patent relates to cash transactions on an electronic kiosk where remaining funds after the initial transaction can be used towards a subsequent transaction. Transactions can involve products or services, as well as account-based transactions
Recognizing that many reverse ATMs required the customer to pay the exact amount, potentially losing leftover change, Shahbazi applied for the patent in 2005. Almost a decade later the patent has been granted and TIO Networks continues to focus its services on America’s underbanked population, which has grown to 68 million people, representing one in five households. TIO Networks is a socially minded corporation dedicated to providing a much-needed service to a market that is often under-served and under-represented.
“The walk-in bill payments market generates annual fee revenues of $2 billion a year in the US, including both clerk-driven bill payments and self-service payments at kiosk,” said Shahbazi. “Our patented reverse ATM is a critical tool for the underbanked population who look to alternative financial services that are accessible and affordable.
TIO, a cloud-based omni-channel bill payment processor, has recently experienced greater expansion into the US and diversification in its product and service offerings with the acquisition of ChargeSmart.com and Global Express. Since the acquisitions, the company has experienced triple digit growth in both revenues and transactions. For more information including images, charts and tables, visit: http://1.usa.gov/1xy6lFv.