GB1293259A - System and method for transferral of funds - Google Patents

System and method for transferral of funds

Info

Publication number
GB1293259A
GB1293259A GB5082970A GB5082970A GB1293259A GB 1293259 A GB1293259 A GB 1293259A GB 5082970 A GB5082970 A GB 5082970A GB 5082970 A GB5082970 A GB 5082970A GB 1293259 A GB1293259 A GB 1293259A
Authority
GB
United Kingdom
Prior art keywords
customer
card
merchant
computer
code
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.)
Expired
Application number
GB5082970A
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
HEMPSTEAD BANK Inc
Original Assignee
HEMPSTEAD BANK Inc
Priority date (The priority date 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 date listed.)
Filing date
Publication date
Application filed by HEMPSTEAD BANK Inc filed Critical HEMPSTEAD BANK Inc
Publication of GB1293259A publication Critical patent/GB1293259A/en
Expired legal-status Critical Current

Links

Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION 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
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02Banking, e.g. interest calculation or account maintenance
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION 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
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/04Payment circuits
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION 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
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/04Payment circuits
    • G06Q20/042Payment circuits characterized in that the payment protocol involves at least one cheque

Landscapes

  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Engineering & Computer Science (AREA)
  • Strategic Management (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Finance (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Technology Law (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
  • Cash Registers Or Receiving Machines (AREA)
  • Control Of Vending Devices And Auxiliary Devices For Vending Devices (AREA)

Abstract

1293259 Credit card system HEMPSTEAD BANK Inc 26 Oct 1970 [18 May 1970] 50829/70 Headings G4A and G4T [Also in Division B6] A system for transferring funds comprises at least one input-output terminal 14, 15 (Fig. 1) communicating with a central location, a store 12 of available balance for a customer (customer's account) and a store of credit for a creditor (creditor's account), the arrangement being such that identifying indicia recorded on a customer's identification card and an amount to be transferred to a creditor's account are encoded by an input-output terminal and transmitted to the central location, which debits and credits the customer's and creditor's accounts respectively. Input-output terminals are installed in banks and shops, and a digital computer 13 at the central location. General system.-The available balance for each customer having an identification card is stored on a respective magnetic tape balance file 10, 11 (Fig. 1) which is periodically updated (for example, daily) by subscribers to the credit card system, e.g. the customer's bank, credit card company, or a merchant. The available balance represents the deposit balance plus the allowable overdraft, and is additionally stored on a magnetic disc 12 which is updated for each transaction. The magnetic disc 12 also accumulates credit for the merchants having inputoutput terminals; tne merchant's accounts are zeroed at the start of the day. A magnetic disc transaction file 16 and a back-up tape 17 list transactions occurring at all input-output terminals; these are printed-out by the on-line computer 13 at the close of the day, when the transaction file 16 is broken down by subscriber for transfer to the appropriate subscriber for updating their customers' accounts, and to provide a statistical analysis. A billing file 22 records the activity of each subscriber, for providing bills and statements using an off-line computer programme 23. A printer 18 at the central location provides a record of all unusual transactions, e.g. an identification card used too often in one day. Identification card.-The customer identification card comprises a laminated plastics card having an embedded aluminium strip. A machine-sensible secret code is pressed on the aluminium strip and is invisible to the human eye. The card is additionally punched with a visible, machine readable code including the customer's bank identification and Social Security number. The card is a telephone dialer card as described, but may alternatively comprise an embossed credit card. System uses.-The credit card system is employed for the following purposes: (a) the customer uses his identification card to cover a cash sale, the value of the sale being transferred to the appropriate merchant's account; (b) the magnetic disc files 12 are used to record discounts on cash sales; (c) the customer uses the identification card for cash withdrawal; (d) a merchant can correct mistakes made on previous transactions, or record returned goods; (e) a merchant can obtain a summary of his daily activity, on demand; (f) the computer can transmit a test message to an input-output terminal. System operation.-A merchant inserts his merchant and clerk identification card 90 (Fig. 3) into a slot 83 of an input unit 53 which, in addition to an output unit 52, is on his premises. He picks up a hand set 80 and depresses a dial start bar 82, which causes the card 90 to dial the telephone number of the digital computer 13 (Fig. 1). The computer replies with an "answer back" tone to the merchant through the hand set 80 (Fig. 3). The merchant again depresses the dial start bar 82, so that the input unit 53 releases and simultaneously reads the card 90, and transmits the merchant's identification number to the computer for verification. The customer enters his secret code on a keyboard 62 of the verifier unit 51; the completed entry illuminates a code enter light 85 on the output unit 52. The merchant removes his card 90 and inserts the customer's identification card into the slot 83, simultaneously depressing a verify switch button 63 and the dial start bar 82. The customer's card is released by the input unit 53 and simultaneously the secret code sensed. The secret code is compared by the verifier unit 51 with the keyed-in code, and a card verify light 67 illuminated; simultaneously a fifty millisecond "valid" tone is sent to the computer. (The "valid" tone and following steps do not occur for an invalid secret code comparison.) The input unit 53 senses from the identification card and transmits to the computer the customer's account number. The merchant keys in data on a keyboard 58, the data comprising a transaction code (indicating cash sale, cash withdrawal &c.), the cash amount, and an asterisk (indicating end of message). The computer processes the message and sends a reply to a printer 77 providing a sales slip showing (a) a sign indicating a valid or invalid message, (b) the data, (c) the customer's account number, (d) the merchant's identification number, (e) the transaction code, (f ) the cash amount. If the customer has a sufficiently large available balance, the cash amount is debited from the balance stored in the balance file 12 (Fig. 1), and credited to the merchant's file 12. If the available balance is insufficient, this is indicated by the invalid sign on the sales slip. System details.-The input unit 53 (Fig. 3) comprises a telephone set with touch tone dialling. Touch tone signals are transmitted to and from the computer over a standard, voice grade, half-duplex, switched network telephone line. The calls can be switched manually or automatically. At the central location, the touch tone signals are received and transmitted by a communication interface adapter (55) (Fig. 2, not reproduced), which accepts and transmits 2-out-of-8 dual frequency (touch tone) signals and converts them to and from serial, start-stop 11-bit ASCII characters (American Standard Code for Information Interchange). The characters are strobed by timing pulses. The interface can switch over from receive to transmit in less than ten milliseconds.
GB5082970A 1970-05-18 1970-10-26 System and method for transferral of funds Expired GB1293259A (en)

Applications Claiming Priority (1)

Application Number Priority Date Filing Date Title
US3817370A 1970-05-18 1970-05-18

Publications (1)

Publication Number Publication Date
GB1293259A true GB1293259A (en) 1972-10-18

Family

ID=21898466

Family Applications (1)

Application Number Title Priority Date Filing Date
GB5082970A Expired GB1293259A (en) 1970-05-18 1970-10-26 System and method for transferral of funds

Country Status (4)

Country Link
JP (1) JPS5114351B1 (en)
DE (1) DE2058906A1 (en)
FR (1) FR2092282A5 (en)
GB (1) GB1293259A (en)

Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US6560581B1 (en) 1995-06-29 2003-05-06 Visa International Service Association System and method for secure electronic commerce transaction

Families Citing this family (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US4314352A (en) * 1972-04-12 1982-02-02 Docutel Corporation Banking machine
JPS5949623B2 (en) * 1976-07-12 1984-12-04 エヌ・シ−・ア−ル・コ−ポレ−シヨン Checkout method for purchased products and point-of-sale control system using the same method
JPS5972572A (en) * 1982-10-19 1984-04-24 Omron Tateisi Electronics Co Terminal device for settlement of credit transaction
FR2678087B1 (en) * 1991-06-20 1993-09-17 Gugliuzza Sergio POS PAYMENT SYSTEM.
FR2714749A1 (en) * 1993-12-31 1995-07-07 Matusiak Wlodzimierz Electronic cheque

Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US6560581B1 (en) 1995-06-29 2003-05-06 Visa International Service Association System and method for secure electronic commerce transaction

Also Published As

Publication number Publication date
JPS5114351B1 (en) 1976-05-08
FR2092282A5 (en) 1971-01-21
DE2058906A1 (en) 1971-12-09

Similar Documents

Publication Publication Date Title
US3852571A (en) System of transferral of funds
US4673802A (en) System for making payments for transactions
EP0106361B1 (en) Terminal device for making payments for credit transactions
US3594727A (en) Credit card banking system
US3648020A (en) Automatic deposit-receiving and cash-dispensing system
US4678895A (en) System for making payments for transactions
US4636622A (en) Card user identification system
CA1271844A (en) Off line cash card system and method
US5053607A (en) Point-of-sale device particularly adapted for processing checks
CA1199406A (en) Point of sales device for the collection of sales data
US6935561B2 (en) Method for carrying out votes, referendums and polls and system for the implementation thereof
WO1997046961A1 (en) Point of sale purchasing value accumulation system
US3588449A (en) Electronic check-cashing system
US4775784A (en) Credit card imprinter authorization terminal
US5187351A (en) Processing of bank documents
CA2086570A1 (en) Systems and methods for operating data card terminals for transaction chargeback protection
US20030015589A1 (en) Combination bank/phone card and method
GB1293259A (en) System and method for transferral of funds
CA2368577C (en) A method of conducting financial transactions
EP1075134A1 (en) Telephone rate managing system
NL8400973A (en) AUDIO TRANSACTION POINT WITH INTERACTION.
JPS57197675A (en) Automatic cash transaction system
KR20220138036A (en) A simple payment (PAY) system that utilizes a POS system and a sign pad (dual monitor, display)
JPH041379B2 (en)
JPS60204075A (en) Terminal machine of credit transaction

Legal Events

Date Code Title Description
PS Patent sealed
PLE Entries relating assignments, transmissions, licences in the register of patents
PCNP Patent ceased through non-payment of renewal fee