US5898154A
Expired / Lapsed
US
⏱️ 0.0 years remaining
System and method for updating security information in a time-based electronic monetary system
Assignee: Citibank NA
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Filing: 1995-01-11
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Granted: 1999-04-27
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Expires: 2015-01-11
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 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.
Inventors
- 👤 Sholom S. Rosen
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-10-31 10:24
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: 16
Claim 1
Independent Claim
124 words
A system for updating security information stored in a transaction module by interacting with a network having a security server, comprising: a transaction module having a memory that stores a plurality of electronic notes that each include a note time limit set at the time of note creation and a monetary value, a clock that maintains a system time used to verify time limits on electronic notes, and a processor; wherein when said transaction module interacts with said network, said security server updates security information stored in said transaction module; and wherein an expired note time limit on one of said plurality of electronic notes inhibits said transaction module's ability to transfer said monetary value of said one electronic note to other transaction modules.
Claim 2
Independent Claim
124 words
A system for updating security information stored in a transaction module by interacting with a network having a security server, comprising: a transaction module having a memory that stores a plurality of electronic notes that each include a note time limit set at the time of note creation and a monetary value, a clock that maintains a system time used to verify time limits on electronic notes, and a processor; wherein when said transaction module interacts with said network, said security server updates security information stored in said transaction module; and wherein an expired note time limit on one of said plurality of electronic notes inhibits said transaction module's ability to transfer said monetary value of said one electronic note to other transaction modules.
Claim 3
Dependent Claim
25 words
The system of claim 1, wherein said electronic notes are updated when transacting with said network having a teller module and a money generator module.
Claim 4
Dependent Claim
15 words
The system of claim 2, wherein said updated electronic notes have a new time limit.
Claim 5
Dependent Claim
18 words
The system of claim 3, wherein said security information includes an updated list of bad money module identifiers.
Claim 6
Dependent Claim
16 words
The system of claim 3, wherein said security information includes a list of new certificatory keys.
Claim 7
Dependent Claim
37 words
The system of claim 1, wherein said transaction module stores a certificate having an identifier and a second time limit; wherein an expired second time limit inhibits said transaction module's ability to interact with other transaction modules.
Claim 8
Dependent Claim
22 words
The system of claim 6, wherein said security server updates said second time limit when said transaction module interacts with said network.
Claim 9
Dependent Claim
36 words
The system of claim 1, wherein said expired note time limit does not inhibit said transaction module's ability to transfer said monetary value of said one electronic note to a teller module associated with a bank.
Claim 10
Dependent Claim
15 words
The system of claim 1, wherein said electronic notes are created by a bank's module.
Claim 11
Dependent Claim
82 words
An electronic transaction module system comprising: a transaction module having a memory that stores a plurality of electronic notes, generated by a financial institution's module, each electronic note including time data from which an expiration time of said electronic note is determined and value data indicative of a monetary value; wherein after said expiration time of one of said plurality of electronic notes, said transaction module is inhibited from transferring said monetary value of said one electronic note to other transaction modules.
Claim 12
Dependent Claim
82 words
An electronic transaction module system comprising: a transaction module having a memory that stores a plurality of electronic notes, generated by a financial institution's module, each electronic note including time data from which an expiration time of said electronic note is determined and value data indicative of a monetary value; wherein after said expiration time of one of said plurality of electronic notes, said transaction module is inhibited from transferring said monetary value of said one electronic note to other transaction modules.
Claim 13
Dependent Claim
36 words
The system of claim 10, wherein said expiration time of said one electronic note does not inhibit said transaction module's ability to transfer said monetary value of said one electronic note to a financial institution's module.
Claim 14
Dependent Claim
18 words
The system of claim 10, wherein said financial institution's module varies said expiration time as a security parameter.
Claim 15
Dependent Claim
19 words
The system of claim 12, wherein said expiration time is varied by said monetary value of said electronic note.
Claim 16
Dependent Claim
15 words
The system of claim 10, wherein said plurality of electronic notes are electronic currency notes.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2002-04-26 | 2002-10-26 | 2003-04-27 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-04-26 | 2006-10-26 | 2007-04-27 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-04-26 | 2010-10-26 | 2011-04-27 | $7700.00 | Window Closed / Lapsed |