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TIO 'reverse ATM' patent approved

TIO Networks Corp., a Vancouver, British Columbia, Canada-based bill payment company, announced its patent for change-based transactions on electronic kiosks was approved by the United States Patent and Trademark Office.

December 2, 2014

TIO Networks Corp., a Vancouver, British Columbia, Canada-based bill payment company, announced its patent for change-based transactions on electronic kiosks was approved by the United States Patent and Trademark Office.

The patent allows remaining funds from cash transactions to be used toward subsequent transactions involving products or services and account-based transactions.

"Our team is driven to support and provide convenient service to the underbanked population; this includes adapting systems such as reverse ATMs to better cater to those who are cash dependent," said Hamed Shahbazi, CEO of TIO Networks, in the announcement. "By allowing leftover funds to be allocated to another purchase or bill payment, we ensure our customers have access and control over each dollar they've earned."

Shahbazi applied for the patent in 2005, after realizing that many reverse ATMs require the customer to pay the exact amount, leading to a loss of leftover change.

"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 kiosks," 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."