WO1999005655A1 - Monnaie electronique ne dependant pas de l'unite monetaire - Google Patents

Monnaie electronique ne dependant pas de l'unite monetaire Download PDF

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Publication number
WO1999005655A1
WO1999005655A1 PCT/US1998/014724 US9814724W WO9905655A1 WO 1999005655 A1 WO1999005655 A1 WO 1999005655A1 US 9814724 W US9814724 W US 9814724W WO 9905655 A1 WO9905655 A1 WO 9905655A1
Authority
WO
WIPO (PCT)
Prior art keywords
credits
electronic
credit
network
party
Prior art date
Application number
PCT/US1998/014724
Other languages
English (en)
Inventor
Hashem Sherif Mostafa
Original Assignee
At & T Corp.
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 At & T Corp. filed Critical At & T Corp.
Priority to CA002297929A priority Critical patent/CA2297929A1/fr
Priority to EP98935718A priority patent/EP0998732A1/fr
Publication of WO1999005655A1 publication Critical patent/WO1999005655A1/fr

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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
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/381—Currency conversion
    • 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

Definitions

  • the present invention relates to electronic cash systems and, more particularly, to systems wherein the Acurrency ⁇ is independent of any national currency.
  • Smart card applications have been proposed to support electronic cash transactions.
  • Electronic cash resembles physical cash in that it conveys value itself.
  • Electronic cash is a form of bearer instrument and permits two-party transactions without requiring contact with the financial institution that issued the electronic cash.
  • electronic cash is tied to a specific national currency. It does not permit an exchange among currencies.
  • the smart card must maintain up-to-the-minute information of exchange rates. Such monitoring would reduce the convenience to the consumer and limit the market acceptance of the electronic cash system.
  • a credit issuing authority issues credits to a consumer in exchange for value.
  • the consumer carries the credits on a smart card and redeems the credits to merchants when the consumer purchases goods or services.
  • the merchant offers the goods or services for a designated purchase price offered for a predetermined number of credits.
  • the consumer transfers credits to the merchant for the goods or services .
  • the merchant may redeem the credits back to the credit issuing authority.
  • the credit issuing authority redeems the credits for value in whatever denomination the merchant accepts.
  • purchasing decisions may be made without reference to individual denominations of currency.
  • a customer and a merchant transact business entirely over a network.
  • a customer communicates to a first network gateway to issue a payment order and submit the electronic cash.
  • the second gateway reformats the payment order for delivery to the merchant. If the merchant does not accept network credits, the second gateway converts the network credits into a denominator that the merchant does accept.
  • the value of the network credit in both embodiments, is tied to a value of services or some other international commodity that the credit issuing authority offers.
  • FIG. 1 is a schematic diagram of the present invention.
  • Fig. 2 is a block diagram of the smart card of Fig. 1.
  • Fig. 3 is a flow diagram of the credit terminal and the smart card operating during a credit purchasing transaction.
  • Fig. 4 is a flow diagram of the merchant terminal and the smart card operating during a sales transaction.
  • Fig. 5 is a flow diagram of the merchant terminal and the credit issuing authority operating during a credit redemption transaction.
  • Fig. 6 is a schematic diagram of the present invention constructed in accordance with a second embodiment.
  • Figs. 7(a) and 7(b) are flow diagrams of the operation of the present invention when executing a purchase transaction.
  • FIG. 1 shows the present invention constructed in accordance with a first embodiment.
  • a credit issuing authority 100 is provided in communication with a credit terminal 200 over a network 300.
  • the credit issuing authority 100 is in communication with a merchant terminal 410 via a second network 500.
  • the first and second networks 300 and 500 may be replaced by a single network (not shown) .
  • a credit storage medium 600 engages with either the purchase reader 200 or the merchant reader 400.
  • the credit storage medium 600 may be a smart card 600 that includes a processor 610, a power source 620, on board RAM and ROM memories 630 and 640 and non-volatile memory such as electronically erasable programmable ROM 650.
  • the smart card 600 possesses an I/O interface 660 for communicating with smart card readers, such as the credit reader 200 and the merchant reader 400.
  • the smart card may interface with smart card readers according to one or more protocols known in the art for smart cards.
  • the credit reader and merchant reader each include hardware typical for current smart card applications.
  • the smart card 600 may be substituted by a card with magnetic memory.
  • the credits typically are used and interchanged between consumers and a network of participating merchants.
  • a consumer presents the smart card 600 to a credit terminal 210 during a credit purchase transaction, shown in Fig. 3.
  • the smart card 600 engages with the credit reader 200.
  • the smart card 600 authenticates to the credit reader 200 (step 1000) and the credit reader 200 authenticates to the smart card 600 (step 1010) .
  • the consumer is permitted to purchase goods or services from a variety of merchants that transact with the credit issuing authority.
  • the merchants will have registered with the credit issuing authority 100 and become a member of a network of merchants that accept the network credits as electronic currency.
  • Each merchant possesses a merchant reader 400, a smart card reader, at the merchant terminal 410.
  • the merchant reader 400 engages with the smart card 600 to redeem network credits.
  • each merchant advertises its goods or services by advertising their purchase price in terms of the network credit.
  • the consumer decides to execute a purchase transaction, the consumer engages his smart card 600 with the merchant reader 400.
  • the smart card 600 authenticates to the merchant terminal 410 as shown in Fig. 4 (step 2000) .
  • the merchant terminal 410 authenticates to the smart card (step 2010) .
  • the merchant terminal 410 provides purchase price information to the smart card 600 (step 2020) .
  • the smart card 600 decrements the stored network credits by the purchase price; the merchant terminal 410 adds the purchase price to its store of network credits (step 2030) .
  • the smart card 600 disconnects from the merchant reader 400 (step 2040) .
  • the merchant redeems network credits by causing the merchant terminal 410 to contact the credit issuing authority 100 over the network 500, shown in Fig. 5.
  • the merchant terminal 410 authenticates to the credit issuing authority 100 (step 3000) and the credit issuing authority 100, in turn, authenticates to the merchant terminal 410 (step 3010) .
  • the merchant terminal 410 Upon authentication, the merchant terminal 410 returns network credits to the credit issuing authority 100 (step 3020).
  • the credit issuing authority 100 pays value to the merchant in a denomination identified by the merchant (step 3030).
  • the network connection is then broken (step 3040) .
  • Fig. 6 illustrates the present invention as applied to a network transaction.
  • a single network is used for the entire purchase transaction.
  • a customer computer 700 is in communication with a gateway 110 in the network 300, called a Acustomer gateways for convenience.
  • a merchant computer 800 in another country is in communication with a second gateway 120 in the network 300, a Amerchant gateway.
  • the customer may maintain an account at a first bank 750 issuing a first type of electronic cash and the merchant may maintain its own account at a second bank 850 that recognizes its own form of electronic cash.
  • the customer and merchant communicate sufficiently over the network 300 to permit the customer to identify goods or services that he determines to purchase.
  • Figs. 7(a) and 7(b) illustrate a protocol that is used to consummate the purchase.
  • the customer gateway 110 communicates with the merchant gateway 120 over the network 300.
  • the customer and merchant gateways confirm that each is operational and prepared to execute the purchase transaction and, further, that the merchant is a member of the merchant network (Step 4010) .
  • the customer tenders electronic cash to execute the purchase (Step 4020).
  • the customer gateway confirms that the electronic cash is network credits (Step 4030) .
  • the customer gateway also reformats the payment order into a format common to both the customer and merchant gateways (Step 4040) .
  • Swift s Inter-linking message forma t may be appropriate.
  • the customer gateway transmits the payment order to the merchant gateway. (Step 4050).
  • the customer gateway accommodates currencies other than network credits. If the customer tenders another type of electronic cash, the customer gateway 110 identifies the issuing bank 750 of the electronic cash and converts the cash into network credits (Step 4060) . Alternatively, the payment order may identify a bank 750 and an account from which the customer gateway 110 should extract cash, whether it be network tokens or some other electronic cash, to execute the transaction. Once converted into network tokens, the customer gateway 110 continues with Step 4040 as described above.
  • the consumer is free to purchase network credits with any kind of value that the credit issuing authority 100 deigns to accept. Similarly, the credit issuing authority 100 pays the merchant according to a mutually agreeable currency established when the merchant registers with the credit issuing authority.
  • the credit issuing authority 100 provides services of its own.
  • network credits may represent a right to such services.
  • AAT&T ⁇ American Telephone and Telephone
  • the consumer who purchases network credits may redeem them back to the credit issuing authority for such services or may use them as cash with a participating merchant.
  • the smart card 600 surrenders network credits to the merchant terminal 410, the smart card in effect transfers rights to telecommunications services to the merchant.
  • the merchant also may redeem network credits for the credit issuing authority's services as an alternative to redeeming them for value.
  • the credit issuing authority 100 By tying the value of a network credit to a known service, such as the value of telecommunication services in the AT&T example above, the credit issuing authority 100 maintains independence from a fluctuating relative value of the various national currencies but provides network credits at a value that is intuitively familiar to a consumer. Additionally, a service based network credit may avoid regulatory constraints that may be associated with conventional banking institutions.
  • the credit storage medium 600 has described the credit storage medium 600 as a smart card. It should be appreciated that the present invention is not so limited. A variety of alternative credit storage media may find application with the present invention, including magnetic credit cards and disposable cards with magnetic information provided thereon.

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Strategic Management (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Engineering & Computer Science (AREA)
  • Theoretical Computer Science (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

L'invention concerne un système de monnaie électronique destiné à s'utiliser dans des transactions électroniques faisant appel à plusieurs unités monétaires nationales. Une autorité émettrice de crédit émet plusieurs crédits possédant une valeur indépendante d'une unité monétaire nationale. La valeur du crédit peut être liée à la valeur des services fournis par l'autorité émettrice de crédit. Lors de l'opération, un client remet une valeur à l'autorité émettrice de crédit en échange de crédits. Le client transfère la valeur à une autre partie lors de transactions. La deuxième partie peut soit retourner les crédits à l'autorité émettrice de crédit en échange de leur valeur, soit les racheter à l'autorité émettrice de crédit en échange de services, soit les transférer à des parties tierces lors d'autres transactions.
PCT/US1998/014724 1997-07-23 1998-07-17 Monnaie electronique ne dependant pas de l'unite monetaire WO1999005655A1 (fr)

Priority Applications (2)

Application Number Priority Date Filing Date Title
CA002297929A CA2297929A1 (fr) 1997-07-23 1998-07-17 Monnaie electronique ne dependant pas de l'unite monetaire
EP98935718A EP0998732A1 (fr) 1997-07-23 1998-07-17 Monnaie electronique ne dependant pas de l'unite monetaire

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US89909297A 1997-07-23 1997-07-23
US08/899,092 1997-07-23

Publications (1)

Publication Number Publication Date
WO1999005655A1 true WO1999005655A1 (fr) 1999-02-04

Family

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Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US1998/014724 WO1999005655A1 (fr) 1997-07-23 1998-07-17 Monnaie electronique ne dependant pas de l'unite monetaire

Country Status (3)

Country Link
EP (1) EP0998732A1 (fr)
CA (1) CA2297929A1 (fr)
WO (1) WO1999005655A1 (fr)

Cited By (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
GB2364816A (en) * 2000-05-17 2002-02-06 Q P Q Ltd Electronic cash processing system
WO2002095696A1 (fr) * 2001-05-23 2002-11-28 Yong Hock Lawrence Sim Conversion monetaire
US7680712B2 (en) 2002-11-29 2010-03-16 Smart Voucher Plc Electronic processing system
US8671053B2 (en) 2004-07-12 2014-03-11 Fexco Merchant Services Direct currency conversion
WO2014111797A1 (fr) * 2013-01-19 2014-07-24 Karri Sriram Procédé et système pour intégrer des unités de crédit de marché (mcu) dans de l'argent réel

Citations (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP0251619A2 (fr) * 1986-06-26 1988-01-07 Visa International Service Association Carte à transactions portative
WO1991016691A1 (fr) * 1990-04-12 1991-10-31 Jonhig Limited Systeme de transfert de valeur
EP0542298A2 (fr) * 1991-11-15 1993-05-19 Citibank, N.A. Système fiduciaire électronique
WO1994018640A1 (fr) * 1993-02-10 1994-08-18 Turk James J Procede et systeme monetaire base sur des marchandises utiles utilises pour regler des comptes
WO1995012169A1 (fr) * 1993-10-25 1995-05-04 Visa International Service Association Procede et appareil de distribution d'argent
US5592376A (en) * 1994-06-17 1997-01-07 Commonweal Incorporated Currency and barter exchange debit card and system
WO1997004411A1 (fr) * 1995-07-24 1997-02-06 Citibank, N.A. Systeme automatique oriente client permettant de transferer des fonds entre comptes
WO1997019427A2 (fr) * 1995-11-21 1997-05-29 Citibank, N.A. Systeme de transactions sur le marche des changes

Patent Citations (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP0251619A2 (fr) * 1986-06-26 1988-01-07 Visa International Service Association Carte à transactions portative
WO1991016691A1 (fr) * 1990-04-12 1991-10-31 Jonhig Limited Systeme de transfert de valeur
EP0542298A2 (fr) * 1991-11-15 1993-05-19 Citibank, N.A. Système fiduciaire électronique
WO1994018640A1 (fr) * 1993-02-10 1994-08-18 Turk James J Procede et systeme monetaire base sur des marchandises utiles utilises pour regler des comptes
WO1995012169A1 (fr) * 1993-10-25 1995-05-04 Visa International Service Association Procede et appareil de distribution d'argent
US5592376A (en) * 1994-06-17 1997-01-07 Commonweal Incorporated Currency and barter exchange debit card and system
WO1997004411A1 (fr) * 1995-07-24 1997-02-06 Citibank, N.A. Systeme automatique oriente client permettant de transferer des fonds entre comptes
WO1997019427A2 (fr) * 1995-11-21 1997-05-29 Citibank, N.A. Systeme de transactions sur le marche des changes

Cited By (6)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
GB2364816A (en) * 2000-05-17 2002-02-06 Q P Q Ltd Electronic cash processing system
GB2364816B (en) * 2000-05-17 2003-10-29 Q P Q Ltd Electronic processing system
WO2002095696A1 (fr) * 2001-05-23 2002-11-28 Yong Hock Lawrence Sim Conversion monetaire
US7680712B2 (en) 2002-11-29 2010-03-16 Smart Voucher Plc Electronic processing system
US8671053B2 (en) 2004-07-12 2014-03-11 Fexco Merchant Services Direct currency conversion
WO2014111797A1 (fr) * 2013-01-19 2014-07-24 Karri Sriram Procédé et système pour intégrer des unités de crédit de marché (mcu) dans de l'argent réel

Also Published As

Publication number Publication date
EP0998732A1 (fr) 2000-05-10
CA2297929A1 (fr) 1999-02-04

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