Electronic-monetary system

Patent 5455407 Issued on October 3, 1995. Estimated Expiration Date:

January 27, 2015. 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

Methods of data storage and data storage systems
Patent #: 3971916
Issued on: 07/27/1976
Inventor: Moreno

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

More ...

Inventor

Rosen, Sholom S.

Application

No. 378955 filed on 01/27/1995

US Classes:

705/69, Electronic cash detail (e.g., blinded, divisible, or detecting double spending)235/379, Banking systems705/42, Remote banking (e.g., home banking)902/24FOR USE WITH GENERAL PURPOSE TERMINAL* (E.G., HOME BANKING)

Examiners

Primary: Shepperd, John W.
Assistant: Lee, Michael G.

Attorney, Agent or Firm

Dowling; Thomas P., Bromberg; Laurence J.

Foreign Patent References

172670A2 EP. 02/12/1986
391261B1 EP. 03/12/1990
421808A3 EP. 04/12/1991
8303018 WO. 09/12/1983
91106691 WO. 10/12/1991
9308545 WO. 04/12/1993

International Class

G06K 005/00

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

David Chaum, Achieving Electronic Privacy, Scientific American, Aug. 1992
Dancoin Ltd., The Company, Danmont A/S month missing 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. 17, 1988, at 7
Rowe, Au Revoir Le Cash?, Banking Technology, Jul.-Aug. 1991, at 46
Okamoto and Ohta, Universal Electronic Cash, Cryptography Symposium month missing (1991)
Article 4A, Uniform Commerical Code, Callaghan & Company, dated Apr. 1990
"Security Without Identification: Transaction Systems To Make Big Brother Obsolete" Chaum, D., Communication of the ACM, 28:10, Oct. 1985
"Disposable Zero-Knowledge Authentications and Their Applications To Untraceable Electronis Cash", Okamoto, T. et al., 481-496, undated month & year missing
1984 International Zurich Seminar On Digital Communications, Electronic Wallet, S. Even, O. Goldreich, Y. Yacobi, month missing 1984
Privacy Protected Payments Unconditional Payer and/or Payee Untraceability, D. Chaum, Smart Card 2000, month missing 1989
Security Without Identification: Card Computers To Make Big Brother Obsolete, D. Chaum, month missing 1987
Untraceable Electronic Cash, D. Chaum, et al. month and year missing
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 month and year missin