WO2022208512A1

WO2022208512A1 - An apparatus for pecuniary transactions

Info

Publication number: WO2022208512A1
Application number: PCT/IN2021/050798
Authority: WO
Inventors: Uthayashankar VIJAYARATNAM; Shobana Uthayashankar
Original assignee: Finaara Technologies Private Limited
Priority date: 2021-04-01
Filing date: 2021-08-19
Publication date: 2022-10-06

Abstract

An apparatus that is configured for cross-border and national pecuniary transactions is disclosed. Said apparatus comprises a transacting device that is communicatively associated with a transacting engine. The transacting engine is embedded within the transacting device. The transacting device comprises: a touch-enabled display (4); a secondary display (2); an at least a camera (3); an at least a scanner (5); an at least a card reader (6); an at least a biometric reader (9); a keyboard (10); an at least a writing pad with digital pen (8); an at least a printer (13); an at least a communication unit (14); a currency accepter-cum-dispenser (12); a coin accepter (7); a coin dispenser (11); an at least a speaker (16); an at least a microphone (17); a first door (18); a second door (19); a third door (20); an at least a central processing unit; and a body (1). The method of working of the apparatus is also disclosed.

Description

TITLE OF THE INVENTION: AN APPARATUS FOR PECUNIARY TRANSACTIONS

FIELD OF THE INVENTION

The present disclosure is generally related to an apparatus for pecuniary transactions. In particular, the present disclosure is related to a real-time and unified apparatus for cross- border and national pecuniary transactions.

BACKGROUND OF THE INVENTION

Pecuniary transactions are the backbone of economies and global societies. International pecuniary transactions have long served as the engine enabling cross-border trade and investment, and have been instrumental in the emergence of today’s global economy.

Cross-border trade is growing rapidly as more companies source goods and services globally. Most cross-border transactions are handled through correspondent banking relationships, whereby a series of banks and domestic payment systems are typically linked together to move funds. An extensive list of requirements — a ubiquitous network of trusted parties spanning the entire world, substantial regulatory and technical infrastructure, and a mandate for ample liquidity — have historically made banks the natural “owners” of the cross-border market (augmented by some specialized firms active mostly in tertiary remittance markets).

However, the existing solutions for performing pecuniary transactions suffer from several drawbacks. Each and every transaction happens after a manual process, which is time- consuming, will have expenditures, and may not be error- free (which is vital for detecting suspicious transactions). As per the Word Bank, global pecuniary transactions have declined sharply by about 20% due to COVID-19.

Further, for example, in India (largest inward remittance country), unorganized workers (such as migrant workers) are illiterate and do not own smartphones, as a result of which they are unable to utilize digital solutions. A migrant worker working in a remote location may spend 40 USD and half a day to perform a transaction. In addition, overseas migrant workers may not have bank accounts in the countries where they work. There is, therefore, a need in the art for an apparatus for cross-border and national pecuniary transactions, which overcomes the aforementioned drawbacks and shortcomings.

SUMMARY OF THE INVENTION An apparatus that is configured for real-time cross border and national pecuniary transactions is disclosed. Said apparatus comprises a transacting device that is communicatively associated with a transacting engine. The transacting engine is embedded within the transacting device.

The transacting device comprises: a touch-enabled display; a secondary display; an at least a camera; an at least a scanner; an at least a card reader; an at least a biometric reader; a keyboard; an at least a writing pad with digital pen; an at least a printer; an at least a communication unit; a currency accepter-cum-dispenser; a coin accepter; a coin dispenser; an at least a speaker; an at least a microphone; a first door; a second door; a third door; an at least a central processing unit; and a body. The touch-enabled display facilitates the interacting of a user with the apparatus, while the secondary display facilitates the performing of promotional activities. Said secondary display acts an information display.

The at least one camera facilitates the: capturing of user images with movements; scanning of QR codes and/or Barcodes; finding of suspicious activities near the transacting device; and enabling of interaction between the user and back office staff.

The at least one scanner facilitates the scanning of identity cards of the user, such as electronic passports, while the at least one card reader facilitates the scanning and reading of cards, such as credit cards and/or debit cards. The at least one biometric reader facilitates the capturing of biometric details of the user. The keyboard and the at least one writing pad with digital pen facilitate the receiving of an at least a first input and an at least a second input (such as signature), respectively, from the user.

The at least one printer facilitates the printing of an at least an output to the user. The at least one communication unit facilitates the communicating of the transacting device with an at least an external device.

The currency accepter-cum-dispenser facilitates the: receiving of an at least a currency from the user; and dispensing of an at least a currency to the user.

The coin accepter and the coin dispenser facilitate the receiving of an at least a coin from the user, and the dispensing of an at least a coin to the user, respectively.

The at least one speaker facilitates the generating of an at least an audible output to the user, while the at least one microphone facilitates the capturing of an at least a voice input from the user.

The first door, the second door, and the third door facilitate the accessing of various components of the apparatus and/or the transacting device by the user.

The at least one central processing unit facilitates the monitoring and controlling of the operations of the apparatus.

The transacting engine comprises a risk management module; an anti-money laundering (AML) management module; an automated security management module; a reports module; a remittance module; a settlement module; an advertisement management module; a utility payment module; and a service booking module.

The risk management module facilitates the: performing of risk-based assessment by the apparatus to identify, assess, and understand the money laundering risks to which a transaction is exposed; and taking of Anti-Money Laundering measures in order to mitigate the identified risks.

The anti-money laundering (AML) management module identifies and suggests the compliances to be followed before approving a transaction based on CDD (customer due diligence), ECDD (enhanced customer due diligence), and risk score received from the risk management module.

The automated security management module facilitates the: identifying of the authenticity and value of the currency and coins transacted by the user; triggering of alerts and alarms, in case of any suspicious transaction; closing of a door of a cabin in which the apparatus is installed; and keeping the door locked until the door is opened by an authorized person. The remittance module facilitates the completing of the transaction allowed by the apparatus, and generates and shares a unique transaction reference number and/or a QR code with the user. The settlement module facilitates the settling of the transactions completed by the remittance module.

The reports module facilitates the generating of reports by the user, while the advertisement management module facilitates the displaying of promotional activities.

The utility payment module and the service booking module facilitate the paying of utility bill payments through the apparatus and the booking of services through the apparatus, respectively, by the user.

The apparatus is configured to support more than one language; the user may select the language of his/her choice. The method of working of the apparatus is also disclosed.

BRIEF DESCRIPTION OF THE DRAWINGS

Figure 1 illustrates a transacting device of an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 2 illustrates the workflow architecture of an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 3 illustrates a flowchart of a customer due diligence, in an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 4 illustrates a flowchart of an enhanced customer due diligence, in an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 5a and Figure 5b illustrate a flowchart of a cross-border money transfer (outward), through an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 6 illustrates a flowchart of an inward remittance of money, through an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure; Figure 7 illustrates a flowchart of inward remittance withdrawal (cross-border), through an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 8 illustrates a flowchart of inward remittance withdrawal (national), through an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 9a and Figure 9b illustrate a flowchart of money exchange (currency change,) through an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure;

Figure 10 illustrates a flowchart of utility bill payment, through an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure; and

Figure 11 illustrates a flowchart of booking services, through an apparatus for pecuniary transactions, in accordance with an embodiment of the present disclosure.

DETAILED DESCRIPTION OF THE INVENTION

Throughout this specification, the use of the words "comprise", “have”, “contain”, and “include”, and variations such as "comprises", "comprising", “having”, “contains”, “containing”, “includes”, and “including” may imply the inclusion of an element or elements not specifically recited. The disclosed embodiments may be embodied in various other forms as well.

Throughout this specification, the phrases “at least a”, “at least an”, and “at least one” are used interchangeably.

Throughout this specification, the use of the word “apparatus” is to be construed as a set of technical components that are communicatively and/or operably associated with each other, and function together as part of a mechanism to achieve a desired technical result.

Throughout this specification, the use of the word “plurality” is to be construed as being inclusive of “at least one”. Throughout this specification, the use of the word “user” and its variations are to be construed as being inclusive of: customers and/or consumers who use the disclosed apparatus for any or all of the intended purposes; financial service providers; booking service providers; statutory authorities; and/or any other person using the apparatus.

Throughout this specification, the words “user”, “customer”, “consumer”, “remitter”, “recipient”, “receiver”, and their variations are used interchangeably with the same meaning.

Throughout this specification, the use of the phrase “pecuniary transaction”, “transaction”, and their variations are to be construed as being inclusive of: cross-border money transfer; national (non-cross -border) money transfer; inward remittance; money withdrawal; money exchange; currency exchange; utility bill payment; booking service; viewing of transaction records; and/or the like.

Throughout this specification, the use of the words “communication”, “couple”, “connect”, and their variations (such as communicatively) are to be construed as being inclusive of: one-way communication (or coupling or connection); and two-way communication (or coupling or connection), as the case may be, through any communication technology known in the art, depending on the use.

Throughout this specification, the phrase “computing device” and its variations are to be construed as being inclusive of: the Cloud, remote servers, desktop computers, laptop computers, mobile phones, smart phones, tablets, phablets, and smart watches.

Implementation of the apparatus and/or method of the disclosure can involve performing and/or completing selected tasks manually, automatically, or a combination thereof. Further, according to actual instrumentation of the apparatus and/or method of the disclosure, several selected tasks could be implemented by hardware, by software, by firmware, or by a combination thereof using an operating system.

For example, hardware for performing selected tasks according to the disclosure could be implemented as a chip or a circuit. As software, selected tasks according to the disclosure could be implemented as a plurality of software instructions being executed by a computing device using any suitable operating system. Also, it is to be noted that embodiments may be described as a process depicted as a flow chart, a flow diagram, a dataflow diagram, a structure diagram, or a block diagram. Although a flow chart describes the operations as a sequential process, many of the operations may be performed in parallel, concurrently, or simultaneously. In addition, the order of the operations may be re-arranged. A process may be terminated when its operations are completed, but may also have additional steps not included in the figure(s).

An apparatus that is configured for cross-border and national (non-cross-border) pecuniary transactions is disclosed. An embodiment of the apparatus comprises a transacting device that is communicatively associated with a transacting engine. Said transacting engine is embedded within the transacting device.

The transacting device is configured as a unified device and facilitates the performing of pecuniary transactions by a user in real-time, without visiting a financial institution (such as a bank).

As illustrated in Figure 1, the transacting device comprises: a touch-enabled display (4) that facilitates the interacting of the user with the apparatus; a secondary display (2) that facilitates the performing of promotional activities, said secondary display acting as an information display; an at least a camera (3) that facilitates the: capturing of user images with movements, scanning of QR codes and/or Barcodes, finding of suspicious activities near the transacting device, and/or enabling the user and back-office staff interaction; an at least a scanner (5) that facilitates the scanning of identity cards of the user, such as electronic passports; an at least a card reader (6) that facilitates the scanning and reading of cards, such as credit cards, debit cards, and/or the like; an at least a biometric reader (9) that facilitates the capturing of biometric details of the user; a keyboard (10) that facilitates the receiving of an at least a first input from the user; an at least a writing pad with digital pen (8) that facilitates the receiving of an at least a second input, such as signature, from the user; an at least a printer (13) that facilitates the printing of an at least an output to the user; and an at least a communication unit (14) that facilitates the communicating with an at least an external device. In an embodiment of the present disclosure, the at least one camera (3) is integrated with an at least a sensor for identifying the movement of objects (e.g. humans) near the transacting device, and for scanning the QR Codes and/or Barcodes.

In another embodiment of the present disclosure, the at least one scanner (5) reads any chip-based deployment on machine-readable travel documents, apart from other electronic and non-electronic passports and identity cards. If the passport/identity card is non-electronic or non-chip-based, the at least one scanner (5) scans the same as images, and the images are converted into text or data. This process enables fast and accurate KYC [Know Your Customer] and/or authentication.

In yet another embodiment of the present disclosure, the keyboard (10) is a stainless steel keyboard embedded with a ball mouse.

The transacting device also comprises a currency accepter-cum-dispenser (12) that facilitates the: receiving of an at least a currency from the user, and dispensing of an at least a currency to the user; a coin accepter (7) that facilitates the receiving of an at least a coin from the user; a coin dispenser (11) that facilitates the dispensing of an at least a coin to the user; an at least a speaker (16) that facilitates the generating of an at least an audible output to the user; an at least a microphone (17) that facilitates the capturing of an at least a voice input from the user; a first door (18) that facilitates the accessing of the secondary display (2) by the user; a second door (19) that facilitates the accessing of the touch-enabled display (4) by the user; and an at least a central processing unit (CPU) that facilitates the monitoring and controlling of the operations of the apparatus, said at least one CPU being accessed through a third door (20). Said transacting device is enclosed by a body (1).

In yet another embodiment of the present disclosure, the third door (20) also facilitates the accessing of the: currency accepter-cum-dispenser (12); coin dispenser (11); at least one writing pad with digital pen (8); at least one biometric reader (9); keyboard (10); and the at least one printer (13), by the user.

In yet another embodiment of the present disclosure, the first door (18) also facilitates the accessing of the at least one camera (3) and the at least one communication unit (14) by the user. In yet another embodiment of the present disclosure, the second door (19) also facilitates the accessing of the: coin accepter (7); the at least one scanner (5); and the at least one card reader (6), by the user.

The transacting device is connected with the at least one external device through the at least one communication unit (14), and facilitates the communicating of the user with the at least one external device. The transacting device also indicates the connectivity status of the apparatus with the at least one external device.

In yet another embodiment of the present disclosure, the body (1) of the transacting device is made of unbreakable, rust-free, and sturdy material, such as stainless steel.

In yet another embodiment of the present disclosure, the first door (18), the second door (19), and the third door (20) are locked with a first lock, a second lock, and a third lock, respectively. Said first lock, said second lock, and said third lock may be mechanical locks operated with mechanical keys. However, any type of lock is conceivable, for example, a combination lock or an electronic lock. Not all the users have access to the first door (18), the second door (19), and the third door (20).

The transacting device according to the present disclosure may comprise: firmware that encodes one or more permeation methodologies, according to the present disclosure; and hardware that carries software that encodes the methodologies, according to the present disclosure. The transacting device is configured to support more than one language; the user may select the language of his/her choice.

In yet another embodiment of the present disclosure, the at least one CPU includes: an at least a processor; and/or non-transitory computer-readable medium for storing instructions and/or data; and/or a non-volatile storage for storing instructions and/or data. Said secondary display (2), said at least one camera (3), said touch-enabled display (4), said at least one scanner (5), said at least one card reader (6), said coin accepter (7), said at least one writing pad with digital pen (8), said at least one biometric reader (9), said keyboard (10), said coin dispenser (11), said currency accepter-cum-dispenser (12), said at least one printer (13), said at least one communication unit (14), said at least one speaker (16), and said at least one microphone are communicatively associated with the at least one CPU, and their operations are monitored and controlled by the at least one CPU.

In yet another embodiment of the present disclosure, the at least one external device includes, but is not limited to: remote servers; servers and/or computing devices of the financial institutions, an at least another apparatus; servers and/or computing devices of Government/statutory authorities; servers and/or computing devices of utility service providers; servers and/or computing devices of booking service providers; and computing devices of the users.

In yet another embodiment of the present disclosure, the at least one external device is the cloud.

The transacting device is configured to facilitate the interacting of the user with the apparatus, while performing the pecuniary transactions. Further, the transacting device is also configured to provide advertisements, promotional activities, real-time suggestions, and notifications to the users.

In yet another embodiment of the present disclosure, the transacting device is assigned with a unique identification number (UIN).

In yet another embodiment of the present disclosure, the transacting engine is configured as a highly secure pecuniary transaction and core banking solution with customisable money remittance features. It provides integrated money exchange solutions and other functionalities, such as card processing, small credit processing, and other medium financial service solutions. It further provides intricate features like multi -branch controllability and transfer notes between any branches.

In yet another embodiment of the present disclosure, the transacting engine is configured to: support multiple modes of pecuniary transactions; and manage and control multi- currency accounts of different users.

In yet another embodiment of the present disclosure, the transacting engine comprises: a risk management module; an anti-money laundering (AML) management module; an automated security management module; a reports module; a remittance module; a settlement module; an advertisement management module; a utility payment module; and a service booking module.

The risk management module facilitates the: identifying, assessing, and understanding of the money laundering risks, to which a transaction is exposed, by the apparatus; and taking AML/CFT (Combating the Financing of Terrorism) measures commensurate to those risks in order to mitigate them effectively. In simple words, the risk management module facilitates the performing of risk-based assessment against each transaction performed through the apparatus.

In yet another embodiment of the present disclosure, the risk-based assessment (RBA) value is defined, depending on the country and the service provider.

In yet another embodiment of the present disclosure, the parameters considered in performing risk-based assessment include, but are not limited to: user type; threshold limit; value of transaction; frequency of transaction by the user; PEP (Politically Exposed Person); nationality; country of transaction; and/or the like. The parameters may vary depending on the regulatory guidance issued by the central bank of a country and/or other supervisory authorities.

The risk management module generates a Suspicious Transaction Report (STR) and records the RBA values of each transaction. At the same time, any high risk transaction is intimated to the central bank or other supervisory authority in real-time.

As illustrated in Figure 2, whenever a transaction is initiated, the apparatus is configured to perform the transaction based on the user type (registered user or new user). For either type of user, the apparatus starts with an AML check. During the AML check, depending on the value of the transaction, the apparatus performs pre-CDD (customer due diligence), CDD, and/or ECDD (enhanced customer due diligence).

In yet another embodiment of the present disclosure, the pre-CDD, CDD, and ECDD limits are defined and/or customized according to the regulatory provisions of a country and/or the regulations of financial institutions.

If the transaction value falls within the CDD limit, as illustrated in Figure 3, the user is instructed to provide details (for example, KYC - Know Your Customer), such as: first name; last name; date of birth; nationality; country of birth; place of birth; address; phone number; email ID; PAN card or Tax ID Number; passport; and/or the like. The details collected may vary with respect to the country.

If the transaction value falls within the ECDD limit, as illustrated in Figure 4, the user is instructed to provide details (for example, KYC), such as: purpose of transaction, and source of transaction, along with necessary evidences, apart from the details collected for CDD limit. The details collected may vary with respect to the country.

ECCD is applicable to all the users, irrespective of their type. ECDD pertains to additional checks performed automatically by the apparatus to minimise risk exposures and violations of regulatory compliances, and prevent financial crimes arising from money laundering or terrorist financing.

In yet another embodiment of the present disclosure, the apparatus performs ECDD during different situations. For example: the risk-based approaches to user transactions are based on: regulator guidelines; nature of transactions; business relationships; and/or industry type.

However, broadly, ECCD is required in any one or more of the following cases: where the value of transactions are large (above CDD limit); where a business relationship is established with a high net worth entity; where KYC risk rating or compliance risk assessment indicates high risk exposure; where a national regulatory authority lays down specific instances where ECDD is to be performed; in the case of certain business relationships (for instance, with shell banks); in the case of PEPs (Politically Exposed Persons), their close associates, or family members; and where a business relationship is established with an entity belonging to a sanctioned country.

If the transaction is performed by a business entity, the user is instructed to provide the details (for example, KYC), such as: business name; registered address; business address; details of authorized signatories; certificate of incorporation; PAN card; and/or the like. The details collected may vary with respect to the country. In case of a new user, the apparatus directs the user to register with the apparatus. If the user is an existing user or the user gets registered with the apparatus, the process of risk- based assessment starts.

In yet another embodiment of the present disclosure, the risk-based assessment is performed by the risk management module. Said risk management module, based on the details collected as KYC, verifies whether: the user is blacklisted; and there is any suspicion in: the purpose of transaction, the source of funds, and the country to/from which the funds are transferred/received, to identify risks involved in the transaction.

The risk management module performs real-time check (blacklist check) with authorities such as RBI (Reserve Bank of India), OFAC (Office of Foreign Assets Control), United Nations, DFAT (Department of Foreign Affairs and Trade, Australia), European Union, HM Treasury United Kingdom, Reserve Bank of New Zealand, Hong Kong Monetary Authority, and/or the like, and creates an internal watch list.

Further, the risk management module conducts auto-risk profiling to determine risk level, by generating a risk score, based on various risk matrices and suspicious transactions, including: customer threshold limit; transaction value; volume; frequency; nationality; currency type; and/or the like, to prompt the apparatus to conduct ECDD and raise STR (Suspicious Transaction Report).

Depending on the country’s policy, the anti-money laundering management module identifies and suggests the compliances to be followed before approving the transaction based on the CDD, ECDD, and risk score received from the risk management module.

In yet another embodiment of the present disclosure, the compliances include, but are not limited to: collecting biometric information; personal signature on a form; forms to be signed by regulatory authorities; and connecting the user with customer service for face- to-face guidance through the transacting device.

In yet another embodiment of the present disclosure, the end user may connect with the customer service for face-to-face interactions, at any point of time, while performing the transactions through the apparatus. This facility enables the end user to better understand the using of the apparatus for various transactions in his/her own language. In yet another embodiment of the present disclosure, if the risk score is high, the authenticating of said transaction is performed by a compliance officer (based on the notification received instantly on his/her computing device), who decides whether the transaction can be allowed or not. In yet another embodiment of the present disclosure, the automated security management module facilitates the: identifying of the authenticity and value of the currency and coins transacted by the user; and triggering alerts and/or alarms, in case of any suspicious transaction.

Apart from generating alerts and/or alarms, said automated security management module also instructs the apparatus: to close a door of a cabin in which the apparatus is installed, and to keep the door locked until the door is opened by an authorized person.

In yet another embodiment of the present disclosure, the alerts and/or alarms are triggered to concerned authorities, such as financial institutions, nearby police stations, etc.

In yet another embodiment of the present disclosure, the identification of currency and coin authenticity includes, but is not limited to: validity identification (such as original, fake, expired, etc.); value identification; and type of currency.

In yet another embodiment of the present disclosure, once all the conditions and compliances are satisfied, the transaction is accepted by the apparatus. The remittance module facilitates the completing of the transaction allowed by the apparatus, and generates a receipt after the completion of the transaction to the user. At the same time, a unique transaction reference number and/or a QR code is also generated and shared with the user.

In case of money transfer, as illustrated in Figure 5a and Figure 5b, the remittance module instructs the user to provide the mode of transfer of money. If the mode of transaction selected by the user is cash, the apparatus instructs the user to load the money in the currency accepter-cum-dispenser (12) and/or coin accepter (7).

If the mode of transaction selected by the user is bank account, the apparatus directs the user to connect with the bank account to collect the money from his/her account. If the mode of transaction selected by the user is credit card or debit card, the apparatus instruct the user to insert the credit or debit card into the at least one card reader (6).

After the collection of the transaction amount, the remittance module facilitates the transferring of the amount to the receiving party. The money transfer can be made: directly to a bank account; to an authorized international money transfer agency; to an individual; to an apparatus in another country or in another location; and/or the like.

In yet another embodiment of the present disclosure, the settlement module facilitates the settling of the transactions completed by the remittance module.

The process involved in cross-border money transfer is illustrated in Figure 5a and Figure 5b. After selecting the cross-border money transfer option, the apparatus requests the user to select the country to which the money is to be sent.

Depending on the type of user, the apparatus validates the e-KYC of the user. If the user is new user, he/she needs to perform e-KYC process to request verification, according to the country’s policy.

If the user is an existing user, the apparatus requests the user to insert his/her customer card into the at least one card reader (6), or enter his/her mobile number or email ID.

After inputting of the transaction value by the user, depending on the value of transaction, the apparatus performs risk-based assessment. If the risk-based assessment score (risk score) is negative, the transaction is cancelled; else, the transaction is allowed.

After the allowance of the transaction, the apparatus requests the user to provide the details of the recipient (receiver), such as: name of the recipient; country of the recipient; contact details of the recipient; bank account details of the recipient; details of authorized international money transfer agency; and/or the like.

In the next step, the apparatus: requests the user to load the currencies into the currency accepter-cum-dispenser (12) and/or coin accepter (7); or requests the user to insert the credit or debit card into the at least one card reader (6); or directs the user to connect with the bank account to collect the money from his/her account. After performing necessary compliances, the apparatus completes the cross-border money transfer. Thereafter, a unique transaction reference number and/or a QR code is/are shared with the remitter. Finally, the details of the transaction are stored by the apparatus.

In case of withdrawal, as illustrated in Figure 6, Figure 7, and Figure 8, the apparatus requests the user to provide the unique transaction reference number and/or the QR code shared with the remitter at the time of completion of the money transfer, along with the value of the transaction.

If the information is valid, the user is instructed to provide the details of the remitter and the recipient. In case of any mismatches, the apparatus connects the user with the customer service to move forward.

In the next step, the use is instructed to provide KYC details to perform risk-based assessment. Once all the validations are completed, the settlement module instructs the apparatus to dispense the value of the transaction to the user through the currency accepter-cum-dispenser (12) and/or coin accepter (7), and issues a receipt to the user.

In case of money exchange, as illustrated in Figure 9a and Figure 9b, the apparatus displays the currencies that it accepts and the mode of exchange to the user. After the selection of currency and mode of exchange, depending of the type of user, (registered user or new user), the apparatus moves on to the next step.

If the user is an existing user, the apparatus requests the user to insert his/her customer card into the at least one card reader (6), or enter his/her mobile number or email ID. If the user is a new user, the apparatus collects KYC details from the user for registration.

In the next step, the apparatus: requests the user to load the currencies into the currency accepter-cum-dispenser (12) and/or coin accepter (7); or requests the user to insert the credit or debit card into the at least one card reader (6); or directs the user to connect with the bank account to collect the money from his/her account.

Depending on the value of the transaction the apparatus performs risk-based assessment to move forward. If the risk-based assessment score (risk score) is negative, the transaction is cancelled; else, the transaction is allowed. After the allowance of the transaction, the exchange rate and exchange value are displayed to the user. Depending on the exchange value, the currency, and the user, the apparatus suggests the compliances to be followed before approving the transaction, based on the CDD, ECDD, and the risk score. If the risk score is high, the transaction is cancelled; else, the transaction is allowed. Subsequently, depending on the user preference, the exchanged currency is dispensed to the user through the currency accepter-cum-dispenser (12) and/or coin dispenser (11), or transferred to the provided bank account. If the transaction is cancelled, the currency loaded into the apparatus is dispensed back by the apparatus. In yet another embodiment of the present disclosure, the advertisement management module facilitates the displaying of promotional activities, such as: real-time suggestions, notifications, and advertisements to the user, through the secondary display (2). Said module further facilitates the managing (add/edit/delete) and customizing of the promotional activities on the apparatus, based on time of display, duration of display, etc. The method of working of the utility payment module and the service booking module shall now be explained with the help of Figure 10 and Figure 11, respectively.

During utility payment, first, the user is directed to select the utility bill for which the payment is to be made. After that, the apparatus collects the details related to the utility bill (for example, in case of water bill, the user is prompted to provide water connection number, consumer name, registered mobile number, etc.). Next, the apparatus instructs the user to provide the mode of payment, and depending on the mode of payment, the apparatus moves forward to complete the transaction.

Similarly, during service booking, the user is directed to select the type of service he/she wants to book. Depending on the service selected, the necessary mandatory details (for example, in case of bus ticket booking, the user is prompted to provide date of traveling, from location, to location, number of passengers, name(s) of passenger(s), age of passenger(s), gender of the passenger(s), etc.). Next, the apparatus instructs the user to provide the mode of payment, and depending on the mode of payment, the apparatus moves forward to complete the transaction. In yet another embodiment of the present disclosure, the utility payment includes, but is not limited to: electricity bill; water bill; cooking gas bill; waste collection bill; internet bill; phone bill; and/or the like.

In yet another embodiment of the present disclosure, the service booking includes, but is not limited to: accommodation booking; bus ticket booking; train ticket booking; flight ticket booking; cinema ticket booking; and/or the like.

In yet another embodiment of the present disclosure, the information related to all the transactions performed through the apparatus is stored for future reference. The reports module facilitates the generating of various reports by the user, depending on the type of user.

The working of the disclosed apparatus shall now be explained with the following illustrative examples.

Cross-border transaction from Malaysia to India:

A person in Malaysia, who does not have a bank account in Malaysia, wants to send money to someone in India. Following are the different ways of receiving money in India.

Case 1: The remitter in Malaysia can send the money through the disclosed apparatus. The receiver can receive the money in India through the disclosed apparatus in India.

Case 2: The remitter in Malaysia can send the money through the disclosed apparatus. The receiver can receive the money on his/her bank account in India. Case 3: The remitter in Malaysia can send the money through the disclosed apparatus. The receiver can receive the money through any one of an authorized international money transfer agencies or the like in India.

Case 4: The remitter in Malaysia can send the money through an authorized international money transfer agency or the like. The receiver can receive the money in India through the disclosed apparatus in India.

The compliances related to cross-border transactions and money exchange: The disclosed apparatus facilitates the defining of the CDD and ECDD limits by the service provider for any country, according to the country’s statutory requirement (AML or MLR policies). In most countries, the transaction limit is split into three categories.

Pre-CDD: No identity proof needed. However, the user should not have performed frequent transactions within a short span of time. These criteria are defined in the risk management module.

CDD: An ID proof such as Passport or Aadhaar (for India) or other National ID is needed, based on the credit limit during the transaction, according to the country’s policy.

ECDD: As per the country’ s AML/MLR, the source of income and purpose of transaction details are also needed, apart from the CDD requirement, based on the credit limit during the transaction, according to the country’s policy.

Performing Remittance in India:

Pre-CDD limit: Upto Rs. 25, 000, CDD limit: Rs. 25,000 to Rs. 49, 999, and ECDD limit: > Rs. 50, 000. The disclosed apparatus allows an Indian user to do a transaction up to Rs. 25,000 without any ID proof like passport or PAN card.

If the transaction value exceeds Rs. 25,000, the apparatus requests the user to keep the PAN card on the at least one scanner (5) to scan and performs CDD check. The transaction is allowed only if the user details and the PAN card details match. If the transaction value exceeds Rs. 50,000, the apparatus requests the user to provide the source of income and the reason for transaction, apart from PAN card, to perform ECDD check.

Depending on the above criteria, the apparatus performs user risk profiling and risk-based assessment, including PEPs (politically exposed Person) verification. Further, the apparatus automatically complies with all regional sanctions, CTF, and Anti- Money Laundering requirements, including FATF Check, OFAC, FCA checks, to identify the risk behind a transaction. Performing Remittance in UK:

Pre-CDD limit: Upto 500 GBP, CDD limit: above 500 GBP, and ECDD limit: depending on the ID type.

The disclosed apparatus allows a UK user to do a transaction up to 500 GBP without any ID proof like passport.

If the transaction value exceeds 500 GBP, the apparatus requests the user to keep the ID card on the at least one scanner (5) to scan and perform CDD check. The transaction is allowed only if the user details and the ID card details match.

ECDD is performed, if the ID proof is not electronic. The apparatus request the user to provide the necessary proof of profession, and the salary structure, to decide the ECDD limit. The ECDD limit is set depending on the salary of the user.

Depending on the above criteria, the apparatus performs user risk profiling and risk-based assessment, including PEPs (politically exposed Person) verification.

Further, the apparatus automatically complies with all regional sanctions, CTF, and Anti- Money Laundering requirements, including FATF Check, OFAC, FCA checks, to identify the risk behind a transaction.

The advantages of the disclosed apparatus are as follows. A single apparatus can: reduce approximately 66% of bank branch visits; and increase profits by approximately 98% through digital transformation. The disclosed apparatus requires less infrastructure and space to install, and can work 24/7 without any manpower support. Since the apparatus performs all the compliances automatically without any human intervention, it reduces cost and time.

It will be apparent to a person skilled in the art that the above description is for illustrative purposes only and should not be considered as limiting. Various modifications, additions, alterations and improvements use without deviating from the spirit and the scope of the disclosure may be made by a person skilled in the art. Such modifications, additions, alterations and improvements should be construed as being within the scope of this disclosure. LIST OF REFERENCE NUMERALS:

1 - Body

2 - Secondary Display

3 - At Least a Camera 4 - Touch-Enabled Display

5 - At Least a Scanner

6 - At Least a Card Reader

7 - Coin Accepter

8 - At Least a Writing Pad with Digital Pen 9 - At Least a Biometric Reader

10 - Keyboard

11 - Coin Dispenser

12 - CURRENCY ACCEPTER-CUM-DISPENSER

13 - At Least a Printer 14 - At Least a Communication Unit

16 - At Least a Speaker

17 - At Least a Microphone

18 - Lrist Door

19 - Second Door 20 - Third Door

Claims

CLAIMS We Claim:

1. An apparatus that is configured for cross-border and national pecuniary transactions, comprising: a transacting device that is communicatively associated with a transacting engine, said transacting device comprising: a touch-enabled display (4) that facilitates the interacting of a user with the apparatus; a secondary display (2) that facilitates the performing of promotional activities, said secondary display (2) acting as an information display; an at least a camera (3) that facilitates the: capturing of user images with movements; scanning of QR codes and Barcodes; detecting of suspicious activities; and enabling of an interaction between the user and back office staff; an at least a scanner (5) that facilitates the scanning of identity cards of the user; an at least a card reader (6) that facilitates the scanning and reading of cards; an at least a biometric reader (9) that facilitates the capturing of biometric details of the user; a keyboard (10) that facilitates the receiving of an at least a first input from the user; an at least a writing pad with digital pen (8) that facilitates the receiving of an at least a second input from the user; an at least a printer (13) that facilitates the printing of an at least an output to the user; an at least a communication unit (14) that facilitates the communicating of the transacting device with an at least an external device; a currency accepter-cum-dispenser (12) that facilitates the: receiving an at least a currency from the user; and dispensing of an at least a currency to the user; a coin accepter (7) that facilitates the receiving of an at least a coin from the user; a coin dispenser (11) that facilitates the dispensing of an at least a coin to the user; an at least a speaker (16) that facilitates the generating of an at least an audible output to the user; an at least a microphone (17) that facilitates the capturing of an at least a voice input from the user; a first door (18) that facilitates the accessing of the: secondary display (2); at least one camera (3); and at least one communication unit (14), by the user; a second door (19) that facilitates the accessing of the: touch-enabled display (4); coin accepter (7); at least one scanner (5); and at least one card reader (6), by the user; an at least a central processing unit that facilitates the monitoring and controlling of the operations of the apparatus; a third door (20) that facilitates accessing of the: at least one CPU; currency accepter-cum-dispenser (12); coin dispenser (11); at least one writing pad with digital pen (8); at least one biometric reader (9); keyboard (10); and at least one printer (13), by the user, with: the first door (18), the second door (19), and the third door (20) being locked with a first lock, a second lock, and a third lock, respectively; and a body (1) that encloses the transacting device; and the transacting engine that is embedded within the transacting device, said transacting engine comprising: a risk management module that facilitates the: performing of risk-based assessment by the apparatus to identify, assess, and understand the money laundering risks to which a transaction is exposed; and taking of Anti-Money Laundering measures in order to mitigate the identified risks; an anti-money laundering management module that identifies and suggests the compliances to be followed before approving a transaction based on Customer Due Diligence, Enhanced Customer Due Diligence, and risk score received from the risk management module; an automated security management module that facilitates the: identifying of the authenticity and value of the currency and coins transacted by the user; triggering of alerts and alarms, in case of any suspicious transaction; closing of a door of a cabin in which the apparatus is installed; and keeping the door locked until the door is opened by an authorized person; a remittance module that facilitates the completing of the transaction allowed by the apparatus, and generates and shares a unique transaction reference number or a QR code with the user; a settlement module that facilitates the settling of the transactions completed by the remittance module; a reports module that facilitates the generating of reports by the user; an advertisement management module that facilitates the displaying of promotional activities; a utility payment module that facilitates the paying of utility bill payments by the user through the apparatus; and a service booking module that facilitates the booking of services by the user through the apparatus.

2. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the keyboard (10) is a stainless steel keyboard embedded with a ball mouse.

3. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the body (1) of the transacting device is made of unbreakable, rust-free, and sturdy material.

4. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein said first lock, said second lock, and said third lock are: mechanical locks operated with mechanical keys; combination locks; or electronic locks.

5. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the transacting device is assigned with a unique identification number and is configured to support more than one language.

6. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the at least one external device includes: remote servers; servers and computing devices of financial institutions; an at least another apparatus; servers and computing devices of Government or statutory authorities; servers and computing devices of utility service providers; servers and computing devices of booking service providers; and computing devices of the users.

7. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the parameters considered in performing risk-based assessment include: user type; threshold limit; value of transaction; frequency of transactions by the user; Politically Exposed Person; nationality; and country of transaction.

8. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the identification of currency and coin authenticity includes: validity identification, and value identification; and type of currency.

9. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the utility payments include: electricity bill; water bill; cooking gas bill; waste collection bill; internet bill; and phone bill.

10. The apparatus that is configured for cross-border and national pecuniary transactions as claimed in claim 1, wherein the service booking includes: accommodation booking; bus ticket booking; train ticket booking; flight ticket booking; and cinema ticket booking.