Patent ID: 7356505

Claim:
A financial transaction system for automated electronic transfer of funds comprising: an initiating regional office configured to automatically: receive a transfer request comprising an amount of funds and a verification ID protocol, comprising a question and answer combination, from a sender; receive a predetermined amount of funds from the sender from a financial card and hold the funds for the recipient; and send an initiating data packet comprising the verification ID protocol, the amount of funds, an initiating security ID, an initiating transit ID and a dispensing transit ID, to an initiating authorization center; the initiating authorization center configured to automatically: receive the initiating data packet from the initiating regional office; confirm the authenticity of the initiating security ID; and if authentic, send an authorization data packet, comprising the verification ID protocol, the amount of funds, an authorization security ID, the initiating transit ID and the dispensing transit ID to a dispensing authorization centre based on the dispensing transit ID; the dispensing authorization center configured to automatically: receive the authorization data packet from the initiating authorization center; verify the authenticity of the authorization security ID; and if authentic, send a dispensing data packet, comprising the verification ID protocol, the amount of funds, a dispensing security ID, the initiating transit ID and the dispensing transit ID to a dispensing regional office; and the dispensing regional office configured to automatically: receive the dispensing data packet from the dispensing authorization center; verify the authenticity of the dispensing security ID; and if authentic, wait for a recipient to attend at the dispensing regional office; when a recipient attends, conduct the verification ID protocol to confirm that the recipient is the correct recipient; if confirmed, send a confirmation data packet, comprising the verification ID protocol, the amount of funds, a confirmation security ID, the initiating transit ID and the dispensing transit ID to the initiating regional office based on the initiating transit ID, wherein, based on the confirmation data packet, the initiating regional office transfers the predetermined amount of funds from the sender; dispense the predetermined amount of funds to the recipient via an anonymous financial card, wherein the financial card comprises a processor, a memory, a GPS receiver chip, an LCD screen and at least one button for input of information to the financial card; and activate the predetermined amount of funds on the financial card based on the entry of a PIN number by the recipient.