Systems and methods for providing cash redemption to a third party

A method for providing a third party cash redemption at an automated teller machine (ATM), the method comprising:

• receiving, by a transceiver of a service provider computing device, a cash redemption request from a sender computing device, the cash redemption request comprising data representative of:
• a financial account associated with a user of the sender computing device;
• an amount of cash that is authorized for withdrawal from the financial account;
• identification information associated with a recipient computing device;
• and
• approved location data representative of an approved location of an automatic teller machine (ATM) for cash withdrawal:
• allocating, by one or more processors of the service provider computing device, the amount of cash that is authorized for withdrawal from the financial account into a temporary financial account based on the cash redemption request;
• generating, by the one or more processors, an access code associated with the temporary financial account;
• receiving, by the transceiver, location data for the recipient computing device from a global positioning system (GPS) receiver or a cellular location service of the recipient computing device;
• determining, by the one or more processors, that the location data of the recipient computing device is within a predetermined distance of the approved location data;
• transmitting, by the transceiver, the access code associated with the temporary financial account to the recipient computing device based at least in part on the identification information;
• receiving, by the transceiver, a request to withdraw cash from the temporary financial account from the ATM, wherein the request to withdraw cash comprises data representative of an attempted access code, wherein the ATM receives only the attempted access code by receiving a number typed on a keypad of the ATM or a scannable image displayed on the recipient computing device and scanned by a scanner of the ATM;
• determining, by the one or more processors, that the attempted access code corresponds to the access code;
• authorizing, by the service provider computing device, a withdrawal of an amount of cash from the temporary financial account from the ATM in response to determining that the attempted access code matches the access code;
• and
• transmitting, by the transceiver, the authorization to withdraw the amount of cash to the ATM, wherein the authorization to withdraw the amount of cash initiates dispensing of the amount of cash by the ATM.

A service provider computing device for dispensing an item to a third party, comprising:

• one or more transceivers configured to send and receive at least one of:
• wired communications or wireless communications;
• one or more processors;
• and
• a memory, in communication with the one or more processors and the one or more transceivers, storing instructions that, when executed by the one or more processors, are configured to cause the one or more processors to perform the acts of:
• receiving, by the one or more transceivers, an item redemption request from a sender computing device, the item redemption request comprising data representative of:
• a financial account associated with a user of the sender computing device;
• a value that is authorized for withdrawal from the financial account;
• identification information associated with a recipient computing device;
• and
• approved location data representative of an approved location of one or more dispensing devices;
• allocating, by the one or more processors, money from the financial account into a temporary financial account based on the value;
• generating, by the one or more processors, an access code associated with the temporary financial account;
• receiving, by the one or more transceivers, location data of the recipient computing device;
• determining, by the one or more processors, that the location data of the recipient computing device is within a predetermined distance of the approved location data, wherein the location data of the recipient computing device comprises at least one of:
• global positioning system (GPS) data or cellular location service data;
• transmitting, by the one or more transceivers, the access code to the recipient computing device based on the identification information;
• receiving, by the one or more transceivers, a request to withdraw the item from a first dispensing device of the one or more dispensing devices, wherein the request to withdraw the item comprises only an attempted access code, and wherein the first dispensing device receives the attempted access code by scanning and decoding an image from the recipient computing device by a scanner of the first dispensing device;
• determining, by the one or more processors, that the attempted access code matches the access code;
• authorizing a withdrawal of the item from the first dispensing device in response to determining that the attempted access code matches the access code;
• and
• transmitting, by the one or more transceivers, the authorization to withdraw the item to the first dispensing device, wherein the authorization to withdraw the item causes the first dispensing device to:
• assign the value to the item;
• and
• dispense the item.