Capital Security Systems yesterday announced that it has received approval for three more patents on features of the Super ATM(TM) development platform, the ATM PowerBuilder, a powerful toolkit that will ultimately provide automated banking customers with a means for accessing 17 different banking functions from an ATM terminal.
“With the approval of these three patents,” stated Robin Gustin, president of CSS, “we are within sight of creating the ATM of the future — the ultimate in one-stop shopping for all of a customer’s electronic banking needs.” According to Gustin, the first patent covers signature verification in a terminal environment. Once verified, an ATM customer will be authorized to cash a check or money order, pay bills, create a money order, or perform a variety of other electronic financial transactions at an ATM location. The second patent covers the capability for a bank network customer to transfer funds from one ATM to any other ATM, in effect, emulating a Western Union wire order in an ATM environment. “It’s more convenient for the customer — and it will produce more fees for the networks, too,” explained Gustin. “Several things make our platform unique,” Gustin went on, “including check cashing technology that is 100% automated and the way we direct dollars and cents to a smart card, which is covered by the third patent.” Because Smart Cards enable more options and provide better security for the customer, Gustin believes that Smart Cards will eventually replace magnetic strip cards at ATMs. She says that the possibilities created by the powerful ATM PowerBuilder platform should help gain bank support for the conversion to a Smart Card-based, e-commerce society.
According to Gustin, the ATM PowerBuilder will enable banking networks to access three major electronic financial markets: conventional ATM banking, electronic benefits transfer, and unbanked customers. According to a recent government study, unbanked customers comprise one out of every eight homes in the U.S. — which means possibly another strong revenue source for the networks. CSS is currently talking to a number of large domestic and foreign companies that are seeking to secure a controlling interest in the ATM-based world of electronic commerce by owning the patents granted to the Super ATM(TM) — ATM PowerBuilder platform.Details