US5677955A — Electronic funds transfer instruments

Claim 1

Independent Claim 61 words

A computer-based method comprising creating an electronic instrument for effecting a transfer of funds from an account of a payer in a funds-holding institution to a payee, the instrument including an electronic signature of the payer, and appending, to the electronic instrument, digital representations of a verifiable certificate by the institution of the authenticity of the account or the account holder.

Claim 2

Dependent Claim 61 words

A computer-based method comprising creating an electronic instrument for effecting a transfer of funds from an account of a payer in a funds-holding institution to a payee, the instrument including an electronic signature of the payer, and appending, to the electronic instrument, digital representations of a verifiable certificate by the institution of the authenticity of the account or the account holder.

Claim 3

Dependent Claim 142 words

A computer-based method comprising effecting a transfer of funds from an account of a payer in a funds-holding institution to a payee in accordance with instructions of the payer, by creating an electronic instrument which includes digital representations of (a) the instructions, (b) the identity of the payer, (c) the identity of the payee, and (d) the identity of the funds-holding institution, including with the electronic instrument, digital representations of (a) a verifiable signature of the payer, and (b) a verifiable certificate by the institution of the authenticity of the payer and of a public signature verification key of the payer, electronically delivering the electronic instrument to the institution at least in part via a publicly accessible data communication medium, and at the institution, verifying the signature of the payer and the certificate in connection with transmitting the funds to the payee.

Claim 4

Dependent Claim 142 words

A computer-based method comprising effecting a transfer of funds from an account of a payer in a funds-holding institution to a payee in accordance with instructions of the payer, by creating an electronic instrument which includes digital representations of (a) the instructions, (b) the identity of the payer, (c) the identity of the payee, and (d) the identity of the funds-holding institution, including with the electronic instrument, digital representations of (a) a verifiable signature of the payer, and (b) a verifiable certificate by the institution of the authenticity of the payer and of a public signature verification key of the payer, electronically delivering the electronic instrument to the institution at least in part via a publicly accessible data communication medium, and at the institution, verifying the signature of the payer and the certificate in connection with transmitting the funds to the payee.

Claim 5

Dependent Claim 15 words

The method of claim 2 further comprising including an account number in the electronic instrument.

Claim 6

Dependent Claim 16 words

The method of claim 1 in which the account comprises a deposit account in the institution.

Claim 7

Dependent Claim 16 words

The method of claim 1 in which the account comprises a credit account in the institution.

Claim 8

Dependent Claim 17 words

The method of claim 1 in which the electronic instrument comprises an electronic substitute for a check.

Claim 9

Dependent Claim 20 words

The method of claim 1 in which the electronic instrument comprises an electronic substitute for a credit card transaction slip.

Claim 10

Dependent Claim 15 words

The method of claim 1 in which the publicly accessible data communication medium is unsecured.

Claim 11

Dependent Claim 12 words

The method of claim 1 in which the institution comprises a bank.

Claim 12

Dependent Claim 21 words

The method of claim 1 further comprising appending to the electronic instrument, digital representations of a verifiable signature of the payee.

Claim 13

Dependent Claim 28 words

The method of claim 1 further comprising appending to the electronic instrument, digital representations of a verifiable certificate by an institution which holds an account of the payee.

Claim 14

Dependent Claim 33 words

The method of claim 11 further comprising appending to the electronic instrument, digital representations of a verifiable certificate by a central banking authority with respect to the institution which holds the payee's account.

Claim 15

Dependent Claim 20 words

The method of claim 1 further comprising delivering the electronic instrument in part via a private controlled secure communication medium.

Claim 16

Dependent Claim 25 words

The method of claim 1 further comprising delivering the electronic instrument to the payee at least in part via a publicly accessible data communication medium.

Claim 17

Dependent Claim 32 words

The method of claim 1 further comprising delivering the electronic instrument to an institution which holds an account of the payee at least in part via a publicly accessible data communication medium.

Claim 18

Dependent Claim 30 words

The method of claim 1 further comprising delivering the electronic instrument from an institution which holds an account of the payee to the funds-holding institution via an electronic clearing house.

Claim 19

Dependent Claim 22 words

The method of claim 1 further comprising at the payee, verifying the signature of the payer and the certificate of the institution.

Claim 20

Dependent Claim 29 words

The method of claim 1 further comprising at an institution holding an account of the payee, verifying the signature of the payer and the certificate of the funds-holding institution.

Claim 21

Dependent Claim 15 words

The method of claim 1 in which the signature is generated by public key cryptography.

Claim 22

Dependent Claim 28 words

The method of claim 1 in which the appending step is done by a separate signature device from the device which performs the creation of the electronic instrument.

Claim 23

Dependent Claim 18 words

The method of claim 1 in which the electronic instrument comprises an electronic substitute for a traveler's check.

Claim 24

Dependent Claim 18 words

The method of claim 1 in which the electronic instrument comprises an electronic substitute for a certified check.

Claim 25

Dependent Claim 18 words

The method of claim 1 in which the electronic instrument comprises an electronic substitute for a cashier's check.

Claim 26

Dependent Claim 39 words

The method of claim 1 further comprising delivering from the payee to the payer, at least in part via a publicly accessible communication medium, digital representations of (a) a proposed transaction, and (b) a verifiable signature of the payee.

Claim 27

Dependent Claim 26 words

The method of claim 1 further comprising automatically transferring information from the electronic instrument to a computer-based accounting system that tracks accounts receivable or processes orders.

Claim 28

Dependent Claim 14 words

The method of claim 1 further comprising maintaining a log of electronic instruments created.

Claim 29

Dependent Claim 91 words

Apparatus comprising a token having a memory, a processor, and a port for communication with a computer, and in which the memory contains a private encryption key associated with an account in a funds-holding institution and which is usable to append a secure, verifiable signature to an electronic payment instrument drafted on the account, and certification information provided by the institution and which is usable to append a secure, verifiable certificate to the instrument to certify a relationship between an owner of the signature and a public key of the owner.

Claim 30

Dependent Claim 91 words

Apparatus comprising a token having a memory, a processor, and a port for communication with a computer, and in which the memory contains a private encryption key associated with an account in a funds-holding institution and which is usable to append a secure, verifiable signature to an electronic payment instrument drafted on the account, and certification information provided by the institution and which is usable to append a secure, verifiable certificate to the instrument to certify a relationship between an owner of the signature and a public key of the owner.

Claim 31

Dependent Claim 18 words

The apparatus of claim 27 further comprising means for assigning a unique identifier to each electronic payment instrument.

Claim 32

Dependent Claim 15 words

The apparatus of claim 27 in which the portable token comprises a PCMCIA compatible card.

Claim 33

Dependent Claim 14 words

The apparatus of claim 27 in which the portable token comprises a smart card.

Claim 34

Dependent Claim 19 words

The apparatus of claim 27 in which the token comprises an add-in computer board or a black box crypto-processor.

Claim 35

Dependent Claim 15 words

The apparatus of claim 27 in which the certification information has a limited useful life.

Claim 36

Dependent Claim 40 words

The apparatus of claim 27 in which the memory also contains certification information provided by a central banking authority and which is usable to append secure, verifiable certificates to electronic payment instruments to certify the authenticity of the funds-holding institution.

Claim 37

Dependent Claim 21 words

The apparatus of claim 33 in which the certification information provided by the central banking authority has a limited useful life.

Claim 38

Dependent Claim 18 words

The apparatus of claim 33 in which the central banking authority comprises a United States federal reserve bank.

Claim 39

Dependent Claim 23 words

The apparatus of claim 27 in which the memory also contains a register of electronic payment instruments to which signatures have been appended.

Claim 40

Dependent Claim 23 words

The apparatus of claim 27 in which the appended signature comprises a signature of a payer who holds the account in the institution.

Claim 41

Dependent Claim 17 words

The apparatus of claim 27 in which the appended signature comprises an endorsement signature of a payee.

Claim 42

Dependent Claim 21 words

The apparatus of claim 27 in which the memory also contains a personal identification number for controlling access to the memory.

Claim 43

Dependent Claim 58 words

A computer-based method of creating an electronic payment instrument comprising forming digital payment data which represents the identity of the payer, the identity of the payee, and the amount to be paid, in a secure hardware token, appending a digital signature and a verifiable certificate by a funds-holding institution of the authenticity of the payer to the data.

Claim 44

Dependent Claim 58 words

A computer-based method of creating an electronic payment instrument comprising forming digital payment data which represents the identity of the payer, the identity of the payee, and the amount to be paid, in a secure hardware token, appending a digital signature and a verifiable certificate by a funds-holding institution of the authenticity of the payer to the data.

Claim 45

Dependent Claim 50 words

A computer-based method of endorsing a payment instrument comprising entering information included in the payment instrument in digital form into a secure hardware token, and in the token, appending a digital signature and a verifiable certificate by a funds-holding institution of the authenticity of the payer to the digital information.

Claim 46

Dependent Claim 50 words

A computer-based method of endorsing a payment instrument comprising entering information included in the payment instrument in digital form into a secure hardware token, and in the token, appending a digital signature and a verifiable certificate by a funds-holding institution of the authenticity of the payer to the digital information.

Claim 47

Dependent Claim 72 words

A computer-based method for regulating use of account numbers with respect to accounts in a funds-holding institution, comprising assigning digital account numbers for use by account holders in creating electronic instruments, the digital account numbers being distinct from non-electronic account numbers used by account holders with respect to non-electronic instruments, at the fund-holding institution, accepting electronic instruments from account holders only if the electronic instruments include one of the digital account numbers.

Claim 48

Dependent Claim 72 words

A computer-based method for regulating use of account numbers with respect to accounts in a funds-holding institution, comprising assigning digital account numbers for use by account holders in creating electronic instruments, the digital account numbers being distinct from non-electronic account numbers used by account holders with respect to non-electronic instruments, at the fund-holding institution, accepting electronic instruments from account holders only if the electronic instruments include one of the digital account numbers.

Claim 49

Dependent Claim 45 words

The method of claim 42 in which each digital account number is linked with a non-electronic account number, and the two numbers are linked with a common account in the institution, so that electronic instruments and non-electronic instruments may be drawn against the same account.

Claim 50

Dependent Claim 30 words

A computer-based method of attaching a document to a related electronic payment instrument comprising, forming a cryptographic hash of the document, and appending the hash to the electronic payment instrument.

Claim 51

Dependent Claim 30 words

A computer-based method of attaching a document to a related electronic payment instrument comprising, forming a cryptographic hash of the document, and appending the hash to the electronic payment instrument.

Claim 52

Dependent Claim 61 words

A computer-based method for reducing fraud with respect to deposit of an electronic instrument with a funds-holding institution, comprising including with the electronic instrument a key-encrypted signature of the payee and a public key of the payee, and at the institution, automatically checking a routing code and an account number to which the electronic instrument relates before accepting the electronic instrument.

Claim 53

Dependent Claim 61 words

A computer-based method for reducing fraud with respect to deposit of an electronic instrument with a funds-holding institution, comprising including with the electronic instrument a key-encrypted signature of the payee and a public key of the payee, and at the institution, automatically checking a routing code and an account number to which the electronic instrument relates before accepting the electronic instrument.

Claim 54

Dependent Claim 74 words

A computer-based method for reducing fraud associated with an electronic payment instrument comprising appending to the electronic payment instrument a cryptographic signature associated with a party to the instrument and a digital representation of a verifiable certificate by a funds-holding institution of the authenticity of the party, and upon receipt of the electronic payment instrument, automatically checking the cryptographic signature and the certificate against cryptographic signature information of other electronic payment instruments previously received.

Claim 55

Dependent Claim 74 words

A computer-based method for reducing fraud associated with an electronic payment instrument comprising appending to the electronic payment instrument a cryptographic signature associated with a party to the instrument and a digital representation of a verifiable certificate by a funds-holding institution of the authenticity of the party, and upon receipt of the electronic payment instrument, automatically checking the cryptographic signature and the certificate against cryptographic signature information of other electronic payment instruments previously received.

Claim 56

Dependent Claim 86 words

A computer-based method for use with an electronic payment instrument comprising including in the electronic payment instrument, a serial number, a payment amount, a payer, a payee, and a date, transmitting the electronic payment instrument via a communication network from an inquiring party to a funds-holding institution having an account associated with the payer, at the funds-holding institution determining whether another electronic payment instrument having the same payer and the same serial number had previously been issued, electronically advising the inquiring party based on the determination.

Claim 57

Dependent Claim 86 words

A computer-based method for use with an electronic payment instrument comprising including in the electronic payment instrument, a serial number, a payment amount, a payer, a payee, and a date, transmitting the electronic payment instrument via a communication network from an inquiring party to a funds-holding institution having an account associated with the payer, at the funds-holding institution determining whether another electronic payment instrument having the same payer and the same serial number had previously been issued, electronically advising the inquiring party based on the determination.

Claim 58

Dependent Claim 88 words

A computer-based method for use with an electronic payment instrument comprising printing a paper version of the electronic payment instrument with digital signatures and digital certificates by an issuing bank of the authenticity of an account or an account holder to which the instrument relates, passing the paper version through the check clearing system to the issuing bank, at the issuing bank, scanning the paper version to derive a digital version, and at the issuing bank electronically verifying the digital version based on the signatures and the certificates.

Claim 59

Dependent Claim 88 words

A computer-based method for use with an electronic payment instrument comprising printing a paper version of the electronic payment instrument with digital signatures and digital certificates by an issuing bank of the authenticity of an account or an account holder to which the instrument relates, passing the paper version through the check clearing system to the issuing bank, at the issuing bank, scanning the paper version to derive a digital version, and at the issuing bank electronically verifying the digital version based on the signatures and the certificates.

Claim 60

Dependent Claim 59 words

Apparatus for maintaining bank account information electronically comprising a portable token holding information for enabling a user to add signatures and certifications by a funds-holding institution of the authenticity of the account or an account holder to an electronic banking instrument drawn on the account, and a separate portable token holding a register of transactions associated with the account.

Claim 61

Dependent Claim 59 words

Apparatus for maintaining bank account information electronically comprising a portable token holding information for enabling a user to add signatures and certifications by a funds-holding institution of the authenticity of the account or an account holder to an electronic banking instrument drawn on the account, and a separate portable token holding a register of transactions associated with the account.

Claim 62

Dependent Claim 19 words

The apparatus of claim 49 in which the separate portable token comprises a PCMCIA card or a smart card.

Claim 63

Independent Claim 57 words

A method for regulating the use of an electronic financial document comprising including with the document an electronic signature and an electronic certification by a funds-holding institution of the validity of an account to which the document relates, accepting the electronic financial document as valid only if the signature and certification are electronically determined to be valid.

Claim 64

Independent Claim 57 words

A method for regulating the use of an electronic financial document comprising including with the document an electronic signature and an electronic certification by a funds-holding institution of the validity of an account to which the document relates, accepting the electronic financial document as valid only if the signature and certification are electronically determined to be valid.

Annuity Stage	Window Opens	Payment Deadline	Surcharge Period Until	Estimated Fee	Status
3.5 Years (Year 4)	2000-10-13	2001-04-14	2001-10-14	$2000.00	Window Closed / Lapsed
7.5 Years (Year 8)	2004-10-13	2005-04-14	2005-10-14	$3760.00	Window Closed / Lapsed
11.5 Years (Year 12)	2008-10-13	2009-04-14	2009-10-14	$7700.00	Window Closed / Lapsed

Electronic funds transfer instruments

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