TIO Networks has secured a patent that allows the bill payment processor to conduct change-based transactions on reverse automated teller machines.

This patent allows electronic kiosk customers to use any remaining funds from their first transaction towards a subsequent transaction. A transaction can involve products or services, as well as account-based payments, Vancouver-based TIO Networks said in a Nov. 26 press release. 

TIO Networks applied for the patent in 2005, recognizing that many reverse ATMs required the customer to pay the exact amount and therefore lose possible leftover change.

"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," Hamed Shahbazi, chief executive of TIO Networks, said in the release. "Our patented reverse ATM is a critical tool for the underbanked population who look to alternative financial services that are accessible and affordable."

TIO recently acquired the assets of VeriFone Commerce Solutions, a Web-based bill payment services provider also known as ChargeSmart. 

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