Data processing: financial – business practice – management – or co – Business processing using cryptography – Secure transaction
Patent
1998-02-18
2000-09-19
Trammell, James P.
Data processing: financial, business practice, management, or co
Business processing using cryptography
Secure transaction
705 35, 705 39, 705 43, 705 44, 705 67, 705 68, 235379, 235380, 235381, 235382, G06F 1760
Patent
active
061226254
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.
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Citibank N.A.
Nguyen Cuong H.
Trammell James P.
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