debit card(s) 32,, etc.

As will be discussed in further detail below, each time a payment instruction is sent to initiator engine 22, from a payer 14, using their payer terminal 34,, upon initiator engine 22, checking and validating the payment information and payee 16, details, etc., the payee 16, is sent, via their payee terminal 36,, payment/transaction instructions and a one-time PIN from initiator “engine 22,. At around the same time, initiator engine 22, activates the designated payee’s 16, ATM or debit card 32, efc., so that the payee 16, may then use an

ATM or PoS device 18, etc., to gain access to the specified funds 12,, e.g. cash 12,5. Upon withdrawing or otherwise gaining access to the specified funds 12,, initiator engine 22, deactivates the payee’s 16, ATM or debit card 32,, etc, preventing further access to any payer's 14, financial accounts or facilities by way of an ATM or PoS device 18, etc. At this point, initiator engine 22, may also send a notification to the payer 14, concerned (via their payer terminal(s) 34,), informing them of the successful completion of the transaction.

It will be appreciated that in instances where a payee 16, is nominated to receive multiple payments from one or more payer's 14, initiator engine 22, will selectively activate and deactivate a payee's 16, ATM or debit card 18n, efc., as required. In order to distinguish between each transaction associated with a particular payer 14, and/or payee 16, initiator engine 22, may assign a transaction ID to each payment/transaction request received from a payer 14, (as will be described in further detail below), and then use that transaction ID to distinguish between each payee 16, payment to be made (and hence, when to activate and deactivate a payee’s 16, ATM or debit card 18y, etc.).

In instances where a payee 16, does not hold a financial account or facility with a financial institution(s) 30,, but instead simply has an ATM or debit card(s) 32, (e.g. a white label ATM or debit card(s) 32,) for use with system 10 of the present invention, the payee’s 16, ATM or debit card(s) 32,, etc., will simply be inactive after and between each transaction. Should the payee 16, hold one or more financial accounts or facilities with one or more financial institutions 30,, and hence already have one or more financial institution 30, issued ATM or debit card 32, etc., then system 10 of the present invention may be configured to use that payee’'s 16, existing ATM or debit card(s) 32, as required, and hence, the activation and deactivation of that card(s) 32, (by initiator engine 22,), would only affect access to a payer's 14, financial account or facility (via an ATM or PoS device 18, etc.), and not the payee’s usual usage of that ATM or debit card(s) 32.

Of course, should the use of a payee’s 16, existing (financial institution 30, issued)

ATM or debit card(s) 32, prove to be impractical or difficult (given, for example, financial institution(s) 32,, or others, rules or regulations), then all payee’s 16, (whether financial account holders or not) may be issued white label ATM or debit cards 32, etc., in accordance with system 10 of the present invention.

It will be appreciated that system 10 of the present invention may enable payee’s 16, to use electronic or virtual ATM or debit card(s) 32, (details of which may be stored on a payee's 16, payee terminal(s) 36, etc.) instead of physical card(s) 32,. Hence, initiator engine 22, of system 10 may simply “associate each payee 16, with their electronic or virtual card(s) 32,, and activate and deactivate same as required in accordance with the invention as herein described.

ATM or debit card(s) 32, (whether white label, or otherwise physical cards or virtual/electronic cards) may be linked or associated with payee’s 16, via initiator engine 22,, using the ATM or debit card(s) 32, number(s) and the payee’s 16, mobile phone number, financial account/facility number/details (if they have one), and/or e-mail address, etc. A skilled person will appreciate many such ways, or alternative means, of associating ATM or debit card(s) 32, with payee’s 16, in accordance with system 10 of the present invention. Accordingly, a detailed discussion of such methods or means of associated card(s) 32, with payee’s 16, will not be provided herein.

As already briefly outlined above, the one or more computing device(s) 24, of initiator engine 22,, of system 10, may host and/or maintain a plurality of applications 26, (such as software and/or hardware modules or engines) and databases/storage devices 28, that enable multiple aspects: of system 10 to be provided over network(s) 20,. These applications 26, and : databases/storage devices 28, may include, but are not limited to: one or more databases/storage devices 28, for collecting and aggregating payer 14, and payee 16, information, account details, ATM or debit card(s) 32, details, payment/transaction details (including, for example, transaction IDs, etc.), financial institution(s) 30, details and/or, bank, interbank and/or ATM alliance network provider(s) (not shown) details; one or more module(s) or application(s) 26, for receiving, processing, validating payment instructions sent from payer 14, using a payer terminal 34n; one or more module(s) or application(s) 26, for assigning transaction IDs to payer 14, and/or payee 16, transactions; one or more module(s) or application(s) 26, for communicating with, and instructing, efc., financial institution(s) 30, and/or bank, interbank and/or ATM alliance network provider(s) (not shown); one or more escrow module(s) or application(s) 26, (which may be associated with the financial institution(s) 30,, instead of with initiator engine 22) for temporarily holding, and subsequently releasing, debited, or credit for, specified funds from a payer's 14, nominated financial account or facility; one or more module(s) or application(s) 26, for sending payment/transaction instructions/information (and one-time PINs) to payee’s 16, via their payee terminal(s) 36,; one or more module(s) or application(s) 26, for activating and deactivating payee’s 16, ATM or debit card(s) 32, etc., as required for each transaction; and/or, one or more module(s) or application(s) 26, for sending payment/transaction confirmations (successful or otherwise) to payer's 14,, via their payer terminal(s) 34. Although separate modules, applications or engines 26, have been outlined, each for effecting specific preferred aspects (or combinations thereof) of system 10, it should be appreciated that any number of modules/applications/engines 26, for performing any one, or any suitable combination of, aspects of system 10, could be provided in accordance with the present invention. Similarly, it should be appreciated that not all of databases/storage devices 28, and/or modules/applications/engines 26, as described herein need be hosted and/or maintained by initiator engine 22, of system 10 in order to perform the invention. That is, any one or more of database(s)/storage device(s) 28, and/or modules/applications/engines 26, could be hosted or provided by a third party(ies) (such as, for example, a web-server(s) 38n — which may, for example, act as an intermediary server(s) for providing one or more aforementioned features or facilities of initiator engine 22,, or which may act as a conduit between initiator engine 22, and any one, or all of, financial institution 30n, bank, interbank and/or ATM alliance network provider(s) (not shown), payer terminal 34, and/or payee terminal 36,), and simply made available to system 10 for the purpose of performing the various aspects of the invention. Accordingly, system 10 of the present invention should not be construed as having to provide all of database(s)/storage device(s)/application(s)/module(s) 28/26, in order to perform the teachings of the invention.

A flow diagram illustrating a preferred method 100 for authorizing and facilitating third-party (payee 16n) withdrawals or payments 12, such. as, for : example, in the form of cash 12,, is shown in Fig. 2. Method 100 of Fig. 2 is suitable for use with system 10 of Fig. 1. It should be understood, however, that the embodiment provided in Fig. 2 only illustrates one way in which third-party withdrawals or payments 12, may be authorized and facilitated in accordance with the present invention. Many other methods (not shown) may be utilised to achieve the same or similar result and as such the present invention is not limited to the specific example provided. Further, it will be appreciated by a skilled person that not all method steps are recited herein, and/or that some method steps that are recited herein are not essential to the operation of method 100. Various steps that are not recited, or which may be readily omitted, will be readily apparent to a skilled person and thus need not be described in detail herein.

As can be seen in Fig. 2, the process of authorizing and facilitating third-party payee 16, withdrawals or payments 12, in accordance with preferred method 100 commences at step 102, whereat a payer 14, (preferably) uses their payer terminal(s) 34, to prepare and transmit payment instructions to initiator engine 22,, authorizing the withdrawal of specified funds 12, by a designated “payee 16, from the payer's 14, nominated financial account or facility. The payer's 14, payment instructions may be sent to initiator engine 22, via any suitable means (e.g. via email, postal or regular mail, via an APP, via SMS, etc.), and may include any or all of the following details: date/time of request or transfer to take place (part of which may be automatically captured, if desired); the payer's 14, name, financial institution 30,, account/facility number or details; the amount of specified funds 12, authorized for withdrawal or payment; the payee’s 16, name, contact details (e.g. e-mail address, physical address, and/or mobile phone number, etc.); and/or, the validity period for the withdrawal or payment of funds 12, (which may again be automatically generated, if desired). Thereafter, at steps 104 & 106, initiator engine 22, receives, checks and validates that payment instructions received from the payer 14, (at this point, although not shown, initiator engine 22, may store and/or check details associated with the payer 14,, payee 16s, financial institution 30, etc., in, for example, one or more of database(s) 28, using one or more of module(s) or application(s) 26,). If, at decision step 106, itis determined that the payer's 14, payment instructions are incomplete or invalid, then method 100 continues at step 108, whereat the payer 14, is notified of the incompleteness or invalidity of their payment instructions, and thereafter method 100 concludes or ends (as indicated by the block marked ‘END”), meaning the proposed transaction does not proceed. Alternatively, if, at decision step 1086, it is determined that the payer's 14, payment instructions are complete or valid, then method 100 continues at steps 110A and 110B, whereat initiator engine 22,

Creates a transaction ID and associates that transaction ID with the designated payee 16, (at step 110A, using, for example, one or more of module(s) or application(s) 26,), and then (at step 110B, and at around the same time) debits, or receives credit for, the specified funds 12, (plus any service fees, if applicable) : 30 from the payer's 14, nominated financial account or facility, and places (or authorized the placement of) those funds 12, in escrow (using, for example, escrow module or application 26,). The specified funds 12, are then held in escrow (at step 110B) until such time that the designated payee 16, successfully initiates the withdrawal or payment of those funds 12, (as will be described in further detail below).

After successfully creating and associating the transaction ID for the particular payment (at step 110A), and placing (or authorizing the placement of) the specified funds 12, in escrow (at step 110B), method 100 then continues at steps 112 and 114, whereat initiator engine 22, checks to see whether the designated payee 16, can be contacted (e.g. whether the payee 16, details are complete or valid) and whether they hold an eligible ATM or debit card 32,, etc. If, at decision step 114, it is determined that the designated payee 16, does not hold an eligible ATM or debit card 32, then method 100 continues at step 116, whereat the payee 16, may be promoted to obtain or otherwise activate an eligible ATM or debit card 32, etc. Method 100 may then return to step 114, and may loop between steps 114 and 116, as required until such time that the designated payee - oo 16, is determined as having an eligible ATM or debit card 32,, etc. Alternatively, although not shown in Fig. 2, if at decision step 114, it is determined that the designated payee 16, is not contactable (or the payee 16, details provided are not complete) or does not hold an eligible ATM or debit card 32,, then method 100 may conclude at this point, meaning that proposed transaction does not proceed.

If the method were to conclude at this point, then the payer 14, may be notified of the unsuccessful transaction, and their specified funds may be released (from escrow) back to their nominated financial account or facility by initiator engine 22,.

Alternatively, if at decision step 114, it is determined that the designated payee 16, does hold an eligible ATM or debit card 32,, then method 100 continues at steps 118A and 118B, whereat initiator engine 22, generates and sends a one-time PIN to the designated payee 16, (at step 118A) for use with their eligible ATM or debit card 32, etc. Also at step 118A, either together with, or separately, initiator engine 22, sends the designated payee 16, payment/transaction details/information so as to enable them to complete the withdrawal or payment of funds 12,. The one-time PIN and/or payment/transaction details/information may be sent (together or separately) from initiator engine 22, to the designated payee’s 16n payee terminal 36, (or possibly to the payee 16, directly), at step 118A, via any suitable means (e.g. via email, via postal or regular mail, via an APP, via SMS,

etc.), and may include any or all of the following details: the payer's 14, name and financial institution 30, name; the amount of specified funds 12, authorized for withdrawal or payment; and/or, the validity period for the withdrawal or payment of funds 12, (which may have be assigned by the payer 14, or automatically generated by initiator engine 22,). Thereafter, at step 118B (and at around the same time as step 118A), initiator engine 22, activates (for a predetermined time, e.g. as set by the payer 14, or automatically by initiator engine 22,) the designated payee’s 16, eligible ATM or debit card 32,, etc. (using, for example, one or more of module(s) or application(s) 26).

Once the one-time PIN and payment/transaction details/information have been sent to the designated payee 16, (at step 118A), and their eligible ATM or debit card 32, has been activated (at step 118B), method 100 continues at step 120, whereat the designated payee 16, may utilize an ATM or PoS device 18, etc., to withdraw the specified funds 12, (which are released from escrow by initiator engine 22,, using, for example escrow module 26,, after initiator engine 22, determines that the transaction is valid — as indicated by the dashed arrow E) using their activated eligible ATM or debit card 32, along with the one-time PIN and payment/transaction details/information provided by initiator engine 22,. Once : the funds 12, have been successfully withdrawn or paid (e.g. dispensed from the

ATM or PoS device 18, etc.) to the designated payee 16, method 100 continues at step 122, whereat initiator engine 22, deactivates the designated payee's 16,

ATM or debit card 32, before concluding (as indicated by the block marked

END”) after having (preferably) notified (at step 108) the payer 14, of the .successful completion of the transaction.

Further preferred details of how a designated payee 16, may receive one or more payment/transaction details/information (and associated one-time

PINs), and subsequently withdraw or receive funds 12, from one or more payer's 14,, in accordance with method 100 of Fig. 2, are illustrated by way of the flow diagram shown in Fig. 3. In this figure it can be clearly seen (as included by multiple step blocks 118A) that a designated payee 16, may receive (via their payee terminal 36, etc.) multiple payment/transaction information/instructions from initiator engine 22, for accessing specified funds from the same of multiple payer's 14,, using the same or multiple ATM or debit card(s) 32,, etc.

After the designated payee’'s 16, ATM or debit card(s) 32, are activated, at step 118B, method 100 continues at step 120a whereat the payee 16, initiates the process of receiving funds 12, from a particular payer 14, by entering the one-time PIN provided (along with any other required payment transaction details provided — if applicable) into an ATM or PoS device 18, after having inserted or otherwise entered/transferred their card 32, details to the ATM or PoS - device 18,. Thereafter, at steps 120b and 120c¢, the ATM or PoS device 18, etc., sends (via bank, interbank and/or ATM alliance network provider — not shown) the one-time PIN and (applicable) payment/transaction details as entered to initiator engine 22, for verification. If, at decision step 120c, it is determined that the transaction details are invalid, then method 100 may conclude at this point, meaning that proposed transaction does not proceed (as indicated by the block marked “END”). If method 100 were to conclude at this point, then the payer 14, may preferably be notified of the unsuccessful transaction, and their specified funds may be released (from escrow) back to their nominated financial account or facility by initiator engine 22,. Alternatively, if at decision step 120c, it is determined that the transaction details are valid, then method 100 continues at steps 120d and 120e, whereat initiator engine 22, sends (at step 120d - via bank, interbank and/or ATM alliance network provider, etc. — not shown) validation confirmation to the ATM or PoS device 18, etc., authorizing the withdrawal to the payee 16, of the specified funds 12, provided by way of the payer's 14, nominated financial account or facility (which are released from escrow by initiator engine 22, (whether directly, or by authority provided by initiator engine 22, to, for example, financial institution 30,, etc.), preferably simultaneously, using for example, escrow module 26,, as indicated by step 120e and dashed arrow E). The designated payee 16, then receives the specified funds 12,, via the ATM or PoS device 18,, etc., at step 120f. Thereafter, and as already described with reference to Fig. 2, method 100 continues at step 122 (whereat the designated payee’s 16, ATM or debit card 32,, etc., is deactivated by initiator engine 22,), followed by step 108 (whereat the payer 14, is preferably notified, via their payer terminal 34, etc., of the successful completion of the transaction), before concluding (as indicated by the block marked as “END").

The present invention therefore provides novel and useful systems 10 and/or methods 100 for authorizing and facilitating third-party withdrawals or payments of funds 12, (preferably in the form of cash 12,) from a payer 14, to a payee 16, (who may or may not hold an account of facility with a financial institution 30,), utilizing an ATM or PoS device 18,, etc., and an ATM or debit card 32, etc. (which may be a physical or virtual/electronic card 32,) that may be selectively activated and deactivated as required so as to effect withdrawals of payments of funds 12, to a payee 16,. Many advantages of the present invention will be apparent from the detailed description of the preferred embodiments provided hereinbefore ~~ While this invention has been described in connection with specific embodiments thereof, it will be understood that it is capable of further modification(s). The present invention is intended to cover any variations, uses or adaptations of the invention following in general, the principles of the invention and including such departures from the present disclosure as come within known or customary practice within the art to which the invention pertains and as may be ‘applied to the essential features hereinbefore set forth.

As the present invention may be embodied in several forms without departing from the spirit of the essential characteristics of the invention, it should be understood that the above described embodiments are not to limit the present invention unless otherwise specified, but rather should be construed broadly within the spirit and scope of the invention as defined in the attached claims. Various modifications and equivalent arrangements are intended to be included within the spirit and scope of the invention. Therefore, the specific embodiments are to be understood to be illustrative of the many ways in which the principles of the present invention may be practiced.

Where the terms “comprise”, “comprises”, “comprised” or “comprising” are used in this specification, they are to be interpreted as specifying the presence of the stated features, integers, steps or components referred to, but not to preclude the presence or addition of one or more other features, integers, steps, components to be grouped therewith.

Claims (41)

CLAIMS:

1. A system for authorizing and facilitating third-party payee withdrawals or payments of specified funds from at least one payer's nominated financial account or facility, said system being at least partially operable over a communications network, said system including: at least one financial institution with which said at least one payer holds said nominated financial account or facility; at least one funds dispensing or payment device capable of dispensing or paying said specified funds to said payee upon receipt of authorization received via said communication network; at least one physical or electronic payment card associated with said payee for use by said payee in accessing said at least one funds dispensing or payment device, when required, for acquiring said specified funds: at least one escrow facility for temporarily holding said specified funds } 15 "debited from said payer's nominated financial account or facility, pending withdrawal or payment of said specified funds to said payee via said at least one funds dispensing or payment device; and, at least one initiator engine configured to: receive payment instructions from said payer; communicate with, and/or authorize, said at least one financial institution and said at least one funds dispensing or payment device, via said communications network, in order to effect said withdrawals or payments of said specified funds to said payee in accordance with said payment instructions received from said payer; operate, or authorize the operation of, said at least one escrow facility; and, issue payment and one-time authentication instructions to said payee to be used by said payee to acquire said specified funds by way of their said at least one physical or electronic payment card and said at least one funds dispensing or payment device.

2. The system of claim 1, further including at least one payer terminal configured to enable said payer to convey said payment instructions to said at least one initiator engine via said communications network.

3. The system of claim 2, wherein said at least one initiator engine is further configured to issue notifications to said payer of the successful or unsuccessful withdrawals of payments of said specified funds by/to said payee.

4. The system of claim 3, wherein said at least one payer terminal is further configured to receive said notifications from said at least one initiator engine via said communications network.

5. The system of claim 1, further including at. least one payee: terminal configured to enable said payee to receive said payment and one-time authentication instructions from said at least one initiator engine via said communications network. Co

6. The system of claim 1, further including at least one funds dispensing or payment device network provider configured to act as an intermediary between said at least one funds dispensing or payment device and said at least one initiator engine, via said communications network.

7. The system of claim 6, wherein when said payee accesses said at least one funds dispending or payment device, using their said at least one physical or electronic payment card, and said payment and one-time authentication information provided, said at least one funds dispensing or payment device network provider seeks, via said communications network, said authorization from said at least one initiator engine to dispense or pay said specified funds to said payee.

8. The system of claim 7, wherein said authorization is sent by said at least - one initiator engine to said at least one funds dispensing or payment device network provider, via said communications network, upon said at least one initiator engine determining that said payment and one-time authentication information entered by said payee is valid. :

9. The system of claim 8, wherein at around the same time that said authorization is sent to said at least one funds dispensing or payment device network provider, said at least one initiator engine operates, or authorizes the operation of, said at least one escrow facility, so as to release said specified funds from said at least one escrow facility so that said specified funds may be dispensed or paid to said payee via said at least one funds dispensing or payment device.

10. The system of claim 1, wherein said at least one initiator engine is further configured to activate said at least one physical or electronic payment card at around the same time that said payment and one-time authentication instructions are sent to said payee, via said communications network.

1. The system of claim 10, wherein said at least one initiator engine is further configured to deactivate said at least one physical or electronic payment card after said specified funds have been dispensed or paid to said payee via said at least one funds dispensing or payment device.”

12. The system of claim 10, wherein said at least one physical or electronic payment card, and said payment and one-time authentication instructions, are only active for a predetermined time as set by said payer or said at least one initiator engine. ”

13. The system of claim 1, wherein said at least one initiator engine can receive and process multiple payment instructions from the same or different payers simultaneously or one after another.

14. The system of claim 1, wherein said payee can use the same or a different physical or electronic payment card to receive multiple payments of said specified funds from the same or different payers.

15. The system of claim 1, wherein said at least one financial institution is an acquiring or issuing bank or financial institution, and said nominated financial account or facility is a debit, savings or credit account or facility.

16. The system of claim 1, wherein said at least one financial institution is any product or service provider that may store and/or maintain currency or funds, in electronic or non-electronic form, on behalf of said payer.

17. The system of claim 1, wherein said payee is not required to hold a financial account or facility with said at least one financial institution in order to use said system.

18. The system of claim 1, wherein said at least one funds dispensing or payment device is an ATM or PoS device.

19. The system of claim 18, wherein said at least one physical or electronic payment card is an ATM or debit card.

20. The system of claim 19, wherein said ATM or debit card is a white label ATM or debit card configured for use with said system, and/or is an existing ATM or debit card belonging to said payee should said payee hold an account with said at least one financial institution.

21. The system of claim 1, wherein said specified funds may be in electronic or non-electronic form.

22. The system of claim 21, wherein said specified funds are non-electronic, .and are in the form of cash. }

23. A method for authorizing and facilitating third-party payee withdrawals or payments of specified funds from at least-one payer's nominated financial account or facility held with at least one financial institution, said method being at least partially operable over a communications network, said method including the steps of providing at least one funds dispensing or payment device capable of dispensing or paying said specified funds to said payee; providing at least one physical or electronic payment card associated with said payee for use by said payee in accessing said at least one funds dispensing or payment device;

providing at least one escrow facility for temporarily holding said specified funds; providing at least one initiator engine configured to communicate with said ] at least one financial institution and said at least one funds dispensing or payment device, via said communications network, in order to effect said withdrawals or payments of said specified funds to said payee; i using said at least one initiator engine to: ) ’ receive, process and validate payment instructions sent from said payer; operate, or authorize the operation of, said at least one escrow facility to debit said specified funds from said nominated financial account or facility, pending withdrawal or payment of said specified funds to said payee via said at least one funds dispensing or payment device: and, generate and send payment and one-time authentication instructions to said payee to be used by said payee to acquire said specified funds by way of their said at least one physical or electronic payment card and said at least one funds dispensing or payment device; wherein when said payee accesses said at least one funds dispensing or payment device, using their said at least one physical or electronic payment card, and said payment and one-time authentication information provided, said at least one initiator engine determines whether said payment and one-time authentication information entered by said payee is valid, and if so, authorizes said at least one funds dispensing or payment device to dispense or pay said specified funds to said payee, whilst at around the same time operates, or authorizes the operation of, said at least one escrow facility to release said specified funds from said at least one escrow facility so that said specified funds may be dispensed or paid to said payee via said at least one funds dispensing or payment device.

24. The method of claim 23, further including the step of: providing at least one payer terminal configured to enable said payer to convey said payment instructions to said at least one initiator engine, via said communications network.

25. The method of claim 24, wherein said at least one initiator engine is further configured to issue notifications to said payer of the successful or unsuccessful withdrawals of payments of said specified funds by/to said payee.

26. The method of claim 25, wherein said at least one payer terminal is further configured to receive said notifications from said at least one initiator engine via said communications network.

27. The method of claim 23, further including the step of: providing at least one payee terminal configured to enable said payee to receive said payment and ~ one-time authentication instructions from said at least one initiator engine, via said communications network.

28. The method of claim 23, further including the step of: providing at least one funds dispensing or payment device network provider configured to act as an intermediary between said at least one funds dispensing or payment device and said at least one initiator engine, via said communications network.

29. The method of claim 23, wherein said at least one initiator engine is further configured to activate said at least one physical or electronic payment card at around the same time that said payment and one-time authentication instructions are sent to said payee, via said communications network. 1

30. The method of claim 29, wherein said at least one initiator engine is further configured to deactivate said at least one physical or electronic payment card after said specified funds have been dispensed or paid to said payee via said at least one funds dispensing or payment device.

31. The method of claim 30, wherein said at least one physical or electronic payment card, and said payment and one-time authentication instructions, are only active for a predetermined time as set by said payer or said at least one initiator engine.

32. The method of claim 23, wherein said at least one initiator engine can receive and process multiple payment instructions from the same or different ] * payers simultaneously or one after another. .

33. The method of claim 23, wherein said payee can use the same or a different physical or electronic payment card to receive multiple payments of said specified funds from the same or different payers.

34. The method of claim 23, wherein said at least one financial institution is an acquiring or issuing bank or financial institution, and said nominated financial account or facility is a debit, savings or credit account or facility.

35. The method of claim 23, wherein said at least one financial institution is any product or service provider that may store and/or maintain currency or funds, in electronic or non-electronic form, on behalf of said payer. ©

36. The method of claim 23, wherein said payee is not required to hold a financial account or facility with said at least one financial institution in order to use said method. i

37. The method of claim 23, wherein said at least one funds dispensing or payment device is an ATM or PoS device.

38. The method of claim 37, wherein said at least one physical or electronic Co payment card is an ATM or debit card.

39. The method of claim 38, wherein said ATM or debit card is a white label ATM or debit card configured for use with said method, and/or is an existing ATM or debit card belonging to said payee should said payee hold an account with said atleast one financial institution.

40. The method of claim 23, wherein said specified funds may be in electronic or non-electronic form.

41. The method of claim 40, wherein said specified funds are non-electronic, and are in the form of cash.