NZ335963A - Electronic money system with enhanced security, lost notes and credit update - Google Patents

Abstract

An electronic monetary system comprises: a) an issuing bank having an on-line accounting system; b) a money issued reconciliation system; c) electronic representations of money that are accounted for in the on-line accounting system; d) a money generator module associated with the issuing bank, for generating the electronic representations of money; e) a teller module associated with the issuing bank, capable of storing the electronic representations of money; f) a transaction money module capable of transferring the electronic representations of money g) where a transfer record is appended to the electronic representations of money upon each transfer between any two of the modules, and where the electronic notes are periodically passed to the money issued reconciliation system; h) the money issued reconciliation system having a processor for analyzing the transfer records for each note to identify electronic representations of money that are lost or duplicated and i) where a subscriber of a given transaction money module submits a lost money claim identifying lost electronic representations of money to the issuing bank, and the issuing bank remunerates the subscriber based on the lost money claim and on the money issued reconciliation system confirming the validity of the lost money claim for each the lost electronic representations of money. Also disclosed is a method for creating a lost notes claim that identifies lost electronic notes associated with a subscriber's transaction money module comprising: j) the transaction money module generating a unique claim sequence number and constructing the lost notes claim as a packet including: i) the unique claim sequence number, ii) information for all transferable electronic notes stored in the transaction money module, iii) failed commit information for any electronic notes associated with failed commits by the transaction money module and iv) a digital signature and certificate of the transaction money module; and k) storing the lost notes claim on a storage medium which is independent of the transaction money module.