EP0542298A2
Expired / Lapsed
EP
⏱️ 0.0 years remaining
Electronic monetary system
Assignee: Citibank NA
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Filing: 1992-11-13
•
Granted: —
•
Expires: 2012-11-13
Abstract
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 currency backed by demand deposits 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) automated 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; and (5) a clearing bank for balancing the electronic money accounts of the different issuing banks (6).
Inventors
- 👤 Sholom S. Rosen
Bibliographic Details
Application Number
—
Jurisdiction
EP
Data Source
google_patents
Last Synchronized
2026-10-27 21:16
CPC Classifications
G; G07; G07F; G07F7/00; G07F7/08; G07F7/10; G07F7/1008; G06; G06Q; G06Q20/00; G06Q20/02; G06Q20/04; G06Q20/06; G06Q20/08; G06Q20/10; G06Q20/108; G06Q20/1085; G06Q20/22; G06Q20/26; G06Q20/29; G06Q20/30; G06Q20/34; G06Q20/341; G06Q20/36; G06Q20/367; G06Q20/3674; G06Q20/3676; G06Q20/3678; G06Q20/38; G06Q20/381; G06Q20/40; G06Q40/00; G06Q40/02; G07F19/00; G07F19/20; G07F19/211; G07F7/0806; G07F7/0813; G07F7/082
Claims Analysis
Total Claims: 71
Claim 1
Independent Claim
64 words
An electronic monetary system for providing transactions utilizing electronic representations of currency backed by demand deposits in a bank comprising: means for generating said electronic representations of currency; teller means for issuing and distributing said electronic representations of currency; transacting means for storing, and for transferring said electronic representations of currency between other transacting means and between said transacting means and said teller means.
Claim 2
Dependent Claim
64 words
An electronic monetary system for providing transactions utilizing electronic representations of currency backed by demand deposits in a bank comprising: means for generating said electronic representations of currency; teller means for issuing and distributing said electronic representations of currency; transacting means for storing, and for transferring said electronic representations of currency between other transacting means and between said transacting means and said teller means.
Claim 3
Dependent Claim
58 words
An electronic monetary system for providing transactions utilizing electronic representations of credit authorizations comprising: means for generating said electronic representations of credit; teller means for issuing and distributing said electronic representations of credit; transaction means for storing, and for transferring said electronic representations of credit between other transacting means and between said transacting means and said teller means.
Claim 4
Dependent Claim
58 words
An electronic monetary system for providing transactions utilizing electronic representations of credit authorizations comprising: means for generating said electronic representations of credit; teller means for issuing and distributing said electronic representations of credit; transaction means for storing, and for transferring said electronic representations of credit between other transacting means and between said transacting means and said teller means.
Claim 5
Dependent Claim
26 words
An electronic monetary system according to claim 1 or claim 2 further comprising a means for maintaining the security and integrity of said electronic monetary system.
Claim 6
Dependent Claim
34 words
An electronic monetary system according to claim 1 or claim 2 further comprising a means for providing a communication network between said generating means, said teller means, said transacting means, and said security means.
Claim 7
Dependent Claim
57 words
An electronic monetary system according to claim 1 or claim 2 further comprising a means for maintaining and processing account data files for storing records of said electronic representations of currency or credit issued by said generating means and records of said electronic representations of currency or credit transferred by said transacting means to said teller means.
Claim 8
Dependent Claim
38 words
An electronic monetary system according to claim 3 wherein said security means further comprises a time limit on the transferability of said electronic representations of credit and said electronic repre - sentations of currency among said transacting means.
Claim 9
Dependent Claim
62 words
An electronic monetary system according to claim 3 wherein said generating means, said teller means and said transacting means each comprise an individual identifier, and said means for maintaining the security of said electronic monetary system further comprises a certification means for providing a unique certificate of said identifier of each of said generating means, said teller means and said transacting means.
Claim 10
Dependent Claim
32 words
An electronic monetary system according to claim 7 wherein said certificate further comprises a time limit on its acceptability by said generating means, said teller means or other of said transacting means.
Claim 11
Dependent Claim
40 words
An electronic monetary system according to claim 1 or claim 2 wherein said generating means further comprises a public key digital forming means for forming a digital signature on said electronic representations of currency or said electronic representations of credit.
Claim 12
Dependent Claim
40 words
An electronic monetary system according to claim 1 or claim 2 wherein said teller means further comprises a public key digital forming means for forming a digital signature on said electronic representations of currency or said electronic representations of credit.
Claim 13
Dependent Claim
40 words
An electronic monetary system according to claim 1 or claim 2 wherein said transacting means further comprises a public key digital forming means for forming a digital signature on said electronic representations of currency or said electronic representations of credit.
Claim 14
Dependent Claim
29 words
An electronic monetary system according to claim 1 or claim 2 wherein said electronic representations of currency or said electronic representations of credit are undeniably acceptable as economic value.
Claim 15
Dependent Claim
40 words
An electronic monetary system according to claim 1 or claim 2 wherein said electronic representations of currency or said electronic representations of credit are commutable and transferrable in values less than or equal to their original economic value when generated.
Claim 16
Dependent Claim
23 words
An electronic monetary system according to claim 13 wherein said electronic representation of credit is transferable only one time by said transacting means.
Claim 17
Dependent Claim
50 words
An electronic monetary system according to claim 1 or claim 2 wherein said electronic representations of currency or said electronic representations of credit further comprise indicia of (1) whether said representation is a currency or a credit representation, (2) its said time limit of transferability, and (3) its economic value.
Claim 18
Dependent Claim
38 words
An electronic monetary system according to claim 15 wherein said indicia further comprise indicia of (1) said certificates of said other transacting means, (2) said certificates of said teller means, and (3) said certificate of said generating means.
Claim 19
Dependent Claim
41 words
An electronic monetary system according to claim 16 wherein said indicia further comprise indicia of (1) a digital signature of said generating means, (2) a digital signature of said teller means, and (3) a digital signatures of said other transacting means.
Claim 20
Dependent Claim
35 words
An electronic monetary system according to claim 1 or claim 2 wherein said generating means, said teller means, and said transacting means are each comprised of a programmable processing device contained in a tamper-proof housing.
Claim 21
Dependent Claim
34 words
An electronic monetary system according to claim 18 wherein said generating means, said teller means, and said transacting means are configured to perform as a modular co - processor of a general purpose computer.
Claim 22
Dependent Claim
25 words
An electronic monetary system according to claim 18 wherein each of said programmable processing devices further comprises a list of other offending programmable processing devices.
Claim 23
Dependent Claim
30 words
An electronic monetary system according to claim 1 or claim 2 further comprising a means for clearing said electronic representations of credit and currency issued by more than one bank.
Claim 24
Dependent Claim
45 words
An electronic monetary system according to claim 1 or claim 2 wherein said financial facilities further comprise an accounting structure to monitor the distribution of said electronic representations of currency or said electronic representations of credit and each financial facility's obligation after any financial transaction.
Claim 25
Dependent Claim
41 words
An electronic monetary system according to claim 18 wherein said programmable processing device in said transacting means further comprises separate lists for accounts associated with the owner of said transacting means that are held at each of said different financial facilities.
Claim 26
Dependent Claim
36 words
An electronic monetary system according to claim 23 wherein each of said list of accounts further comprises a digital signature of the financial facility maintaining said accounts, to provide security from unauthorized access of said accounts.
Claim 27
Dependent Claim
36 words
An electronic monetary system according to claim 1 or claim 2 wherein said generating means is configured to generate said electronic representations of currency or said electronic representations of credit for a plurality of monetary units.
Claim 28
Dependent Claim
49 words
An electronic monetary system according to claim 18 wherein each of said programmable processing devices can be personally coded to prohibit use by unauthorized persons, such coding being performed by an individual that does not have any relationship with any of said financial facilities, and whose identity remains anonymous.
Claim 29
Dependent Claim
116 words
A monetary system using electronic representations of money and including at least one financial facility and subscribers served by said facility, said system comprising: a plurality of subscriber processors, each adapted to contain said electronic representations in the form of machine readable digital objects containing data indicative of the monetary value represented and the current validity of said representations; processing means operated by said financial facility and capable of communicating with said subscriber processors for the deposit in said facility of representations stored in said subscriber processors, or the withdrawal or representations from said facility to said subscriber processors; said subscriber processors also including communication and processing functions enabling exchange of said representations between subscriber processors.
Claim 30
Dependent Claim
116 words
A monetary system using electronic representations of money and including at least one financial facility and subscribers served by said facility, said system comprising: a plurality of subscriber processors, each adapted to contain said electronic representations in the form of machine readable digital objects containing data indicative of the monetary value represented and the current validity of said representations; processing means operated by said financial facility and capable of communicating with said subscriber processors for the deposit in said facility of representations stored in said subscriber processors, or the withdrawal or representations from said facility to said subscriber processors; said subscriber processors also including communication and processing functions enabling exchange of said representations between subscriber processors.
Claim 31
Dependent Claim
20 words
A system according to claim 27 in which said money representations are configured to be functionally equivalent to bank notes.
Claim 32
Dependent Claim
20 words
A system according to claim 27 including a certification source enabling the processing of said representations to indicate their validity.
Claim 33
Dependent Claim
31 words
A system according to claim 27 in which there are a plurality of said financial facilities and a clearing facility for clearing transactions among said financial facilities and said subscriber processors.
Claim 34
Dependent Claim
25 words
A system according to claim 27 in which said data stored in said subscriber processors includes data representations for ascertaining the status of said representations.
Claim 35
Dependent Claim
29 words
A system according to claim 27 in which said electronic representations of money stored in said subscriber processors are replaced with updated representations during transactions with said financial facility.
Claim 36
Dependent Claim
95 words
A monetary system using electronic media to securely and reliably exchange economic value, said monetary system comprising: electronic representations of credit authorizations and electronic representations of currency backed by demand deposits in a bank; means for generating said electronic representations of credit and said electronic representations of currency; teller means coupled to said generating means for issuing, distributing, and accepting said electronic representations of credit and currency; and transacting means for storing, and for transferring said electronic representations of credit and currency with other transacting means and between said transacting means and said teller means.
Claim 37
Dependent Claim
95 words
A monetary system using electronic media to securely and reliably exchange economic value, said monetary system comprising: electronic representations of credit authorizations and electronic representations of currency backed by demand deposits in a bank; means for generating said electronic representations of credit and said electronic representations of currency; teller means coupled to said generating means for issuing, distributing, and accepting said electronic representations of credit and currency; and transacting means for storing, and for transferring said electronic representations of credit and currency with other transacting means and between said transacting means and said teller means.
Claim 38
Dependent Claim
41 words
A monetary system according to claim 33 further comprising a means for transmitting said electronic representations in a secure manner between said generating means, said teller means and said transmitting means to maintain the security and integrity of said monetary system.
Claim 39
Dependent Claim
31 words
A monetary system according to claim 34 wherein said security means further comprises a time limit on the transferability of said electronic representations of credit and currency among said transacting means.
Claim 40
Dependent Claim
60 words
A monetary system according to claim 34 wherein said generating means, said teller means and said transacting means each comprise an individual identifier, and said means for maintaining the security of said monetary system further comprises a certification means for providing a unique certificate of said identifier of each of said generating means, said teller means and said transacting means.
Claim 41
Dependent Claim
31 words
A monetary system according to claim 36 wherein said certificate further comprises a time limit on its acceptability by said generating means, said teller means or other of said transacting means.
Claim 42
Dependent Claim
31 words
A monetary system according to claim 34 further comprising a networking means for providing a communication link between said generating means, said teller means, said transacting means, and said security means.
Claim 43
Dependent Claim
28 words
A monetary system according to claim 33 wherein said generating means is configured for generating said electronic representations of credit and currency for a plurality of monetary units.
Claim 44
Dependent Claim
37 words
A monetary system according to claim 33 wherein said electronic representations of credit and currency are undeniably acceptable as economic value, and are commutable and transferrable in values less than or equal to their original economic value.
Claim 45
Dependent Claim
22 words
A monetary system according to claim 40 wherein said electronic representation of credit is transferable only one time by said transacting means.
Claim 46
Dependent Claim
32 words
A monetary system according to claim 33 wherein said generating means further comprises a public key digital forming means for forming a digital signature on said electronic representations of credit and currency.
Claim 47
Dependent Claim
32 words
A monetary system according to claim 33 wherein said teller means further comprises a public key digital forming means for forming a digital signature on said electronic representations of credit and currency.
Claim 48
Dependent Claim
32 words
A monetary system according to claim 33 wherein said transacting means further comprises a public key digital forming means for forming a digital signature on said electronic representations of credit and currency.
Claim 49
Dependent Claim
97 words
A monetary system according to claim 41 wherein said electronic representations of credit and currency comprise indicia of (1) whether said representation is a currency or a credit representation, (2) its said time limit of transferability, (3) its economic value, (4) said digital signature of said generating means, (5) said digital signatures of said teller means, (6) said digital signatures of other transacting means, (7) said certificates of other transacting means, (8) said certificates of said teller means, (9) said certificate of said generating means, and (10) an identifier of said electronic representation of currency or credit.
Claim 50
Dependent Claim
31 words
A monetary system according to claim 33 wherein said generating means, said teller means, and said transacting means are each comprised of a programmable processing device contained in a tamper-proof housing.
Claim 51
Dependent Claim
31 words
A monetary system according to claim 46 wherein said generating means, said teller means, and said transacting means are configured to perform as a modular co - processor of a computer.
Claim 52
Dependent Claim
26 words
A monetary system according to claim 33 further comprising a means for clearing said electronic representations of credit and currency issued by more than one bank.
Claim 53
Independent Claim
141 words
A method of using electronic representations of currency or electronic representations of credit provided by at least one financial facility having a means for generating said electronic representations, and a teller means for issuing and accepting said electronic representations and serving subscribers of said facility, comprising the steps of: (1) generating said electronic representations of currency backed by demand deposits or generating said electronic representations of credit authorizations; (2) issuing to said subscribers and accepting from said subscribers electronic representations of currency or credit, wherein the issuance and acceptance is performed by said teller means at said financial facility; and (3) providing said subscribers with a transacting means for accepting said issued electronic representations of currency or credit, and for transferring said electronic representations of currency or credit to both other subscribers having said transacting means, and to said teller means.
Claim 54
Independent Claim
141 words
A method of using electronic representations of currency or electronic representations of credit provided by at least one financial facility having a means for generating said electronic representations, and a teller means for issuing and accepting said electronic representations and serving subscribers of said facility, comprising the steps of: (1) generating said electronic representations of currency backed by demand deposits or generating said electronic representations of credit authorizations; (2) issuing to said subscribers and accepting from said subscribers electronic representations of currency or credit, wherein the issuance and acceptance is performed by said teller means at said financial facility; and (3) providing said subscribers with a transacting means for accepting said issued electronic representations of currency or credit, and for transferring said electronic representations of currency or credit to both other subscribers having said transacting means, and to said teller means.
Claim 55
Dependent Claim
28 words
The method of claim 49 further comprising the step of digitally signing said electronic representations of currency or credit to provide authenticity and security from duplication or modification.
Claim 56
Dependent Claim
29 words
The method of claim 50 further comprising the step of limiting the time period that said electronic representations of currency or credit may be transferred among said transacting means.
Claim 57
Dependent Claim
70 words
The method of claim 51 further comprising the step of removing all of said electronic representations of currency stored in said transacting means whenever said transacting means transacts with said financial facility, the step of generating new electronic representations of currency having a renewed time limit on transferability, and the step of replacing said original electronic representations of currency in said transacting means with said new electronic representations of currency.
Claim 58
Dependent Claim
77 words
The method of claim 51 further comprising the step of removing all non-transferred electronic representations of credit authorizations stored in said transacting means only whenever said transacting means transacts with the financial facility issuing said electronic representations of credit, the step of generating new electronic representations of credit having a renewed time limit on transferability, and the step of replacing said original electronic representations of credit in said transacting means with said new electronic representations of credit.
Claim 59
Dependent Claim
27 words
The method of claim 49 further comprising the steps of clearing, and maintaining records of said electronic representations of currency or credit issued by said financial facilities.
Claim 60
Dependent Claim
27 words
The method of claim 49 further comprising the step of providing an identifier unique to each of said generating means, said teller means and said transacting means.
Claim 61
Dependent Claim
35 words
The method of claim 55 further comprising the step of certifying for a limited period of time the validity of said identifier of each of said generating means, said teller means and said transacting means.
Claim 62
Dependent Claim
36 words
The method of claim 56 further comprising the step of providing a list of any offending teller means, generating means, or transacting means to each of said generating means, said teller means and said transacting means.
Claim 63
Dependent Claim
25 words
The method of claim 49 further comprising the step of generating said electronic representations of credit and currency for a plurality of different monetary units.
Claim 64
Dependent Claim
39 words
The method of claim 49 further comprising the step of providing an accounting structure at said financial facilities to monitor the distribution of said electronic representations of currency or credit, and each financial facility's obligation after any financial transaction.
Claim 65
Dependent Claim
29 words
The method of claim 59 further comprising the step of storing in said transacting means separate lists for accounts associated with said subscriber at each of said financial facilities.
Claim 66
Dependent Claim
37 words
The method of claim 60 further comprising the step of digitally signing each of said list of bank accounts with the digital signature of the corresponding financial facility, to provide security from unauthorized access of said accounts.
Claim 67
Dependent Claim
85 words
The method of claim 55 further comprising the step of maintaining records of transactions undertaken by said generating means, said teller means and said transacting means and storing said records within each of said respective generating means, said teller means and said transacting means, wherein said transaction record includes indicia of the date of transfer, the amount of transfer, an identifier of the financial facility issuing said electronic representations of currency or credit, and an identifier of the electronic representation of currency or credit transferred.
Claim 68
Dependent Claim
40 words
The method of claim 62 further comprising the step of maintaining copies of said electronic representations of currency and credit issued at said financial facilities, and the step of updating said copies upon transacting with any of said transacting means.
Claim 69
Dependent Claim
35 words
The method of claim 63 further comprising the step of reconciling said copies of electronic representations of currency and credit with electronic representations of currency and credit that have been cleared in said financial facilities.
Claim 70
Dependent Claim
122 words
The method of claim 64 further comprising the steps of: (1) storing records of individual transactions that have occurred among said transacting means to a separate storage means, (2) submitting said records of individual transactions stored in said storage means to said financial facilities when said electronic representations of currency or credit are stored in a transacting means that becomes lost or stolen, and (3) comparing said records of individual transactions among said transacting means with records produced by said reconciliation of said electronic representations of currency and credit to deter - mine the true value of said electronic representations of currency and credit stored in said transacting means that may be lost or stolen, for accurate replacement of said value lost.
Claim 71
Dependent Claim
23 words
The method of claim 49 further comprising the step of providing a communication network, linking together said financial facilities and said transacting means.
References Cited (Backward Citations)
No citation records indexed.
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