Electronic monetary system

Claim 2

The electronic monetary system of claim 1, characterized in that said money generator module (6) and said teller module (5) are embodied in a device having a single processor.

Claim 3

The electronic monetary system of claim 1, characterized in that said transaction module (4) and said teller module (5) each have a note directory (39) for keeping track of a current monetary value for each of said electronic representations of currency (11) stored therein.

Claim 4

The electronic monetary system of claim 3, characterized in that said current monetary value recorded in said note directory (39) of said transferor module, and associated with one of said electronic representations of currency (11) stored therein, is decremented by said transferred monetary value upon transferring said transferred electronic representation of currency (11) to said transferee module.

Claim 5

The electronic monetary system of claim 1, characterized in that said electronic representations of currency (11) include a money generator digital signature produced by said money generator (6) and a transferor digital signature produced by said transferor module.

Claim 6

The electronic monetary system of claim 5, characterized in that said electronic representations of currency (11) include certificates corresponding to said money generator digital signature, and said transferor digital signature, where each of said certificates includes a module identifier and a first cryptographic key of said digital signature producer, and where said first cryptographic key is used to validate said corresponding digital signature.

Claim 7

The electronic monetary system of claim 6, characterized in that said certificates are digitally signed by a security server (27) associated with a Certification Agency (28), and said certificates may be validated using a second cryptographic key of said security server (27) that is available to said teller module (5) and said transaction module (4).

Claim 8

The electronic monetary system of claim 1, characterized in that said transfer record further includes an indication of date-of-transfer.

Claim 9

The electronic monetary system of claim 1, characterized in that said electronic representations of currency (11) include a list of transfer records each having a transferee module identifier.

Claim 10

The electronic monetary system of claim 9, characterized in that said transferee module verifies that the last transfer record in said transferred electronic representation of currency (11) has a transferee module identifier that is the same as a module identifier of said transferor module.

Claim 11

The electronic monetary system of claim 1, characterized in that said money generator, teller, and transaction modules (6, 5, 4) are tamper-proof devices that are capable of communicating via cryptographically secure sessions.

Claim 12

The electronic monetary system of claim 11, characterized in that each of said modules (6, 5, 4) is configured to perform as a modular co-processor of an electronic processing device.

Claim 13

The electronic monetary system of claim 11, characterized in that each said module (6, 5, 4) may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 14

An electronic monetary system comprising a computer controlled accounting system associated with an issuing bank (1); a money generator module (6) associated with said issuing bank (1), that generates electronic representations of currency (11), wherein a money issued liability account in said accounting system is credited by an amount associated with generated electronic representations of currency; a teller module (5) associated with said issuing bank (1), capable of storing said electronic representations of currency (11), and intermediating banking transactions involving said electronic representations of currency (11); a transaction module (4) capable of storing said electronic representations of currency (11), performing on-line transactions with said teller module (5), and exchanging said electronic representations of currency (11) with other transaction modules (4) in off-line transactions; where said electronic representations of currency (11) include an expiration date; said other transaction modules (4) having processors adapted to refuse to accept attempted transfers of said electronic representations of currency (11) when said attempted transfers occur after said expiration date of said electronic representations of currency (11).

Claim 15

The electronic monetary system of claim 14, characterized in that said money generator module (6) and said teller module (5) are embodied in a device having a single processor.

Claim 16

The electronic monetary system of claim 14, characterized in that said accounting system maintains money due and money in transit accounts during deposits and withdrawals of said electronic representations of currency (11).

Claim 17

The electronic monetary system of claim 14, characterized in that said expiration date varies in accordance with a monetary value associated with said electronic representations of currency (11).

Claim 18

The electronic monetary system of claim 14, characterized in that said electronic representations of currency (11) stored in said transaction module (4) are updated when transacting with said teller module (5).

Claim 19

The electronic monetary system of claim 18, characterized in that said electronic representations of currency (11) are updated by said transaction module (4) transferring said stored electronic representations of currency (11) to said teller module (5), said money generator module (6) generating a new replacement electronic representation of currency (11) having a new expiration date, and said teller module (5) transferring said new replacement electronic representation of currency (11) to said transaction module (4).

Claim 20

The electronic monetary system of claim 14, characterized in that said money generator, teller, and transaction modules (4) are tamper-proof devices that are capable of communicating via cryptographically secure sessions.

Claim 21

The electronic monetary system of claim 20, characterized in that each said module may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 22

An electronic monetary system comprising a computer controlled accounting system associated with an issuing bank (1); a money generator module (6) associated with said issuing bank (1), that generates electronic representations of currency (11), wherein a money issued liability account in said accounting system is credited by an amount associated with generated electronic representations of currency; a teller module (5) associated with said issuing bank (1), capable of storing said electronic representations of currency (11), and intermediating banking transactions involving said electronic representations of currency (11); a transaction module (4) capable of storing said electronic representations of currency (11), performing on-line transactions with said teller module (5), and exchanging said electronic representations of currency (11) with other transaction modules (4) in off-line transactions; a security server (27) used for implementing the security of the electronic monetary system; where said money generator module (6), said teller module (5), and said transaction module (4) are each associated with a unique module identifier contained within a certificate that is digitally signed by said security server (27), where said certificates are only valid for a limited period of time, after which time said associated module will not be able to transact with other modules until a new certificate is obtained; wherein said new certificate and compromised module identifiers are obtained when said module performs initial network connection to a network having one or more security servers; wherein said module will not transact with any other module having one of said compromised module identifiers.

Claim 23

The electronic monetary system of claim 22, characterized in that said money generator module (6) and said teller module (5) are embodied in a device having a single processor.

Claim 24

The electronic monetary system of claim 22, characterized in that said accounting system maintains money due and money in transit accounts during deposits and withdrawals of said electronic representations of currency (11).

Claim 25

The electronic monetary system of claim 22, characterized in that said security server (27) distributes a certificatory key, when required.

Claim 26

The electronic monetary system of claim 22, characterized in that said security server (27) digitally signs an account profile having data fields including a bank identifier, an account number, and an indication of account type, where said account profile is used by said transaction module (4) to access a subscriber account identified by said account number.

Claim 27

The electronic monetary system of claim 22, characterized in that said money generator module (6), teller module (5), transaction module (4), and security server (27) are tamper-proof devices capable of communicating via cryptographically secure sessions.

Claim 28

The electronic monetary system of claim 27, characterized in that each said module and said security server (27) may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module and said security server (27) may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 29

An electronic monetary system comprising a computer controlled accounting system associated with an issuing bank (1); a money generator module (6) associated with said issuing bank, that generates electronic credit authorizations (11), wherein a credit line of a subscriber's loan account in said accounting system is drawn upon by an amount associated with generated electronic credit authorizations; a teller module (5) associated with said issuing bank (1), capable of storing said electronic credit authorization (11), and intermediating banking transactions involving said electronic credit authorization (11); a transaction module (4) capable of storing said electronic credit authorization (11), performing on-line transactions with said teller module (5), and transferring said electronic credit authorization (11) to another transaction module (4) in an off-line transaction; and where said electronic credit authorization (11) includes an account number of said subscriber's loan account, an initial monetary amount and a digital signature produced by said money generator module (6); wherein said electronic credit authorization can be transferred between transaction modules in a transferred monetary amount less than or equal to said initial monetary amount; and where, when said electronic credit authorization (11) is deposited, said issuing bank (1) debits said subscriber's loan account by said transferred monetary amount.

Claim 30

The electronic monetary system of claim 29, characterized in that said money generator module (6) and said teller module (5) are embodied in a device having a single processor.

Claim 31

The electronic monetary system of claim 29, characterized in that said accounting system maintains money due and money in transit accounts during deposits and withdrawals of said electronic credit authorization (11).

Claim 32

The electronic monetary system of claim 29, characterized in that said transaction module (4) may only once transfer said electronic credit authorization (11) to another transaction module (4).

Claim 33

The electronic monetary system of claim 29, characterized in that said money generator, teller, and transaction modules (4) are tamper-proof devices capable of communicating via cryptographically secure sessions.

Claim 34

The electronic monetary system of claim 33, characterized in that said electronic credit authorization (11) includes digital signatures produced by said teller and transaction modules (5, 4) upon transferring said electronic credit authorization (11); and where said money generator module (6), said teller module (5), and said transaction module (4) are each associated with an electronic certificate by which other modules may verify their authenticity; whereby said transferring of said electronic credit authorization (11) by said transaction module (4) to said other transaction module (4) may be performed without subscriber identification.

Claim 35

The electronic monetary system of claim 33, characterized in that each said module may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 36

The electronic monetary system of claim 29, characterized in that said transaction module (4) is capable of storing both electronic representations of currency (11) and electronic credit authorizations (11), and where said transaction module (4) can transfer both said electronic representations of currency (11) and said electronic credit authorizations (11) in a single transaction transfer to said other transaction module (4) via a cryptographically secure session.

Claim 37

An electronic monetary system comprising a first computer controlled accounting system associated with an issuing bank (1); a money generator module associated with said issuing bank (1), that generates electronic representations of currency, wherein a money issued liability account in said first accounting system (11) is credited by an amount associated with generated electronic representations of currency; a first teller module (5) associated with said issuing bank (1), capable of storing said electronic representations of currency (11); a plurality of second computer controlled accounting systems each associated with a correspondent bank (2), where each correspondent bank maintains an account in said first accounting system; a plurality of second teller modules (5), each associated with one of said correspondent banks (2), each capable of storing said electronic representations of currency (11); a transaction module (4) that stores said electronic representations of currency (11), performs on-line transactions with said plurality of second teller modules (5), and exchanges said electronic representations of currency (11) with other transaction modules (4) in off-line transactions; where said first teller module (5) has a first processor that intermediates transactions among said first accounting system, said money generator module (6), and said second teller module (5); and where said second teller module (5) has a second processor that intermediates transactions among said second accounting system, said first teller module (5), and said transaction module (4).

Claim 38

The electronic monetary system of claim 37, characterized in that said transaction module (4) also performs on-line transactions with said teller module (5), and wherein said first teller module (5) also intermediates transactions involving said transaction module (4).

Claim 39

The electronic monetary system of claim 37, characterized in that said money generator module (6) and said first teller module (5) are embodied in an electronic processing device controlled by said first processor.

Claim 40

The electronic monetary system of claim 37, characterized in that said first and second accounting systems maintain money due and money in transit accounts during deposits and withdrawals of said electronic representations of currency (11).

Claim 41

The electronic monetary system of claim 37, characterized in that said money generator, transaction, and teller modules (6, 4, 5) are tamper-proof devices capable of communicating via cryptographically secure sessions.

Claim 42

The electronic monetary system of claim 41, characterized in that each said module may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 43

An electronic monetary system comprising a plurality of computer controlled accounting systems associated with a plurality of issuing banks (1); a plurality of money generator modules (6) associated with said plurality of issuing banks, that generate electronic representations of currency (11), wherein money issued liability accounts in said accounting systems are credited by amounts associated with generated electronic representations of currency; a plurality of teller modules (5) associated with said plurality of issuing banks (1), capable of storing said electronic representations of currency (11); a data processing system associated with a clearing bank, that clears said electronic representations of currency and maintains a clearing bank accounting system in which said plurality of issuing banks each has an account; where each of said electronic representations of currency (11) includes an issuing bank identifier; and where each of said plurality of teller modules (5) sends electronic representations of currency (11) deposited at its issuing bank (1) but issued by another issuing bank (1) to said clearing bank (3) for balancing said issuing bank accounts and for sending each said electronic representation of currency (11) back to said issuing bank (1) indicated by its issuing bank identifier.

Claim 44

The electronic monetary system of claim 43, characterized in that at least one of said money generator modules (6) and one of said teller modules (5) are embodied in a device having a single processor.

Claim 45

The electronic monetary system of claim 43, characterized in that said accounting systems maintain money in transit and money due accounts during clearing of said electronic representations of currency (11).

Claim 46

The electronic monetary system of claim 43, characterized in that said money generator modules (6) and said teller modules (5) are tamper-proof devices capable of communicating via cryptographically secure sessions.

Claim 47

The electronic monetary system of claim 46, characterized in that each said module may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 48

An electronic monetary system comprising a plurality of computer controlled accounting systems associated with a plurality of issuing banks (1); a plurality of money generator modules (6) associated with said plurality of issuing banks, that generate electronic credit authorizations (11), wherein credit lines of subscriber's loan accounts in said accounting systems are drawn upon by amounts associated with generated electronic credit authorizations; a plurality of teller modules (5) associated with said plurality of issuing banks (1), capable of storing said electronic credit authorizations (11); a data processing system associated with a clearing bank, that clears said electronic credit authorizations and maintains a clearing bank accounting system in which said plurality of issuing banks each has an account; where each of said electronic credit authorizations (11) includes an issuing bank identifier; and where each of said plurality of teller modules (5) sends electronic credit authorizations (11) deposited at its issuing bank (1) but issued by another issuing bank (1) to said clearing bank (3) for balancing said issuing bank accounts and for sending each said electronic credit authorization (11) back to said issuing bank (1) indicated by its issuing bank identifier.

Claim 49

The electronic monetary system of claim 48, characterized in that at least one of said money generator modules (6) and one of said teller modules (5) are embodied in a device having a single processor.

Claim 50

The electronic monetary system of claim 48, characterized in that said accounting systems maintain money in transit and money due accounts during clearing of said electronic credit authorizations (11).

Claim 51

The electronic monetary system of claim 48, characterized in that said money generator modules (6) and said teller modules (5) are tamper-proof devices capable of communicating via cryptographically secure sessions.

Claim 52

The electronic monetary system of claim 51, characterized in that each said module may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 53

An electronic monetary system comprising a computer controlled accounting system and a computer implemented money issued reconciliation system (23) associated with an issuing bank (1); a money generator module associated with said issuing bank, that generates electronic representations of money (11) that are accounted for in said accounting system; a teller module (5) associated with said issuing bank (1), capable of storing said electronic representations of money (11); where said electronic representations of money (11) include a note identifier used to uniquely identify each said electronic representation of money (11), and a list of transfer records to provide value subdividability of each said electronic representaiton of money; where said money issued reconciliation system (23) maintains a record, derived from said money generator module, of said electronic representations of money (11) that issued from said issuing bank (1); and where electronic representations of money (11) that are deposited are sent to said money issued reconciliation system (23) having a processor for matching said record of electronic representations of money (11) that issued to those subdivided electronic representations of money (11) deposited; and where unmatched cases may indicate note counterfeiting in said electronic monetary system.

Claim 54

The electronic monetary system of claim 53, characterized in that said money generator module (6) and said teller module (5) are embodied in a device having a single processor.

Claim 55

The electronic monetary system of claim 53, characterized in that each said module may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.

Claim 56

An electronic monetary system comprising a computer controlled accounting system and a computer implemented transaction reconciliation system (22) associated with an issuing bank (1); a money generator module associated with said issuing bank, that generates electronic representations of money that are accounted for in said accounting system; a teller module (5) associated with said issuing bank (1), capable of storing said electronic representations of money (11); where transaction records from said money generator module (6), said teller module (5), and said on-line accounting system are periodically passed to said transaction reconciliation system (22); said transaction reconciliation system (22) having a processor for analyzing said transaction records to ensure that teller transactions match the appropriate accounting transactions and to ensure that money generator module transactions match the appropriate teller transactions and accounting transactions; and where any mismatches may indicate incomplete processing or a security breach.

Claim 57

The electronic monetary system of claim 56, characterized in that said money generator module (6) and said teller module (5) are embodied in a device having a single processor.

Claim 58

The electronic monetary system of claim 56, characterized in that each said module may commit by logging a transaction so that it can no longer abort said transaction by rolling-back its state; and wherein each said module may abort during said transaction by following a programmed abort routine, where control is transferred to said abort routine from other routines or a time-out protocol.