Patent ID: 8725640

Claim:
A method for facilitating a funds transaction from a principal having an association with an issuing entity to a beneficiary at an automatic fund dispenser of an acquiring entity, comprising the steps of: a. receiving, by a computer comprising an issuing entity server, an electronically communicated funds transaction request requesting for funds to be transferred from the principal to the beneficiary the beneficiary holding an account or card of neither the issuing entity nor the acquiring entity, and where the issuing entity and the acquiring entity belong to different banking institutions; b. electronically communicating, from the computer comprising the issuing entity server to a computer comprising a central server belonging to neither the issuing entity nor the acquiring entity, said funds transaction request; c. electronically communicating, from the computer comprising the central server to a beneficiary's communication device, identification particulars of the funds transaction initiated by the principal, including an amount of the funds transaction and a code associated with said funds transaction, said code being generated by the computer comprising the central server and being unknown to the principal; d. upon a request of the funds transaction by the beneficiary, which is carried out using said code at the automatic funds dispenser of the acquiring entity, electronically sending an authorization request from said automatic funds dispenser of the acquiring entity to the computer comprising the acquiring entity server; e. electronically requesting, from the computer comprising the acquiring entity server to the computer comprising the central server, authorization for performing the funds transaction; f. upon receiving, from the computer comprising the central server, an authorization or denial for performing the funds transaction, electronically sending, from the computer comprising the acquiring entity server to the automatic funds dispenser of the acquiring entity, said authorization or denial for performing the funds transaction; and g. concluding the funds transaction at the automatic fund dispenser of the acquiring entity based upon said authorization or denial.