SYSTEM AND METHOD FOR FACILITATING SAFE HANDLING OF A PHYSICAL MEDIUM OF FINANCIAL EXCHANGE

A method 30 and system 10 for facilitating safe handling of a physical medium of financial exchange, such as cash notes is provided to prevent cash-in-transit heists. The method 30 includes physically marking 33, using a first processing device 8, cash with a unique owner identifier which is associa...

Full description

Saved in:
Bibliographic Details
Main Authors KURIEN, Toby, AKHALWAYA, Ismail Yunus, GRITZMAN, Ashley D, KHAN, Naweed
Format Patent
LanguageEnglish
Published 27.05.2020
Online AccessGet full text

Cover

More Information
Summary:A method 30 and system 10 for facilitating safe handling of a physical medium of financial exchange, such as cash notes is provided to prevent cash-in-transit heists. The method 30 includes physically marking 33, using a first processing device 8, cash with a unique owner identifier which is associated with the owner of the cash, and physically invalidating 34 the cash through cutting, staining or stamping it. Once invalidated, the worthless cash can be transported risk-free to a desired cash processing facility. Upon arrival, the method includes verifying 44, using an authentication module 24, authenticity of the unique owner identifier and cash notes themselves. If verification fails, law enforcement is notified. If passed, the cash is destroyed 38, using a second processing device 9 which digitizes, using a digitizer 22, the cash notes and transfers a digital equivalent value, which is credited to the owner's account, to an electronic record keeping system 12.
Bibliography:Application Number: ZA20190004992