Login| Sign Up| Help| Contact|

Patent Searching and Data


Title:
SYSTEM AND METHOD OF SECURELY TRANSITING AND INSURING CASH AND VALUABLE ASSETS
Document Type and Number:
WIPO Patent Application WO/2021/201769
Kind Code:
A1
Abstract:
A method and system for securing transport of valuable assets using a secure container equipped with various protection features. More importantly, the system allows for pay-per-use insurance that is issued and administered in real time. The system further allows a user to control and monitor the trip through a mobile application connected to a technology platform which taps on artificial intelligence and deep learning technology. To further enhance the protection of the valuable assets in transit, the system further includes an IBNS system wherein the valuable assets will be neutralized in the event of unauthorised openings of the secure bag. The invention can be used by any individual easily and without having to hire armed staff and/or vehicles if desired. The invention can also be used by other companies in the cash-in-transit or logistics industry generally for managing and streamlining the processes of their businesses.

Inventors:
GOPI KANNAN G JAPHIRE (SG)
Application Number:
PCT/SG2020/050207
Publication Date:
October 07, 2021
Filing Date:
April 02, 2020
Export Citation:
Click for automatic bibliography generation   Help
Assignee:
GOPI KANNAN G JAPHIRE (SG)
International Classes:
G06Q50/28; E05B47/00; G06Q10/06; G06Q10/08; G06Q40/08
Attorney, Agent or Firm:
GATEWAY LAW CORPORATION (SG)
Download PDF:
Claims:
CLAIMS

What is claimed is:

1 . A system of transporting insured physical assets, which system comprises: a storage receptacle coupled with sensors; a technology platform to control access of the storage receptacle, enabling said storage receptacle to be opened remotely by a user when desired; an insurance module coupled to said technology platform to determine the risk per trip; at least one individual selected by said technology platform to carry said storage receptacle to the destination selected by the user; and a mobile application to access the technology platform on the user’s end; wherein the user would be able to make his or her own arrangements easily to transport any cash and valuables securely without hiring secure logistics companies or armed guards and additional staff.

2. A system of transporting insured physical assets of Claim 1 , wherein the technology platform can further automate matching of at least one individual for deliveries as required by the user.

3. A system of transporting insured physical assets of Claim 2, wherein the automated matching is powered by deep learning and artificial intelligence in which the technology platform is further capable of at least reading and processing data on the individual to conduct a trust analysis and ascribe a risk rating.

4. A system of transporting insured physical assets of Claim 2, wherein the insurance module calculates the risk involved with the trip together with the rental costs of the use of the storage bag and costs of completing the delivery.

5. A system of transporting insured physical assets of Claim 4, wherein the individual may be any freelancer, contractor or outsourced delivery personnel that has been rated favourably.

6. A system of transporting insured physical assets of Claim 5, wherein the mobile application is further capable of interaction with the user for determining the trip.

7. A system of transporting insured physical assets of Claim 6, wherein the mobile application is further capable of interaction with the user for making payment.

8. A system of transporting insured physical assets of Claim 7, wherein the mobile application is further capable of issuing an insurance certificate at real time.

9. A system of transporting insured physical assets of Claim 8, wherein the mobile application is further capable of tracking the storage receptacle and the position of the individual.

10. A method of securing transport of insured physical assets, which method comprises:- accessing a mobile application connected to a technology platform by a user; enabling the user to board a storage receptacle coupled with anti-theft protection features, with the physical assets; planning at least one traceable journey for the storage receptacle using the mobile application; procuring payment from the user prior to the transportation of the storage receptacle to a final destination; providing insurance to cover the risks involved in transporting the physical assets; selecting an individual to transport the storage receptacle; providing real-time status update to the user throughout the journey; and enabling remote activation of the anti-theft protection features and access for remote opening of the storage receptacle. wherein the user may interact with the mobile application at any time and thereby, be continuously in control of the journey.

11. The method of securing transport of insured physical assets of Claim 10, wherein the payment comprises of the insurance premium, the rental costs of the use of the storage bag and costs of completing the journey.

12. The method of securing transport of insured physical assets of Claim 11 , wherein the insurance coverage is calculated based on the risk involved with the trip before determining the corresponding insurance premium.

13. The method of securing transport of insured physical assets of Claim 12, wherein the insurance premium is further transparently linked to factors comprising the sum insured, trip time, distance, type of valuables, security arrangement and frequency of usage of the storage receptacle.

14. The method of securing transport of insured physical assets of Claim 12, wherein the real-time status update provided to the user on the journey of the transportation process comprises identification of any deviation from the planned journey and anomalies resulting in further notifications to the user.

15. The method of securing transport of insured physical assets of Claim 13, wherein the user may activate the anti-theft protection features if the features have not been initialised on their own.

16. A system of managing transport of insured physical assets by at least one back-end user, which system comprises:- a storage receptacle coupled with sensors; a technology platform; an insurance module coupled to said technology platform to determine the risk per trip; at least one individual assigned to carry said storage receptacle to a destination as recorded on the technology platform; and a mobile application to access the technology platform; wherein the back-end user is able to manage the transportation process of said insured physical assets from the receipt of an order by at least a person by interacting with the mobile application.

17. The system of managing transport of insured physical assets by at least one back-end user of Claim 16, wherein the individual may comprise at least one active manager and a team of staff selected by the back-end user based on positive track record.

18. The system of managing transport of insured physical assets by at least one back-end user of Claim 17, wherein the individual may elect to reject the assignment and thereby, the back-end user may assign a return trip.

19. The system of managing transport of insured physical assets by at least one back-end user of Claim 18, wherein the storage receptacle is allocated automatically by the technology platform through profitable matching means.

20. The system of managing transport of insured physical assets by at least one back-end user of Claim 19, wherein the technology platform is modelled with artificial intelligence comprising areas of trust analysis, risk management, operational efficiency, resource allocation and business optimization.

Description:
SYSTEM AND METHOD OF SECURELY TRANSITING AND INSURING CASH

AND VALUABLE ASSETS

DESCRIPTION

Technical field

[0001] This invention relates to a system for securing and insuring the transportation of assets such as cheques, banknotes or other valuable articles. In particular, the system and method of said transportation is simplified by enabling any individuals to carry cash and valuables securely, even without the use of armed guards and armoured vehicles, which can be rather costly.

Background

[0002] Assets transfer from one place to another has always been an integral component of trade. Despite the growing reliance on use of electronic forms of payments around the world in recent decades, the physical transportation of cash, valuables and other items of value continue to remain important. In fact, cash is by far the most commonly used payment instrument throughout the world and cash demand has been growing steadily, based on increasing ratio of currency in circulation versus GDP and positive growth in the value of ATM withdrawals. (GSH Cash Solutions (2018) World Cash Report).

[0003] Accordingly, the trend is for many financial institutions as well as other commercial and private industries to outsource cash management services to third party logistic providers. This is particularly due to an increase in cyber attack and cyber crime. In 2015, it was found that cyber attack and cyber crimes against large companies worldwide increased by 40%. There has therefore been an increase in demand for such providers that specialise in offering cash logistics and security services (Technavio (2017) Global Cash Logistics Market 2017- 2021). These providers rely on specialised carriers such as armoured vehicles and utilise highly-trained personnel to conduct the transfer or transportation process. Different providers offer various levels of security to the entire transportation process within the industry known as “the cash-in-transit industry”. Corporation and businesses, in particular, retail premises, banks, cash centres, automatic teller machines and the like, utilise the services of such providers to transfer their cash and valuables from one destination to another safely. The cash-in-transit industry is so important and relevant that it is estimated that the worldwide cost of handling cash exceeds $300 billion per year (Deloitte Canada (2013) “Optimizing the retail bank supply chain").

[0004] Due to the nature of the transported assets, crime is a significant challenge in the industry as personnel assigned by the service providers are often exposed to serious security threats such as robberies and armed assaults. Apart from the foregoing, the resultant effect is that such prevalent attacks leads to increased risks being faced as well as losses suffered. Money stolen in such attacks also are said to be a source of funding for organized crime. It has been shown that attacks against carriers remain a serious and growing problem throughout the world. In order to reduce the incidence of robberies, investments in better vehicles, equipment, infrastructure and technologies are made.

Technical Problems

[0005] Existing security bags for transporting of cash and valuables are typically equipped with certain security features such as global positioning system (GPS) and/or general packet radio services (GPRS) for tracking. In some other bags, an intelligent banknote neutralisation system (IBNS) is deployed. It is understood that this IBNS is a security system which protects valuables against unauthorised access to its contents by rendering it unusable by marking all the cash as stolen by a degradation agent when an attempted attack on the system is detected. However, it is clear that these bags may still be breached easily and the valuables contained within said bags may nonetheless be stolen.

[0006] In particular, even if there are several security measures employed in tandem, the conventional means of transporting assets are assailable. They are often inadequate to safeguard the assets from robbers while in transit, or from theft or fraud on the part of the employees or delivery personnel handling the transport of said asset.

[0007] Apart from the above, conventional methods of securing asset transfer including hiring of armed guards or security guards, using bulletproof or armoured vehicles and/or enlisting the services of logistics companies to arrange and attend to the transfer require various manpower and other resources. Arranging an asset transfer between one place to another is cumbersome as it requires coordination between various parties. This requires time and increases operational costs as well.

[0008] Another factor to consider by most parties when obtaining such services apart from the high costs involved for the foregoing, would be whether it would be worthwhile to obtain insurance coverage especially given the high risks involved. If insurance coverage is sought, these parties are then affronted with the next issue- high insurance premiums. One of the reasons exacerbating the issue of high insurance premiums is that there is no established methodology to accurately quantify the risks of assets transfer. It is thus expected that this contributes further in inaccurate pricing of insurance premiums as well as inefficient manpower allocation. At times, the costs are confusing and can even be said to lack transparency.

[0009] Due to the abovementioned current limitations and high costs involved in using the conventional means, there is an increasing need for more sophisticated systems and methods to safeguard assets transfer better. It is envisaged that naturally, the costs involved would be lowered with increased level of security afforded to the transportation or transfer process.

Summary

[0010] In view of the above problems, it is thus an objective of the current invention to provide a method of safe transport of valuable articles which has several characteristics: flexibility, offers a high degree of security, easy and convenient to control by the user. The current invention further discloses a system of securing and insuring asset transfer involving a user, a storage bag with various anti-theft protection features and appropriate technology, insurance charged and obtained in real time as well as with visibility on the risk allocation process. In the preferred embodiment, the user would be able to use a mobile application to order a storage bag and plan the trip required for the transport of such valuable articles. The user would be able to decide who would be assigned the task of conducting and fulfilling the transfer, and thus have greater control over the costs associated with the procedure.

[0011] Further features and characteristics of the current invention are explained in greater detail in the following section. Exemplary embodiments are described with reference to the accompanying drawings. Wherever convenient, the same reference numbers are used throughout the drawings to refer to the same or like parts. While examples and features of disclosed principles are escribed herein, modifications, adaptions, and other implementations are possible without departing from the spirit and scope of the disclosed embodiments. Advantageous Effects of the Invention

[0012] It is clear that several advantages can quickly be obtained from the use of this system. Firstly, the costs are likely to be more managable as well as anticipated from the outset. Secondly, the user is able to decide who will be responsible for carrying out the transfer after being satsified with the relevant personnel, or choose to do it without external manpower assistance. This also means that the user does not have to rely on the existing known players in the cash-in-transit industry if he chooses not to, and for the first time, the user is able to carry out the transfer personally and securely, despite the known risks. In any event, the user is able to track the path taken for the delivery himself so there are no questions asked on the integrity of the personnel responsible for the transfer. In this regard, the user can take control of the entire process from the time or making an order up till the end of the delivery; one can choose whether to activate any of the safety features equipped to the storage bag if any anomaly is observed.

[0013] More importantly, the amount of insurance will better be aligned to the risk factors, and the user can choose the appropriate insurance coverage depending on the level of risk one wishes to assume. Faced with an unknown amount of future uncertainty, getting insurance provided on the spot and by transparent means is beneficial to the user.

Brief Description of the Drawinqs

[0014] FIG. 1 is a typical illustration depicting a system for securing and insuring asset transfers of a first method in accordance with the invention.

[0015] FIG. 2A is a typical illustration depicting the storage bag in accordance with the invention, when closed.

[0016] FIG. 2B is a typical illustration depicting the storage bag in accordance with the invention, when opened.

[0017] FIG. 3 is a schematic illustration depicting the general functions of the mobile application in accordance with the invention.

[0018] FIG. 4 is a schematic illustration depicting the trip assigning process on the mobile application by an individual user in accordance with the invention.

[0019] FIG. 5 is a schematic illustration in one embodiment of the invention depicting the management access and back-end logistics for a service provider, namely the processes that can be taken by back-end users. Detailed Description of Invention and Embodiments

[0020] Identical and/or identically acting constructive elements are provided with identical reference signs in the figures, even if they partially differ from one another. The drawings are strongly simplified and schematised, and the individual components are not drawn to scale.

[0021] In the current invention, a combination of security mechanisms is employed to at least one security bag in any permutation as can be desired, in designing a system for securing and insuring asset transfer. These security mechanisms include without limitation, IBNS, GPS, global system for mobile communication (GSM), and internet of things (IOT) technology, which are discussed in further detail below.

[0022] Referring to FIG. 1 , a layout of the system of securing and insuring assets in a transfer is shown. The system 101 therefore includes the use of a storage bag 106 made of any suitable material and adequately equipped with such anti-theft protection features. References to a secure bag or a storage receptacle within this document also refer to storage bag 106. In the preferred embodiment, a hard case would be advantageous as it not only protects the contents within the case, but also offers another layer of protection externally. In another embodiment, sensors may be embedded appropriately within the storage bag 106. These sensors are able to detect if there is any attempt of breaching the integrity of the storage bag 106. Further, these sensors are sensitive to water, heat, and abnormal amounts of force applied to the storage bag 106. It is also possible to introduce any number and combination of security or anti-theft protection features including an alarm siren.

[0023] In the preferred embodiment, the storage bag 106 is equipped with GPS and

GSM technology in order to allow the user 105 to track and monitor the storage bag 106 in real time. If there are any anomalies during the planned journey, a prompt or notification will be made on the mobile application 104.

[0024] The system of securing and insuring asset transfer further includes a technology platform 103 basing on IOT technology, which has various modules in order to allow users to order a storage bag 106 for loading of the relevant articles of value, track the journey, plan and assign trips, amongst others. In the preferred embodiment, the technology platform 103 can automate matching of delivery personnel or secure logistics companies for deliveries as required by the user 105. The user 105 in this regard, may select any individual(s) or relevant personnel to carry out the delivery of the storage bag 106, or in other words, a transportation manpower 107. The transportation manpower 107 can include any freelancer, contractor or outsourced delivery personnel, who will be verified and rated based on minimally their social media profile records and ratings where available, credit standing records and police records and/or social background. In this respect, the technology platform 103 is capable of being programmed using deep learning and artificial intelligence (Al) technology to record, procure, store, as well as read data on any transportation manpower 107, before processing the same and applying data analytics to determine if such transportation manpower 107 is acceptable or trustworthy in order to be assigned the task. Where the transportation manpower 107 is coming from a logistics or transportation service provider, records of the company’s standing, reputation, track record on number of deals completed, industry recognitions, financial standing and other relevant information for any person to make an informed decision whether to engage such company, would be accessed and weighed in. Each record that is being accessed may be taken into account and a factor for consideration and given a certain weightage. A favourable rating would be one that is at least more than 50% positive generally derived from a combination of the foregoing factors, but the scale and benchmark can be moved upwards to make the rating scheme more stringent from case by case. Ideally, the more risk is involved in the transfer process, the rating scale becomes more stringent such that only one that has achieved very high standards of recognition and appraisal, and no criminal records or anything showing a propensity to commit a crime, would be assigned such task. In this respect, the foregoing technology is modelled to deal with the trust analysis aspect of the technology platform 103 powering the mobile application 104. It would be described further in the following paragraphs on the various aspects used for modelling of the Al. In any event, these aspects comprise of trust analysis, risk management, operational efficiency, resource allocation and business optimization, in the preferred embodiment. However, it would be possible and anticipated that in further improvements, modelling can be done on other areas for enhanced performance of the mobile application 104.

[0025] Said technology platform 103 also enables the remote activation of anti-theft protection features affixed to the storage bag 106, on the part of the user 105. In the preferred embodiment, the user 105 and his or her intended recipient, will be given remote access to open the storage bag 106 through the provision of a secured code, provided that the secure bag is tracked to be at the intended arrival destination. The abovementioned GPS and GSM technology interacts with the technology platform 103 by sending relevant signals with information regarding the location of the bag, trip time, distance travelled thus far, amongst others, which can then be viewed on the mobile application by the user 105. The technology platform 103 is also able to obtain traffic updates from real time maps for better accuracy of reporting on the progress of the trip as it would be based on the actual on-the-ground situation. The constant interaction leads to continuous uploading of information and updating of the records.

[0026] In other embodiments, the technology platform 103 may allow the user 105 to elect to transport the storage bag 106 personally or assign to other persons so desired. In this way, the user 105 has the option of not engaging any secure logistics companies or delivery personnel to complete the transfer process. This would be useful particularly if the user 105 is intending to lower the operational costs of the process due to either budget constraints, or the possibility of the value of the items being much lower than said operational costs.

[0027] More importantly, the current invention allows for insurance to be procured by the user 105 at the time of selecting the trip. In this regard, the technology platform 103 has insurance modules that use deep learning and Al technology to quantify the risk of the delivery trip based on various factors such as without limitation, the sum insured, anticipated trip time, distance, type of valuables, security arrangement and frequency of usage. In other embodiments, other factors taken into consideration may also include the industry risk, the location risk of the recipient and the sender respectively, the type of storage bag 106, the standard and level of matching of the transportation manpower 107. The insurance coverage shall be calculated based on the risk involved with the delivery trip. In this respect, said technology is modelled to deal with the risk management aspect of the mobile application 104.

[0028] The user 103 is thus able to interact with the technology platform 103 and transact accordingly using a mobile application 104 which is readily downloadable to his or her mobile or portable device. The mobile application 104 is connected to the technology platform 103 via cloud technology 102, and the interface of the mobile application 104 would display relevant information to the user. Such information includes without limitation, prompts on allows the user to plan and determine the delivery trip, manage transactions, purchase and obtain the insurance certificate in real time, as well as to track the storage bag 106 and the transportation manpower 107. Any deviation from the planned journey and anomalies will prompt the user 105 to activate the anti-theft protection features affixed to the storage bag 106. For instance, the user 105 is able to remotely activate the IBNS feature or set off the alarm siren, if the storage bag 106 has not already been compromised and the said features were already been automatically activated or initialised on their end.

[0029] In relation to the resource allocation aspect of the technology platform 103 powering the mobile application 104, the storage bag 106 is allowed to be matched to the user 105. Further, the transportation manpower 107 may also be matched to the user 105 as described above. It is also envisaged that the storage bag 106 may be matched to appropriate dock stations, which are ports for the storage bag 106 to be deposited at the end of the journey. In the event maintenance or repair for the storage bag 106, the technology platform 103 or any other feature of the current invention is required, appropriate planning and coordination can be done integrally and seamlessly once the Al has been modelled to provide for this.

[0030] In relation to the operational efficiency aspect of the technology platform 103 powering the mobile application 104, the Al modelling would be based on known information regarding the delivery routes choices and compliance, and in particular if the selected route would be considered as a safe and reliable one. Further, operations, habits and any patterns or trends so observed will be studied to enable for improvement of the accuracy and efficiency of the options presented in the mobile application 104. In further improvements, it is anticipated as well that the usage of the mobile application 104 can therefore be made more efficient, and any charges or rates applied to the user 105 would be done optimally.

[0031] Lastly, in respect of business optimisation, and this would be more applicable for any service provider in the cash-in-transit industry using the current invention (as described further below), although the user 105 may further obtain better rates for use of the service via the mobile application 104, the pricing mechanism for various parties can be improved. This includes the pricing mechanism for transit deliveries on the demand side, for insurance costings for internal purposes, for transportation manpower 107 or other service providers on the supply side, as well as for the provision of the storage bag 106 on the supply side. These would have an effect on the overall pricing of the service to be offered to any user 105.

[0032] Referring to FIG. 2A a general view of the storage bag 106 when closed is shown. The storage bag 106 features handles 201 to facilitate transportation by enabling easy gripping and carrying. Referring to FIG. 2B, a general view of the storage bag 106 when opened is shown. The storage bag 106 has a compartment where cash and valuables can be securely stored. The storage bag 106 has at least one locking mechanism 203 for safety purposes. The positioning of the locking mechanism 203 would be placed strategically based on the design of the respective storage bag 106. Flowever, in the preferred embodiment, there is at least one locking mechanism 203 on a side of the storage bag 106. The storage bag 106 further includes IBNS such that, in the event of a robbery or any unauthorised attempts to open the storage bag 106, the cash or valuables contained in said compartment 202, will be ink- stained thus rendering them invalid. Not shown in FIG. 2B, is a siren, embedded within the storage bag 106, which will last for up to 6 hours once activated. Flowever, it is anticipated that various improvements on the siren can allow it to remain active for an even longer time. Activation occurs when the sensors in the storage bag 106 detects an abnormal amount of strength being applied to the exterior of the storage bag 106. The siren can also be triggered remotely by the user 105 using the mobile application 104 or be configured to trigger in the event of any irregularities, for example, deviation from the planned route.

[0033] In FIG. 3, a schematic illustration depicting the general functions and interface of the mobile application 104 is illustrated. The user 105 is able to download the mobile application 104 onto his or her mobile device. This application 104 can be in various languages 301 , although in the preferred embodiment, the options are English language, Malay language, Chinese language, Thai language, Vietnamese language, Tagalog language and Cambodian language . At the initial launch of the application, the user 105 is prompted to view a step-by- step guide on howto use the application 104. This can be skipped by the user 105 if so desired. The step-by-step guide includes without limitation, choosing the route, selecting the limit of value of valuables or cash that will be carried as well as the bag type, how to monitor the asset delivery status in real-time. The user 105 will be required to undergo registration 302 with a valid mobile number in the preferred embodiment. The application 104 would be able to notice if the mobile number keyed in does not conform to the convention and is therefore invalid. An error message will be shown prompting re-entry by user 105. Subsequently, a one-time- password 303 for verification will be sent to the phone account registered with said mobile number. The one-time-password 303 will be valid for a finite period, and the user 105 can request for said one-time-password 303 to be re-sent. Apart from the foregoing, it is envisaged that the user 105 can be prompted to register using other means such as using an email address.

[0034] The user 105 will then be prompted to complete registration 302 of an account, by creating a password 304 that matches with the username that is entered. Various security restrictions will be imposed on the type of password that is allowed by the system ranging from length of characters, to the type of characters. A password reset is possible by entering the email connected to the account, which then prompts the user 105 to reset the password once the recovery code has been entered as a form of two-step verification. The user 105 can also use his or her fingerprint 305 to access the application 104 once this feature is set-up. Further, the user 105 may also upload a profile photo or take a photo 306 using the application 104. The relevant terms and conditions of use 307 of the application will need to be accepted at this juncture, before the user 105 may proceed to access the application further. The next stage is when the foregoing has been completed, the user 105 is brought to a login page 308. [0035] On the home screen 309 of the application 104, the user 105 may be able to see a host of options available. In the preferred embodiment, this may include the option to assign the trip 310, manage storage bag 311 , administer manager 312, manage staff 313 and assign branch 314, view history of the trips and/or orders made 315 as well as to purchase insurance 316. Further, the user 105 may conduct a status check 317 immediately and be able to see the number of orders made and the number of trips that are currently in progress.

[0036] In the current invention, it is envisaged that more than one order can be made by a user 105. Accordingly, it would be useful to be able to manage the relevant order as well as the storage bag 106 that has been used or deployed for the corresponding order. In the preferred embodiment, it is expected that the minimal information 320 displayed and made available to the user 105 would at the very least be the model and serial number of the storage bag 106, the GPS number attached to said storage bag 106, the SIM number, the remote controller serial number, the type of assets involved, and the quantity of the same. Details on the insurance obtained for that particular order is also reflected.

[0037] The user 105 is also able to view the history 315, which is a complete record of activity and orders. The history 315 can also be exported by the user 105 to an appropriate file format, for easy reference or further use. In the preferred embodiment, minimally, a history log 318 would show the identification number of the trip that has been assigned to the order, the pickup point and the delivery point, the value of the asset transported, the total trip time, the reason for cancellation, if any, the selected transportation manpower 107, the vehicle deployed, and the receiver’s details.

[0038] In the preferred embodiment, the insurance certificate 319 issued via the mobile application 104, would contain information such as the policy number, the insurer, the subsciption plan (in particular, whether it is on an annual basis, monthly basis, weekly basis, or ad-hoc), the name of the policy holder, the authorised carrier, the effective date and time for the insurance coverage to be commence, the limit of liability, the type of goods, and the model of the storage bag 106. If the insurance is provided on ad-hoc basis, this would mean that the period of insurance coverage would be extended to only a single trip from a first point to a second point or final destination, as specified by the user 105.

[0039] In FIG. 4, a schematic illustration depicting the processes within the trip assigning function 310 of the mobile application 104 is shown. The user 105 would be able to select the location for pickup and drop off and view a map of the same by entering details 401. Further, the user 105 is expected to be able to obtain information on the trip, such as the expected time for travel, as well as a computation of the relevant distance between the two or more points selected by viewing 402. The user 105 is able to also select the type of goods that will be transported, be it cash or valuables by imputing such details 403. In the event it is cash, the user 105 is able to select the currency. The value of the asst can also be imputed appropriately. For verification purposes, the user 105 needs to input the recipient’s mobile number 404. The next stage for the user 105 is to select the available storage bag 405, depending on the size and limit permitted by the application 104. In this regard, it is envisaged that the larger the compartment size of the storage bag 106, the greater number of bank notes can be included. Any number of bank notes can be included in reality especially with improvements in the design of the storage bag 106, although in the preferred embodiment, up to 20,000 bank notes would be expected to be contained within the storage bag 106.

[0040] In terms of security requirements, the user 105 is able to customise the security arrangements 406 by selecting the number of delivery staff as well as the vehicle that will be used for the transport. This can range from a usual motorcycle or car to that of an armed truck. In any event, the system prompts on the minimum security needs which the user 105 needs to adhere to and anything less than the requisite threshold will immediately not be available as an option to the user 105. In one example, the current invention can be used by a company providing manpower for transportation of cash and valuables; in other words, a service provider in the cash-in-transit industry. With respect to the selection of personnel, such service provider may want to deploy appropriate staff based on its client’s needs or requirements. The manager or person-in-charge in such service provider company would be able to assign the trip depending on various considerations. The personnel that has been assigned the job would be required to respond by confirming on his end. If the personnel were to reject the assignment, the manager or person-in-charge that originally assigned the job is able to re-assign accordingly and as needed without delay. This process can similarly apply in the event the user 105 is an individual not from any service provider company; in other words, meant for his own personal use.

[0041] Once ready, the user 105 starts the trip 407 the trip using the application 407.

The user 105 is able to track the position and movement of the storage bag 106 as well as the assigned personnel 107 during an ongoing trip 408. When the storage bag 106 is delivered to the final destination 409, the user 105 is provided a notification by the application 104 that it would have reached its intended destination 409, and for the opening of the same to be approved. For security purposes and to verify that this is indeed the case, the user 105 is given the security option 411 to send a one-time-password to the recipient, or to call the receiver. [0042] A further security option 411 for verification purposes would be that the application is able to track the length of time that the storage bag 106 is being opened. Once it is opened, details about the trip and a timer is given. In this respect the timer commences automatically and will only stop once the storage bag 106 is closed again, signifying that the contents have been removed, and the storage bag 106 has been returned. This is considered a successful trip 413. Generally, a duration of around 5 to 8 minutes would be sufficient and anything more may signal some abnormalities on the recipient’s end. However, this is an estimate, and it is anticipated that with the use of Al to study and learn the time taken in normal circumstances, it is possible that the duration may be more concise for each specific situation, and this means that the accuracy would be improved.

[0043] In the case where the estimated time of arrival (ETA) is breached 414, the user

105 is given the option to either extend the ETA 415 by 20 minutes or more, or the user may cancel the trip 416.

[0044] In the case where irregularities are detected 417, for example, one of the delivery staff is away from the trip, an unauthorised person is trying to open the storage bag 106, the storage bag 106 is opened without authorisation during the trip, the trip has deviated from the preferred path or the storage bag 106 or transportation manpower 107 is in the same place for a long time, the mobile application 104 will issue an emergency alert 418 to the user 105. The user 105 is thus prompted to track the storage bag 106 and thus, the user 105 ought to be able to determine the distance from the end point and the current location of the storage bag 106, as well as how long more it could possibly take. The user 105 is required to acknowledge 419 that the planned journey has deviated from the preferred path or that the storage bag 106 or transportation manpower 107 has stayed in the same place for a long time.

[0045] In FIG. 5, a schematic illustration of the back-end rights and the management process that can be undertaken by a back-end user 501, in the event the current invention is being used by a service provider in the cash-in-transit industry in another embodiment. In this respect, it is anticipated that the current invention can allow for multiple users in various situations and applications. For instance, a logistics company, a business owner in the cash- in-transit industry or even a courier company intending to use a reliable platform to support its business may find the current invention as useful and relevant. In other words, the current invention is scalable to a business-to-consumer, business-to-business-to-consumer or business-to-business environments. For an existing service provider in the cash-in-transit industry, it is anticipated that the current invention may allow its business to be streamlined and thereby, resulting in improvements and increased efficiency of its business, lowering costs as well as tap on the growing pool of the freelance economy. The approach taken here is modular and can be further developed and adjusted according to the exact needs of a company.

[0046] Accordingly, in FIG. 5, a back-end user 501 is one that is a manager, a representative or any person-in-charge with the relevant authorisation from such service provider. In this embodiment, it is expected that the user and management rights can be managed and controlled by the back-end user 501. Such back-end users 501 can create staff 510 or create managers 509. In creating managers 509 and relevant manager profiles, there could be some who are active managers and those who are pending managers. In this respect, active managers are those that would have been cleared pursuant to any requisite background check and approved, and able to accept any assignment. Only managers who have a positive track record and have been able to perform well will be assigned. A rating system may be set up to this effect. Past cancellations of tasks may be seen as unfavourable factors towards the overall rating of such active managers, unless appropriate reasons are provided and are verified accordingly. This may depend on the respective policies of any organisation providing such services in the cash-in-transit industry.

[0047] Further, the abovementioned active managers can be an operation manager

507, a senior manager 506 or other managers 508, as needed. Additional managers can be added but subjected to requisite clearance. Details on these managers can also be imputed accordingly. In the preferred embodiment, these details include the name of the manager, the position or designation, his or her email address and mobile number, the mobile IMEI number and his or her residential address. A branch can be assigned to the relevant operation managers 507, senior managers 506, or other managers 508.

[0048] Further and at any point in time, the delivery staff 502 or any active managers are allowed to cancel the trip that has been assigned. The delivery staff 502 or any active managers are then prompted to provide a reason for cancellation 504 such as without limitation, an accident, the weather is not good, safety issues, or any other reasons. A back end user 501 or another personnel at least at a level of senior manager 506 would then be able to assign a return trip as needed 505.

[0049] Similar to how the active managers can be handled, an active staff can also be treated in a like manner once the back-end user 501 creates staff 510. Such active staff can be assigned to a branch, or an active manager. The appropriate staff profile 511 can also be created with the relevant details akin to those collected and recorded for active managers.

Industrial Applicability

[0050] It is evident that the current invention can be applied through various means and instances. The examples provided herein are intended only for illustration purposes but by no means restrict the scope of application of the current invention.

Example 1

[0051 ] In one instance, the current invention may be used by a jeweller who intends to transport USD$250,000 worth of valuables in a single trip. It is anticipated that is the jeweller utilises whatever security requirements that are available today, minimally there would likely be 2 armed staff as well as 1 armoured vehicle being deployed for the trip. Based on market pricing for the foregoing, it is expected that the jeweller would have to pay an approximate sum of USD$56,000 for both the insurance costs as well as for the operational costs of engaging said armed staff and armoured vehicle. On the other hand, with the current invention, it is expected that the jeweller would only have to pay an approximate sum of USD$33,500 for both the insurance costs as well as the operational costs. This is because with the current invention and the combination of features within the system, even for the most risk-averse jeweller, only 1 armed staff would be required to carry out the transfer.

Example 2

[0052] In another instance, the current invention may be used by a money changer who wishes to transmit a substantial amount of cash amounting to SGD$500,000 to the bank without the need to engage armed personnel and armoured vehicle. As soon the money changer transmits the request on a mobile application, the money changer is able access a transportation manpower 107’s portfolio and select the desired transportation manpower 107 to make the delivery of the cash to the bank.

[0053] Once the request has been made, the money changer will be able to obtain a secure container of an appropriate size. The recipient and/or the money changer sender will be given remote access to open the secure bag through the provision of a secured code, provided that the secure bag is tracked to be at the intended arrival destination. Further, the secure bag is also tracked via the in-built GPS system against deviation of the planned route and unwarranted stations.

[0054] The risk premium charges will be seamlessly integrated with the secure bag rental and delivery charges on an insurance pay per use basis. The flexible premium is calculated based on the value of the insured cash, trip time, distance, type of valuable, security arrangement and frequency of usage.

[0055] In the event of an unauthorised attempt to break-in the secure bag, the IBNS system will ink-stain the bank notes rending the notes invalid. If all security requirements are met, the money changer will then authorise the bank to unlock the secure container. Once, the delivery is completed, the empty secure containers will be returned to the specified dock station.

Example 3

[0056] In other instances, the current invention may be used by an individual for his or her personal needs. For example, an individual who collects foreign currency, art pieces, luxury watches intends to shift to another premises. In the event he chooses not to allow his outsourced movers to move these, he can use the current invention and complete the trip by himself. Upon reaching the destination as well as completing the trip, he receives the code to open the storage bag, allowing for both security to be afforded to the transportation journey as well as peace of mind, given that the insurance coverage is applicable to said journey. If he would prefer to procure outsourced movers to transfer the valuables, he may alternatively arrange for himself to be the only one who can eventually open the storage bags once they reach the desired destination.

[0057] It is important that the overall system does not need continuing network or other communication connection. The individual components are substantially self-sufficient. Embodiments, which avail themselves of different communication channels, are particularly preferred. Thus the manipulation and eavesdropping possibilities for unauthorised third parties are strongly reduced.

[0058] It is to be appreciated that the subject matter of the claims are not limited to the various examples and language used to recite the principle of the invention, and variants can be contemplated for implementing the claims without deviating from the scope. Rather, the embodiments of the invention encompass both structural and functional equivalents thereof. While certain present preferred embodiments of the invention and certain present preferred methods of practicing the same have been illustrated and described herein, it is to be distinctly understood that the invention is not limited thereto but may be otherwise variously embodied and practiced within the scope of the following claims.