CA2886811A1 - Secure mobile electronic payment system and cryptocurrency system where only the bank has the key - Google Patents
Secure mobile electronic payment system and cryptocurrency system where only the bank has the key Download PDFInfo
- Publication number
- CA2886811A1 CA2886811A1 CA2886811A CA2886811A CA2886811A1 CA 2886811 A1 CA2886811 A1 CA 2886811A1 CA 2886811 A CA2886811 A CA 2886811A CA 2886811 A CA2886811 A CA 2886811A CA 2886811 A1 CA2886811 A1 CA 2886811A1
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- CA
- Canada
- Prior art keywords
- bank
- crypto
- currency
- master key
- key
- Prior art date
- Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
- Abandoned
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Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/042—Payment circuits characterized in that the payment protocol involves at least one cheque
- G06Q20/0425—Payment circuits characterized in that the payment protocol involves at least one cheque the cheque being electronic only
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/04—Payment circuits
- G06Q20/06—Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/38—Payment protocols; Details thereof
- G06Q20/382—Payment protocols; Details thereof insuring higher security of transaction
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/02—Banking, e.g. interest calculation or account maintenance
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- Business, Economics & Management (AREA)
- Accounting & Taxation (AREA)
- Engineering & Computer Science (AREA)
- Physics & Mathematics (AREA)
- General Business, Economics & Management (AREA)
- General Physics & Mathematics (AREA)
- Strategic Management (AREA)
- Theoretical Computer Science (AREA)
- Finance (AREA)
- Development Economics (AREA)
- Economics (AREA)
- Computer Security & Cryptography (AREA)
- Marketing (AREA)
- Technology Law (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
Abstract
A single, private, master key crypto-currency mobile payment and financial transaction process whereby an index, offset, or pointer into that unshared private master key is appended to existing banking routing information for payments and funds transfer.
Need:
There is a need for a secure mobile, electronic, secure payment and money transfer system where only the bank has the master key, that doesn't change the existing banking routing system to any significant degree, and that is easily adaptable to any framework or financial transfer systems and can be readily adapted to any other digital context that requires secrecy like medical records transfers.
Background Bitcoin is a cryptographic, crypto currency process. Because it requires public key asymmetric processes they are by definition vulnerable and breakable.
The bitcoin crypto currence process not address the issue that currency is a sovereign value proposition where the value of funds is guaranteed by the ability of a government to tax.
It is at odds with the entire global financial system and tries to circumvent it.
Need:
There is a need for a secure mobile, electronic, secure payment and money transfer system where only the bank has the master key, that doesn't change the existing banking routing system to any significant degree, and that is easily adaptable to any framework or financial transfer systems and can be readily adapted to any other digital context that requires secrecy like medical records transfers.
Background Bitcoin is a cryptographic, crypto currency process. Because it requires public key asymmetric processes they are by definition vulnerable and breakable.
The bitcoin crypto currence process not address the issue that currency is a sovereign value proposition where the value of funds is guaranteed by the ability of a government to tax.
It is at odds with the entire global financial system and tries to circumvent it.
Description
Abstract:
A single, private, master key crypto-currency mobile payment and financial transaction process whereby an index, offset, or pointer into that unshared private master key is appended to existing banking routing information for payments and funds transfer.
Need:
There is a need for a secure mobile, electronic, secure payment and money transfer system where only the bank has the master key, that doesn't change the existing banking routing system to any significant degree, and that is easily adaptable to any framework or financial transfer systems and can be readily adapted to any other digital context that requires secrecy like medical records transfers.
Background Bitcoin is a cryptographic, crypto currency process. Because it requires public key asymmetric processes they are by definition vulnerable and breakable.
The bitcoin crypto currence process not address the issue that currency is a sovereign value proposition where the value of funds is guaranteed by the ability of a government to tax.
It is at odds with the entire global financial system and tries to circumvent it.
Description Illustration 1 ..
eit:õ.õõ \ , ,,,,, = , :. re ,K. A .. .,...-.. ,tio Lt1,. , - littlittng MUM"
+ 5 qilts411.1w,eittoml====
.
iatodmoµpr.11.5.9.,11,10 to, 1.0=5, i tItn5asin05.060 O.., .4 +Non n ilk V !µ an efl. ne merchan= . t= = ;(.1E'", ,t I t, t t ,i ittt= ' a buwr. I las bitcolns ,in ",ti ..' 0 = 'µ. (,,;(; E' õ (' 1-.r ,'`
3µ..> f sr- 1 =;24,...1, +_ . ¨1 ,...
45 Ø
, ' Ikt Arid A ..=5,=
4. 1 WALLETS A= * = mil --", ....-* ...4., ), -r tvork.) ADDRESSES = ' _a_ ii """
OW r, tavola., , 110, 0193=IPOSAIL limbo (001n$10.1.4. tow , .....laret, tkentfotgl lints/0.d WI +ttnott I F romcrl ttenrolot.=
ort=rpetus tIv.Pettge" III * IIIII
...v., trrf ;440000 5=It', l5.1=14504=1=81=551 r^.r.== th 1, el.agn.
Oa 4.14 41, OmfelOR. (NOVIIWAROVIIMItutr...t, -----, ,-4E.:5--;. . ,,,,, nueir 4%10 vo.
Al5$104,5=105.= at* WI ettPtttt.11151.1=0010.51.
.,.... A ======= mk., (PEAT IN6 '"""""" Now., rP
.......
.',......,...$'.4"00.04,.". ifterd.noshritr=libells*e.
_ ..... 000' bt A NEWI ,,,õ
ttilenetV tam. fatoakat 40W
_ 5 t Oath tt4 õ... ....., ,,,,," AD
,:,! "4, , DRESS --.........,-, ,-_¨, --__., , nal oftS=adotA. noolt.rhor$
o-Artzt`i \
, õ, ,.."1:,== It.,0=:, ,. . .
1700.5 , =
Fig2i 1,.. 5,.=
4.4.========== hafrosart=
= '= - v rp,t11.1hnke lettw.., r . = Ow", 4,0, 4. ts, = .50......t. 4....e. , f'.... ,611' ord.
======= = r ..o..41,4100if.. .
. E3if , 1.(t `..,3. . oalece*Nr,P, a..1* -sr. 1.....,,otampodut awe ===Averro UMW 1 IND 6Vhat; Poi4 key Mt = ...., --...nxo= %non,*
tos.arret, ... \ Rf, A PAYMENT hi.....
,,. F.... 5===== n...
i Ur. dm. (3.<=,===0"tnes; A il.1011 IV 'fitl µlI:.14Aµ1' Oulik 0,,C.V14.0=10./101 1051,ii456.0 ====01.10=Stsailml t tits Vels".."1 ... n .4 re...Ant rodettkettAut Chwirot.ttowto.tattqa . - t 0 ,... ,0 0 i 11.0,0111y trPtantnath ..I, ' === rht ..., ts...p.../p,,,t, wavy 1.,(pdx iftne: i1.0 = = = ,A, ====, ail a pub, I, 1.,., ,.. (4 Til 0i W 1I
1 1 9 1 .I
0040'14m mimed no=45.
. 'It " 1)4' ' `=== ¨
= = atm=keil=nr.
, os _ tkvs CAM, \ \ ' ' i /.., s,,===*..4.,,,,,, ,e. = ,,,-õ= , ...,,,,,. t====5 t,,,-,., e "<,..... , JUG ' ' i rotNttortre. SCO,n1W t 5, ,.õ: t toe. Une I .4 Mr t a 4 st. ===-==
Awator.
=wrotte an IA
Thottioite the -.tto gt Sc tt-rt. ,t ,t t ttt., ===== === ,===, le ,,,=====
..' .. non. iptleoy IN=is,a=kow. am*/ =====, Olfr,...Corg.4,.... = 1, Z- , ' ' ' ...1, = = ",- ,,. irrd..1,1' TII.ivrt Wow, INtorepolni.,,,,,o, rokt ,....._ - , _ IMPOrn van vuoryto .
4,55,500. el=troidIrtarl=
A*. p........n, me=orthno,n1 ======,,,,.....;_...- "..,... ,=,=,..=
. elms.** ortA5 ttlItINettsto THE Threkaiw, ...twes.i. /tttll *maw+ le TRANSACTION orµtalloth=
foteretot* t Ottsaildw. to.. mot.
*W.A. If tt 111 trOwtret lantatifiet,645 ll AN. Ow ollext.40," Imta+6.
...
TRANSACTION
1 Ptiblr VERIFIED
..
hv = tli V GI¨.41/) WY
0 ki,..til.,1mi 1401"1=INMIPteenter001.4110.6orta ' id ..
fteleretIntitana001µ 1 xne,..1Ø11401500.1.6.,==
i 0..10114****,./.01104.P.r.5(at .,5010,tfte5W0Wi t-semra.===== , õ
.30111144,0=Iiitttl$4.4=0*5,0451=It 454.1.1.,10*,,,i 0W."414400=Violtmez*On4 yek144 4,504* loot =======1,5,,,,Irmact.16 lantlifforrea.-1====1.6=54,5. ,,Ortttiatt. ti=t=et=trIlltolletbe III
MVO. 4 t* W.4=5 1Ktoontw0rs szettat-sedittsootteel= i 'on ant ItetOrtotatootroorten lattltan 14.1W.I.....10.
t =11*..10== orttlerstranlm .400....= 4.,,,,Pon.t , Illustration 2 is of the process flow of Western Union which has a core business of transferring funds in the manner that you envision for the digital wallet.
The main thing to note is that it is underpinned by a credit card network.
This is the tie to the existing banking system and ironically it is a massive point of inflated transactional costs because the banks aren't doing it by themselves. But it does everything else within the existing infrastructure.
SENDER BUYS A WESTERN
UNION MONEY TRANSFER AT
BANK CHANNEL
ROUTES TO
Nos WESTERN UNION
i....,,:õ:,õ.:.......trip illir Western Union API
M 0 .::.,li::.:lll_l!, , 1114 WESTERN SUBMITS I
I ON AGENT TRANSACTION
0 . 0. *oil . , 1 MasterCard ...= = n iiiiiõ..õ.. = .III10 0 0 0 si,.. NETWORK WEBLI111 /.. I
Mk. SENDER ,1RD PROCESS
'.''':
-' ilk ISStio4G BANK TRANSACTION
..:.i:'::'...,,,........ ===''' IV
01,11_1 ll = " !1.::.11:lll'., :l %.'Elillil fl I. ANCH
0 Bank authenticates Sender. 0 Bank moves funds from 0 Personal Payments API 0 MasterCard settlement Sender provides instructions, Sender's account to the submits a Send transaction i.,,,, moves funds from the Bank pays for transfer at Bank. Bank's settlement account, to the Western Union %OW to Western Union and .
Western Union sets fees and Bank submits transfer to Gateway to provide payout distributes the commission FX rate. Personal Payments API. instructions.
using modified settlement process *Product availability and channels vary by country Alibaba succeeded to such massive extent because they hold funds until product is delivered.
In the same way, bank(s) or a guarantor can assume the guarantee of the transaction and take the role that a credit card network is doing.
The bank has the assurance of the integrity of the crypto-currency. They act as their own credit network.
What is the incentive for a bank to do it directly?
Right now all electronic clients are paying credit card processing rates plus any additional clearing charges.
If the bank(s) did this directly they could affordably and assuredly run it, cut out the credit card companies completely on these kinds of transactions, and it would be fabulously profitable for them while not exploiting those that can afford these costs the least. And, protections such as FDIC remain in play.
Description This model is a process that the banks want. The system stays the same in overall framework structure but the bank retains their first in line place with their banking client and gain arm's reach potential clients in the persons that are having money transferred to them regardless of where they are banking.
Instead of changing the bank system, adding a Whitenoise offset (preferable) or any other offset for a single, private key system, to the traditional routing numbers enables a secure crypto payment process.
Each transaction and every Whitenoise key (token) and offset is unique and secure. Everything moves the same way it always has. But, since the offset is appended to traditional routing numbers the bank processing system immediately recognizes it as a unique electronic transfer that is valid. The current offset value is just another field in their databases for their clients.
There is NO risk to the bank to adopt the policy of guaranteeing instant value to the recipient because they KNOW whether the person transferring the funds, had the funds in the first place since it is only clients of their bank that can make such a transfer. And, the bank itself is the only one that has the key generator and master key that generated that Seraem-coin.
(Each bank can have their own branded mobile payment. Any bank can receive such a transfer and there is no waiting ¨ it can be cashed on the spot because it is guaranteed by the bank originating the transaction and they know it hasn't been compromised. At the beginning, the early adopters will have a competitive advantage versus other banks since they have secure, bank guaranteed mobile payments directly. They will steal clients for convenience until it is generally adopted by banking system.) And since they are doing it directly, while collecting a fee, they can dramatically reduce the cost to the beneficiary because it either not a credit card transaction and hence it can be a reduced cost or they simply remove at least one middle man while gaining more control.
Illustration 3 VNtAsittick**, 4/00i cot, 3 1 )01.1 t44 $ `ttl e ¨
) AoisAetet.. `
021003321 0001 1234567fta Seraem# 947857567600505857474739303 Same RBC routing numbers that have been RBC brand Seraem-coin token used for a hundred years.
When the mobile device connects to make a payment, it goes to bank server first to create and distribute key that creates their own unique bitcoin.
The offset or index into the bank's private master key is appended to the end or beginning of a bank routing number. Note, it is not the key itself.
The electronic check or payment is sent to the receiving party.
Layers can be added where the receiving bank authenticates back to the issuing bank server with previously distributed and different authentication factors and their own unique, private master key.
This means that during a transaction the bank is the only one with the master key. The receiving end or bank has their own unique, private keys, and the transfer is identified by a offset into a cryptographic key, preferably a Whitenoise key. Any interloper never has any access to transmitted key information for the transaction Appending a offset value to a routing number has no negative affect at routing with existing system.
Safe immediate acknowledgement of the financial transaction can be given because the sender, the bank, knows at the time of the transaction whether the client/account/person sending the payment has the funds to do so in the first place because it is their client.
A single, private, master key crypto-currency mobile payment and financial transaction process whereby an index, offset, or pointer into that unshared private master key is appended to existing banking routing information for payments and funds transfer.
Need:
There is a need for a secure mobile, electronic, secure payment and money transfer system where only the bank has the master key, that doesn't change the existing banking routing system to any significant degree, and that is easily adaptable to any framework or financial transfer systems and can be readily adapted to any other digital context that requires secrecy like medical records transfers.
Background Bitcoin is a cryptographic, crypto currency process. Because it requires public key asymmetric processes they are by definition vulnerable and breakable.
The bitcoin crypto currence process not address the issue that currency is a sovereign value proposition where the value of funds is guaranteed by the ability of a government to tax.
It is at odds with the entire global financial system and tries to circumvent it.
Description Illustration 1 ..
eit:õ.õõ \ , ,,,,, = , :. re ,K. A .. .,...-.. ,tio Lt1,. , - littlittng MUM"
+ 5 qilts411.1w,eittoml====
.
iatodmoµpr.11.5.9.,11,10 to, 1.0=5, i tItn5asin05.060 O.., .4 +Non n ilk V !µ an efl. ne merchan= . t= = ;(.1E'", ,t I t, t t ,i ittt= ' a buwr. I las bitcolns ,in ",ti ..' 0 = 'µ. (,,;(; E' õ (' 1-.r ,'`
3µ..> f sr- 1 =;24,...1, +_ . ¨1 ,...
45 Ø
, ' Ikt Arid A ..=5,=
4. 1 WALLETS A= * = mil --", ....-* ...4., ), -r tvork.) ADDRESSES = ' _a_ ii """
OW r, tavola., , 110, 0193=IPOSAIL limbo (001n$10.1.4. tow , .....laret, tkentfotgl lints/0.d WI +ttnott I F romcrl ttenrolot.=
ort=rpetus tIv.Pettge" III * IIIII
...v., trrf ;440000 5=It', l5.1=14504=1=81=551 r^.r.== th 1, el.agn.
Oa 4.14 41, OmfelOR. (NOVIIWAROVIIMItutr...t, -----, ,-4E.:5--;. . ,,,,, nueir 4%10 vo.
Al5$104,5=105.= at* WI ettPtttt.11151.1=0010.51.
.,.... A ======= mk., (PEAT IN6 '"""""" Now., rP
.......
.',......,...$'.4"00.04,.". ifterd.noshritr=libells*e.
_ ..... 000' bt A NEWI ,,,õ
ttilenetV tam. fatoakat 40W
_ 5 t Oath tt4 õ... ....., ,,,,," AD
,:,! "4, , DRESS --.........,-, ,-_¨, --__., , nal oftS=adotA. noolt.rhor$
o-Artzt`i \
, õ, ,.."1:,== It.,0=:, ,. . .
1700.5 , =
Fig2i 1,.. 5,.=
4.4.========== hafrosart=
= '= - v rp,t11.1hnke lettw.., r . = Ow", 4,0, 4. ts, = .50......t. 4....e. , f'.... ,611' ord.
======= = r ..o..41,4100if.. .
. E3if , 1.(t `..,3. . oalece*Nr,P, a..1* -sr. 1.....,,otampodut awe ===Averro UMW 1 IND 6Vhat; Poi4 key Mt = ...., --...nxo= %non,*
tos.arret, ... \ Rf, A PAYMENT hi.....
,,. F.... 5===== n...
i Ur. dm. (3.<=,===0"tnes; A il.1011 IV 'fitl µlI:.14Aµ1' Oulik 0,,C.V14.0=10./101 1051,ii456.0 ====01.10=Stsailml t tits Vels".."1 ... n .4 re...Ant rodettkettAut Chwirot.ttowto.tattqa . - t 0 ,... ,0 0 i 11.0,0111y trPtantnath ..I, ' === rht ..., ts...p.../p,,,t, wavy 1.,(pdx iftne: i1.0 = = = ,A, ====, ail a pub, I, 1.,., ,.. (4 Til 0i W 1I
1 1 9 1 .I
0040'14m mimed no=45.
. 'It " 1)4' ' `=== ¨
= = atm=keil=nr.
, os _ tkvs CAM, \ \ ' ' i /.., s,,===*..4.,,,,,, ,e. = ,,,-õ= , ...,,,,,. t====5 t,,,-,., e "<,..... , JUG ' ' i rotNttortre. SCO,n1W t 5, ,.õ: t toe. Une I .4 Mr t a 4 st. ===-==
Awator.
=wrotte an IA
Thottioite the -.tto gt Sc tt-rt. ,t ,t t ttt., ===== === ,===, le ,,,=====
..' .. non. iptleoy IN=is,a=kow. am*/ =====, Olfr,...Corg.4,.... = 1, Z- , ' ' ' ...1, = = ",- ,,. irrd..1,1' TII.ivrt Wow, INtorepolni.,,,,,o, rokt ,....._ - , _ IMPOrn van vuoryto .
4,55,500. el=troidIrtarl=
A*. p........n, me=orthno,n1 ======,,,,.....;_...- "..,... ,=,=,..=
. elms.** ortA5 ttlItINettsto THE Threkaiw, ...twes.i. /tttll *maw+ le TRANSACTION orµtalloth=
foteretot* t Ottsaildw. to.. mot.
*W.A. If tt 111 trOwtret lantatifiet,645 ll AN. Ow ollext.40," Imta+6.
...
TRANSACTION
1 Ptiblr VERIFIED
..
hv = tli V GI¨.41/) WY
0 ki,..til.,1mi 1401"1=INMIPteenter001.4110.6orta ' id ..
fteleretIntitana001µ 1 xne,..1Ø11401500.1.6.,==
i 0..10114****,./.01104.P.r.5(at .,5010,tfte5W0Wi t-semra.===== , õ
.30111144,0=Iiitttl$4.4=0*5,0451=It 454.1.1.,10*,,,i 0W."414400=Violtmez*On4 yek144 4,504* loot =======1,5,,,,Irmact.16 lantlifforrea.-1====1.6=54,5. ,,Ortttiatt. ti=t=et=trIlltolletbe III
MVO. 4 t* W.4=5 1Ktoontw0rs szettat-sedittsootteel= i 'on ant ItetOrtotatootroorten lattltan 14.1W.I.....10.
t =11*..10== orttlerstranlm .400....= 4.,,,,Pon.t , Illustration 2 is of the process flow of Western Union which has a core business of transferring funds in the manner that you envision for the digital wallet.
The main thing to note is that it is underpinned by a credit card network.
This is the tie to the existing banking system and ironically it is a massive point of inflated transactional costs because the banks aren't doing it by themselves. But it does everything else within the existing infrastructure.
SENDER BUYS A WESTERN
UNION MONEY TRANSFER AT
BANK CHANNEL
ROUTES TO
Nos WESTERN UNION
i....,,:õ:,õ.:.......trip illir Western Union API
M 0 .::.,li::.:lll_l!, , 1114 WESTERN SUBMITS I
I ON AGENT TRANSACTION
0 . 0. *oil . , 1 MasterCard ...= = n iiiiiõ..õ.. = .III10 0 0 0 si,.. NETWORK WEBLI111 /.. I
Mk. SENDER ,1RD PROCESS
'.''':
-' ilk ISStio4G BANK TRANSACTION
..:.i:'::'...,,,........ ===''' IV
01,11_1 ll = " !1.::.11:lll'., :l %.'Elillil fl I. ANCH
0 Bank authenticates Sender. 0 Bank moves funds from 0 Personal Payments API 0 MasterCard settlement Sender provides instructions, Sender's account to the submits a Send transaction i.,,,, moves funds from the Bank pays for transfer at Bank. Bank's settlement account, to the Western Union %OW to Western Union and .
Western Union sets fees and Bank submits transfer to Gateway to provide payout distributes the commission FX rate. Personal Payments API. instructions.
using modified settlement process *Product availability and channels vary by country Alibaba succeeded to such massive extent because they hold funds until product is delivered.
In the same way, bank(s) or a guarantor can assume the guarantee of the transaction and take the role that a credit card network is doing.
The bank has the assurance of the integrity of the crypto-currency. They act as their own credit network.
What is the incentive for a bank to do it directly?
Right now all electronic clients are paying credit card processing rates plus any additional clearing charges.
If the bank(s) did this directly they could affordably and assuredly run it, cut out the credit card companies completely on these kinds of transactions, and it would be fabulously profitable for them while not exploiting those that can afford these costs the least. And, protections such as FDIC remain in play.
Description This model is a process that the banks want. The system stays the same in overall framework structure but the bank retains their first in line place with their banking client and gain arm's reach potential clients in the persons that are having money transferred to them regardless of where they are banking.
Instead of changing the bank system, adding a Whitenoise offset (preferable) or any other offset for a single, private key system, to the traditional routing numbers enables a secure crypto payment process.
Each transaction and every Whitenoise key (token) and offset is unique and secure. Everything moves the same way it always has. But, since the offset is appended to traditional routing numbers the bank processing system immediately recognizes it as a unique electronic transfer that is valid. The current offset value is just another field in their databases for their clients.
There is NO risk to the bank to adopt the policy of guaranteeing instant value to the recipient because they KNOW whether the person transferring the funds, had the funds in the first place since it is only clients of their bank that can make such a transfer. And, the bank itself is the only one that has the key generator and master key that generated that Seraem-coin.
(Each bank can have their own branded mobile payment. Any bank can receive such a transfer and there is no waiting ¨ it can be cashed on the spot because it is guaranteed by the bank originating the transaction and they know it hasn't been compromised. At the beginning, the early adopters will have a competitive advantage versus other banks since they have secure, bank guaranteed mobile payments directly. They will steal clients for convenience until it is generally adopted by banking system.) And since they are doing it directly, while collecting a fee, they can dramatically reduce the cost to the beneficiary because it either not a credit card transaction and hence it can be a reduced cost or they simply remove at least one middle man while gaining more control.
Illustration 3 VNtAsittick**, 4/00i cot, 3 1 )01.1 t44 $ `ttl e ¨
) AoisAetet.. `
021003321 0001 1234567fta Seraem# 947857567600505857474739303 Same RBC routing numbers that have been RBC brand Seraem-coin token used for a hundred years.
When the mobile device connects to make a payment, it goes to bank server first to create and distribute key that creates their own unique bitcoin.
The offset or index into the bank's private master key is appended to the end or beginning of a bank routing number. Note, it is not the key itself.
The electronic check or payment is sent to the receiving party.
Layers can be added where the receiving bank authenticates back to the issuing bank server with previously distributed and different authentication factors and their own unique, private master key.
This means that during a transaction the bank is the only one with the master key. The receiving end or bank has their own unique, private keys, and the transfer is identified by a offset into a cryptographic key, preferably a Whitenoise key. Any interloper never has any access to transmitted key information for the transaction Appending a offset value to a routing number has no negative affect at routing with existing system.
Safe immediate acknowledgement of the financial transaction can be given because the sender, the bank, knows at the time of the transaction whether the client/account/person sending the payment has the funds to do so in the first place because it is their client.
Claims (3)
1. A single, private, master key mobile payment, funds transfer and financial transaction system where only the bank or funds issuing entity has a private, master key. A
cryptographic offset or index value is appended to existing routing information. No key information used to secure and identify a unique transaction representing value is ever transmitted or shared between the sender (issuer) and receiver.
cryptographic offset or index value is appended to existing routing information. No key information used to secure and identify a unique transaction representing value is ever transmitted or shared between the sender (issuer) and receiver.
2. A crypto currency scheme whereby the value of the transaction is assured under sovereign laws and by the good faith of the issuing institution.
3. A crypto currency scheme whereby each institution, bank or institution authorized for funds transfer has their own unique maser, private keys and hence has their own unique, secure, customizable crypto-currency.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA2886811A CA2886811A1 (en) | 2015-04-02 | 2015-04-02 | Secure mobile electronic payment system and cryptocurrency system where only the bank has the key |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA2886811A CA2886811A1 (en) | 2015-04-02 | 2015-04-02 | Secure mobile electronic payment system and cryptocurrency system where only the bank has the key |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| CA2886811A1 true CA2886811A1 (en) | 2016-10-02 |
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Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA2886811A Abandoned CA2886811A1 (en) | 2015-04-02 | 2015-04-02 | Secure mobile electronic payment system and cryptocurrency system where only the bank has the key |
Country Status (1)
| Country | Link |
|---|---|
| CA (1) | CA2886811A1 (en) |
Cited By (1)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| CN108921550A (en) * | 2018-06-29 | 2018-11-30 | 北京金山安全软件有限公司 | Management method and device of digital currency wallet, electronic equipment and storage medium |
-
2015
- 2015-04-02 CA CA2886811A patent/CA2886811A1/en not_active Abandoned
Cited By (2)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| CN108921550A (en) * | 2018-06-29 | 2018-11-30 | 北京金山安全软件有限公司 | Management method and device of digital currency wallet, electronic equipment and storage medium |
| CN108921550B (en) * | 2018-06-29 | 2022-02-18 | 北京金山安全软件有限公司 | Management method and device of digital currency wallet, electronic equipment and storage medium |
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