Electronic-monetary system

Patent 5453601 Issued on September 26, 1995. Estimated Expiration Date:

September 26, 2012. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.

Abstract Claims Description Full Text

Patent References

3559175

3573747

3749887

3852571

3906460

Point-of-action billing transactor
Patent #: 3932730
Issued on: 01/13/1976
Inventor: Ambrosio

Electronic security card and system for authenticating card ownership
Patent #: 3934122
Issued on: 01/20/1976
Inventor: Riccitelli

Modular transaction terminal with microprocessor control
Patent #: 3937925
Issued on: 02/10/1976
Inventor: Boothroyd

Universal funds transfer and identification card
Patent #: 4001550
Issued on: 01/04/1977
Inventor: Schatz

Data-transfer system
Patent #: 4007355
Issued on: 02/08/1977
Inventor: Moreno

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Inventor

Rosen, Sholom S.

Application

No. 794112 filed on 11/15/1991

US Classes:

705/65, Including intelligent token (e.g., electronic purse)235/379, Banking systems705/43, Including Automatic Teller Machine (i.e., ATM)705/67, Including authentication705/68, Balancing account705/69, Electronic cash detail (e.g., blinded, divisible, or detecting double spending)713/173, Pre-loaded with certificate902/24FOR USE WITH GENERAL PURPOSE TERMINAL* (E.G., HOME BANKING)

Examiners

Primary: Willis, Davis L.
Assistant: Rashid, Peter J.

Attorney, Agent or Firm

Dowling; Thomas P., Bromberg; Laurence J.

Foreign Patent References

391261B1 EP. 10/21/1990
WO9116691 WO. 10/21/1991
WO9308545 WO. 04/21/1993

International Classes

G06F 017/60
G06G 007/52

Abstract

An improved monetary system using electronic media to exchange economic value securely and reliably. The invention provides a complete monetary system having electronic money that is interchangeable with conventional paper money comprising (1) issuing banks or financial institutions that are coupled to a money generator device for generating and issuing to subscribing customers electronic money including electronic currency backed by demand deposits, or electronic credit authorizations; (2) correspondent banks that accept and distribute the electronic money; (3) a plurality of transaction devices that are used by subscribers for storing electronic money, for performing money transactions with the on-line systems of the participating banks or for exchanging electronic money with other like transaction devices; (4) teller devices, associated with the issuing and correspondent banks, for process handling and interfacing the transaction devices to the issuing and correspondent banks, and for interfacing between the issuing and correspondent banks themselves; (5) a security arrangement for maintaining the integrity of the system; and (6) reconciliation and clearing processes to monitor and balance the monetary system.

Other References

"Security Without Identification: Transaction Systems To Make Big Brother Obsolete" Chaum, D., Communications of the ACM, 28:10, Oct. 1985
Article 4A, Uniform Commercial Code, Callaghan & Company, dated Apr. 1990
"Disposable Zero-Knowledge Authentications and Their Applications to Untraceable Electronic Cash", Okamoto, T. et al., 481-496, undated
1984 International Zurich Seminar On Digital Communications, Electronic Wallet, S. Even, O. Goldreich, Y. Yacobi, 1984
Thomas M. Atwood, The case for object-oriented databases, IEEE Spectrum, Feb. 1991
David Chaum, Online Cash Checks, Centre for Mathematics and Computer Science, Amsterdam
David Chaum, Achieving Electronic Privacy, Scientific American, Aug. 1992
Dancoin Ltd., The Company, Danmont A/S 1991
O'Reilly, Ireland's Pocket Revolution: The Micro That Replaces Cash, Cheques, And Cards, Retail Banker International, Feb. 20, 1984, at 4
Nakamoto, Japanese Take To The Top The Prepaid Plastic Card Business, Financial Times, Nov. 11, 1988, at 7
Rowe, Au Revioir Le Cash?, Banking Technology, Jul.-Aug. 1991, at 46
Okamoto and Ohta, Universal Electronic Cash, Cryptography Symposium (1991