News

TIO wins patent for change-based 'reverse ATM' transactions

The patent offers a solution for transactions at a payment kiosk, or 'reverse ATM,' in which a customer must either insert exact change for a payment or round up to the next dollar and forfeit any change due.

December 2, 2014

TIO Networks Corp., an expedited bill payment company, has announced the approval by the United States Patent and Trademark office of its patent for change-based transactions on electronic kiosks.

The patent relates to cash transactions on an electronic kiosk in which remaining funds after the initial transaction may be used towards a subsequent transaction, a news release said. Transactions can involve products or services, or could be account based.

Recognizing that many reverse ATMs require the customer to pay the exact amount, potentially losing leftover change, company CEO Hamed Shahbazi applied for the patent in 2005.

The solution allows TIO to better serve people who are cash dependent, Shahbazi said in the release.

"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."