VANCOUVER, British Columbia, Nov. 26, 2014 /CNW/ -- TIO Networks Corp. (TSX-V: TNC) ("TIO"), North America's leading expedited bill payment company, today announced its patent for change-based transactions on electronic kiosks has been approved by the United States Patent and Trademark office. This patent relates to cash transactions on an electronic kiosk where remaining funds after the initial transaction can be used towards a subsequent transaction. Transactions can involve products or services, as well as 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. "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."
Recognizing that many reverse ATMs required the customer to pay the exact amount, potentially losing leftover change, Shahbazi applied for the patent in 2005. Almost a decade later the patent has been granted and TIO Networks continues to focus its services on America's underbanked population, which has grown to 68 million people, representing one in five households. TIO Networks is a socially minded corporation dedicated to providing a much-needed service to a market that is often under-served and under-represented.
"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 kiosk," 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."
TIO, a cloud-based omni-channel bill payment processor, has recently experienced greater expansion into the US and diversification in its product and service offerings with the acquisition of ChargeSmart.com and Global Express. Since the acquisitions, the company has experienced triple digit growth in both revenues and transactions. For more information including images, charts and tables, visit: http://1.usa.gov/1xy6lFv.
About TIO Networks
TIO Networks is a cloud-based bill payment processor serving the largest telecom, wireless, cable and utility bill issuers in North America. With more than 65,000 endpoints, TIO symbolizes fast, convenient and secure bill payment services. Visit: www.TIOnetworks.com. Join the conversation on www.twitter.com/tionetworks or Like us on www.facebook.com/TIONetworks.
Yulu Public Relations Inc.
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SOURCE TIO Networks Corp.