Patent Issued for Cash deposit at point of sale using deposit product inventory item systems and methods (USPTO 11748731): United Services Automobile Association

2023 SEP 21 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- According to news reporting originating from Alexandria, Virginia, by NewsRx journalists, a patent by the inventors Prasad, Bharat (San Antonio, TX, US), Vijayvergia, Gunjan (San Antonio, TX, US), filed on April 15, 2021, was published online on September 5, 2023.

The assignee for this patent, patent number 11748731, is United Services Automobile Association (San Antonio, Texas, United States).

Reporters obtained the following quote from the background information supplied by the inventors: “While online banking has increased in popularity, many banking transactions still cannot be completed exclusively through exchange of data over a network because these transactions involve exchange of tangible items. These transactions may involve cash deposits, cash withdrawals, check deposits, account cards, printed documents, documents requiring physical signatures, or other tangible items. In these cases, a customer must complete the transaction at a location which facilitates the exchange of these tangible objects.

“It is costly for banks to establish staffed bank branches at locations which are convenient for all of their customers. Technology has enabled automatic teller machines (ATMs) to perform some banking functions in a wider variety of locations which are more convenient for customers. ATMs, however, are typically located in public or semi-public locations. Some customers have security and personal safety concerns with respect to performing banking transactions in these locations because the transactions often involve confidential or risky activities such as handling of cash, use of account cards, entry of personal identification numbers (PINs), entry of other transaction data, and/or opening of wallets and purses.”

In addition to obtaining background information on this patent, NewsRx editors also obtained the inventors’ summary information for this patent: “While multiple embodiments are disclosed, still other embodiments of the present invention will become apparent to those skilled in the art from the following detailed description, which shows and describes illustrative embodiments of the invention. As will be realized, the invention is capable of modifications in various aspects, all without departing from the scope of the present invention. Accordingly, the drawings and detailed description are to be regarded as illustrative in nature and not restrictive.

“In some embodiments, a system for receiving cash deposits at a point of sale includes a processor; a product inventory database; a communication interface; a product inventory item reader; and a purchase instrument reader. The processor is configured to receive a product code from the product inventory item reader; access the product inventory database to recognize the product code as a deposit product code; receive signals indicating an amount of a deposit associated with the deposit product code; receive signals from the purchase instrument reader identifying an account for the deposit; and send signals to a transaction processing network via the communication interface to thereby effect the deposit of the amount into the account.

“In some embodiments the processor is further configured to receive a product code from the product inventory item reader, which product code is comprised by a presentation instrument. The system for receiving cash deposits at a point of sale of claim may include a product deposit code monetary unit sheet having readable product codes for a plurality of monetary units corresponding to currency and coin denominations. The processor, in receiving signals indicating an amount of a deposit associated with the deposit product code, may be configured to determine the amount from a sequence of product codes corresponding to the monetary units corresponding to currency and coin denominations. The processor, in accessing the product inventory database to recognize the product code as a deposit product code may be further configured to recognize the product code as a deposit product code having a variable amount. The processor, in receiving signals indicating an amount of a deposit associated with the deposit product code, may be configured to receive the amount as a keyed entry. The account may be one of a checking account or a savings account.

“In some embodiments, a method of receiving cash deposits at a point of sale includes providing a processor; providing a product inventory database; providing a communication interface; providing a product inventory item reader; providing a purchase instrument reader; and configuring the processor to: receive a product code from the product inventory item reader; access the product inventory database to recognize the product code as a deposit product code; receive signals indicating an amount of a deposit associated with the deposit product code; receive signals from the purchase instrument reader identifying an account for the deposit; and send signals to a transaction processing network via the communication interface to thereby effect the deposit of the amount into the account.

“The method may include configuring the processor to receive a product code from the product inventory item reader, which product code is comprised by a presentation instrument. The method may further include providing a product deposit code monetary unit sheet having readable product codes for a plurality of monetary units corresponding to currency and coin denominations. The processor, in receiving signals indicating an amount of a deposit associated with the deposit product code, may be configured to determine the amount from a sequence of product codes corresponding to the monetary units corresponding to currency and coin denominations. The processor, in accessing the product inventory database to recognize the product code as a deposit product code, may be configured to recognize the product code as a deposit product code having a variable amount. The processor, in receiving signals indicating an amount of a deposit associated with the deposit product code, may be further configured to receive the amount as a keyed entry. The account comprises one of a checking account or a savings account.”

The claims supplied by the inventors are:

“1. A computer-implemented method for depositing an amount into a designated account through point of sale devices, the method comprising: receiving, at a point of sale device of a merchant, a deposit product code generated via a mobile application on a mobile device, wherein the deposit product code is embedded in a dynamically generated barcode, and wherein data embedded in the dynamically generated barcode is encrypted; querying a banking entity to provide accounts that the point of sale device of the merchant is authorized to make deposits in; in response to querying the banking entity, receiving two or more accounts of the banking entity available for a deposit; receiving a selection of a first account of the two or more accounts available for the deposit; and in response to the selection of the first account, sending signals to a transaction processing network via a communication interface to thereby effect the deposit of the amount into the first account via the merchant.

“2. The method of claim 1, wherein the deposit product code specifies the amount to be deposited in association with the deposit product code.

“3. The method of claim 1, wherein the deposit product code is based on a previous enrollment of one or more deposit products into a product inventory database that assigns one or more deposit product codes to one or more deposit products.

“4. The method of claim 3, wherein the amount is determined according to an amount specified in an enrollment for the deposit product code.

“5. The method of claim 1, wherein the first account is a bill pay account associated with a user of the mobile device; or wherein the first account is a pre-paid card.

“6. The method of claim 1, wherein the deposit product code includes a transaction identification number, personally identifying data, and a timestamp for expiration.

“7. The method of claim 1, wherein the point of sale device receives an indication of the deposit as A) a cash payment or B) a check.

“8. A computer-readable storage medium storing instructions that, when executed by a computing system, cause the computing system to perform a process for depositing an amount into a designated account through point of sale devices, the process comprising: receiving, at a point of sale device of a merchant, a deposit product code generated via a mobile application on a mobile device, wherein the deposit product code is embedded in a dynamically generated barcode, and wherein data embedded in the dynamically generated barcode is encrypted; querying a banking entity to provide accounts that the point of sale device of the merchant is authorized to make deposits in; in response to querying the banking entity, receiving two or more accounts of the banking entity available for a deposit; receiving a selection of a first account of the two or more accounts available for the deposit; and in response to the selection of the first account, sending signals to a transaction processing network via a communication interface to thereby effect the deposit of the amount into the first account via the merchant.

“9. The computer-readable storage medium of claim 8, wherein the deposit product code specifies the amount to be deposited in association with the deposit product code.

“10. The computer-readable storage medium of claim 8, wherein the deposit product code is based on a previous enrollment of one or more deposit products into a product inventory database that assigns one or more deposit product codes to one or more deposit products.

“11. The computer-readable storage medium of claim 10, wherein the amount is determined according to an amount specified in an enrollment for the deposit product code.

“12. The computer-readable storage medium of claim 8, wherein the first account is a bill pay account associated with a user of the mobile device; or wherein the first account is a pre-paid card.

“13. The computer-readable storage medium of claim 8, wherein the process further comprises: determining the two or more accounts available for the deposit and the selection of the first account for the deposit is performed by accepting an account card and authenticating the account card with an associated institution.

“14. The computer-readable storage medium of claim 8, wherein the point of sale device receives an indication of the deposit as A) a cash payment or B) a check.

“15. A computing system for depositing an amount into a designated account through point of sale devices, the computing system comprising: one or more processors; and one or more memories storing instructions that, when executed by the one or more processors, cause the computing system to perform a process comprising: receiving, at a point of sale device of a merchant, a deposit product code generated via a mobile application on a mobile device, wherein the deposit product code is embedded in a dynamically generated barcode, and wherein data embedded in the dynamically generated barcode is encrypted; querying a banking entity to provide accounts that the point of sale device of the merchant is authorized to make deposits in; in response to querying the banking entity, receiving two or more accounts of the banking entity available for a deposit; receiving a selection of a first account of the two or more accounts available for the deposit; in response to the selection of the first account, sending signals to a transaction processing network via a communication interface to thereby effect the deposit of the amount into the first account via the merchant.

“16. The computing system of claim 15, wherein the deposit product code specifies the amount to be deposited in association with the deposit product code.

“17. The computing system of claim 15, wherein the deposit product code is based on a previous enrollment of one or more deposit products into a product inventory database that assigns one or more deposit product codes to one or more deposit products.

“18. The computing system of claim 17, wherein the amount is determined according to an amount specified in an enrollment for the deposit product code.

“19. The computing system of claim 15, wherein the first account is a bill pay account associated with a user of the mobile device.

“20. The computing system of claim 15, wherein the deposit product code includes a transaction identification number, personally identifying data, and a timestamp for expiration.”

For more information, see this patent: Prasad, Bharat. Cash deposit at point of sale using deposit product inventory item systems and methods. U.S. Patent Number 11748731, filed April 15, 2021, and published online on September 5, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(11748731)&db=USPAT&type=ids

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