WO2020091713A2

WO2020091713A2 - Certificated commercial electronic money issuance, circulation and refund method and system based on the future commercial receivables

Info

Publication number: WO2020091713A2
Application number: PCT/TR2019/050895
Authority: WO
Inventors: Memduh ASLAN
Original assignee: Aslan Memduh
Priority date: 2018-11-01
Filing date: 2019-10-24
Publication date: 2020-05-07
Also published as: TR201816364A2

Description

CERTIFICATED COMMERCIAL ELECTRONIC MONEY ISSUANCE, CIRCULATION AND REFUND METHOD AND SYSTEM BASED ON THE FUTURE COMMERCIAL RECEIVABLES

CLARIFICATION ABOUT PROJECT

With the invention by Lydians of money which represents the value of products for the purpose of resolving the problems introduced by the exchange used during the Primitive Age, trade started to be performed through money. Initially, reasons such as limited demand, easy carriage, inherent protection capability in nature and resistance to discoloration rendered gold acceptable for everyone as the physical form of money. The physical problems existing in the use of gold as a medium of exchange led, in time, to the use of notes, which represent gold, namely banknotes. However, the fact that gold demand was insufficient for the global trade resulted in the abandonment of money system based on gold. From that point onward, the national currencies that we use today (any physical or deposit money which is put into circulation by the governments and in return for which such governments provide procurement guarantee of goods/services in their own economies in reliance on their sovereignty rights) has become fiduciary.

With the development of technology, deposit money has replaced the physical money thanks to the electronic systems used in the banking sector. Physical paper banknotes and metal coins are still used for the daily transactions performed in the market.

The volume of physical money decreases with every single day and authorities try to ensure control on deposit money. Any retail trade can be documented in the daily life by virtue of bank cards described as plastic money developed and physical money transactions exceeding a certain threshold are considered suspicious. The objective to keep economy formal and conduct an efficient taxation underlies the processing of payment for the procurement of goods and services over certain amount, salaries of employees and rentals through a bank in Turkey.

The deposit money has made possible the control as to whom the money is given and what is purchased in return for it. Based on the growth of the global economy, the physical processing of payments has become almost inviable. On the other hand, money is still used physically in trade which avoids being monitored and evades taxation. The integration of a portion of such monies gained out of activities that constitute crime into the formal economy (money laundering) is screened by governments in order to catch the perpetrators and the proceeds of crime. The income generating activities, even if the generation of which is not considered as a criminal act, continue to lead to unfair competition against the formal economy through evasion from tax and social security burden.

Coinage of money is one of the sovereignty rights of the states. The states opt for borrowing based on a promise of interest in order to provide for the needs of the public when the taxes are insufficient.

Any state, as the most reliable debtor, having the power to coin money provides guaranteed income for those holding money. Such circumstance results in an alternative cost for any lending by others holding money. Today’s economy approach considers interest as are turn of money. The money coinage and borrowing in a closed economy can be considered containable in consideration of the power to tax. However, interaction of any economy with other economies presents states, having more than one money coinage power, which pledge interest for borrowing. When his situation brings about options to hold which country’s money and invest in which country’s debt instrument for those who have money, the control of any state’s money in an open economy is no longer depends on the national economy but instead the global economy. Now, states do not have the chance to always keep under control the value of their national currency.

Besides the fact that money is a legal tender, differences of value have emerged between national currencies which have become an investment instrument in terms of saving and gaining guaranteed interest income. Despite the employment of same volume of raw material, power and labor, one of the reasons to produce the same product at different costs in different countries is undercapitalization. In such economies, provision of working capital through borrowing in spite of low labor wages brings along the cost of interest. In relatively weak economies, insufficient size of the market, fund requirement of the government for infrastructure investment and monetary depreciation hinder capital accumulation. The fact that the import of such products is cheaper in the face of increasing cost also increases the current deficit and contributes to the vicious circle causing a bottleneck for the national economy.

Nowadays, money is in circulation as a debt released to governments by the central banks in return for bonds. The money no longer represents the value of a product but the respectability of a government which utilizes the debt. The power of money to create a return is a consequence of the delayed disposal of money by those who hold money and agreement of those holding money to higher interest depending on the need in question. On the other hand, small capital and those working with low number of customers, despite the possession of sufficient capital, end up with lower production than the existing potential capacity per unit of time and in turn, less profit as a consequence of not being able to return the money that they had spent for the cost assumed due to untimely collection of their receivables. The fact that money has the potential of generating the return of its existence (interest) and tendency of those holding the money to delay payments for the purpose of benefiting from the money they have slows down the redemption of monies invested in a business as a share capital and renders the working capital stable.

In summary, today money possesses its value (purchasing power) based on the respectability attached to it and convertibility to other monies. In recent years, crypto currencies have emerged in which the holder of such currencies is kept secret in order to impede the control of the governments and monitoring of the commercial activity; however, trading of which is publicly open. In order to ensure the safe and reliable exchange of such currencies, blockchain system was developed. With the use of crypto currencies, rendered digitally safe and the holder of which is kept secret, in gaining the proceeds of crime, the respectability of such currencies has increased, and such currencies have ensured substantial gains for those holders of such currencies. Different approaches have emerged in characterizing such currency based upon the argument on whether crypto currency is a real money or a commodity. On the other hand, crypto currencies have become the focus of interest for the trade given the capability of swift transfer to distant locations independently of the banking infrastructure.

While the central banks act as the guarantor of national money as the issuer of it, there is no structure to guarantee a coverage for crypto currencies. There is no such mechanism which prevents the resetting of the value of exchange of any crypto currency. However, the government injected money into the market in parallel to certain public procurement to boom the economy in line with the Keynesian approach in the aftermath of the Great Depression of 1929. On the other hand, the use of crypto currencies as a medium of exchange without any stabilizing mechanism and auditors of stability leads to sudden and swift fluctuations in the value of crypto currencies. There should be no money inflow for purchasing or money outflow for selling off any crypto currency to ensure such currencies remain constant at a certain value. The crypto currency is open to manipulation due to the objective of investment. The use of crypto currencies with a stability problem in ordinary trade is not reliable due to the fact it would hinder the control of the cost. On the other side, the creation of a fiduciary payment system by the perpetrators of illegal activity seems to be of a nature which threatens the security of countries. Consideration by many central banks of such currency as a risky and dangerous instrument has introduced the concept of imposing new regulations of digital currencies. Given the fact that the crypto currencies interfere with the realm of sovereignty of countries, the related restrictions can be predicted to increasingly continue. The principal riveting technology rather than crypto currency is the blockchain recording technology which constitutes an infrastructure for crypto currencies. Such technology has an opportunity to offer a reliable infrastructure in identifying the value of exchange among countries. Reliance is one of the most important conditions sought by economy.

The countries are in search of an opportunity of an audit for central banks while striving for an assurance of guarantee for the rights of the holders of electronic money by imposing a blockage of the coverage of electronic money by virtue of regulatory arrangements.

Major portion of the global trade is performed on US Dollars. Such situation ensures an effective position for USA in the global trade. The countries involved in the system with EURO, the single currency of the European Union, try to have a say in the global trade by merging their financial capabilities around a single currency. The United Kingdom did not feel the urge to be integrated in the monetary union given the freedom to use its own Sterling Pound within the domain of its sovereignty. Eventually, the United Kingdom decided to leave EU through BREXIT. The fact that USA, EU and England, which own a little less than the half of the entire gross national product volume of the world, hold almost the entirety of the currencies used in foreign trade has led to problems in international foreign trade. Other countries are in quest of different means and methods in order to change such disadvantageous status against the foregoing currencies. The crypto currencies and precious metals stand out as significant subjects of such quest.

Gold is a mineral which is still respected globally. The value of gold is determined based on US dollar in the international market and gold demand, despite limited, continues to increase thanks to gold mines. The gold can be converted into any currency by reason of the global respectability attached to it. There are exist examples in which gold is employed in order to avoid international financial screening. The use of gold in substantial trade due to its physical characteristics brings about the hardships in safe transportation of it. In recent years, countries without any global currency have started to increase their gold reserves in a rapid manner.

The physical magnitude issue of gold remains to be the biggest obstacle in front of the widespread use thereof. The use of gold for minor transactions is also restricted in consequence of the fact that it is a precious metal. 1 gram of gold costs around 40 US dollars. On the contrary, it is possible to divide gold into measures of unit, despite not physical, smaller than 1 gram in case of dematerialization of gold through storage in bank vaults. The ability of people to perform transfers among themselves within records representing gold may render gold a medium of payment again. In accordance with studies conducted to this end, Settlement and

Custody Bank (“Clearing House”) has activated an infrastructure which will ensure the exchange of gold among people in Turkey. The ability of those holding current gold account who may withdraw in cash the coverage of gold at any time of their desire offers the system users a capability of fast-track variation of asset position.

In general, a national currency provides purchasing power in the respective country. Given the effect of economic conditions on the respectability of money, a substantially weak economy may lead to full depreciation of money. In contrast with this, if any national currency can purchase goods or services in any other country, such fact renders this national currency valuable. Likewise, any money earned in any economy gains purchasing power in any other country through convertibility of money. Convertibility power of any currency with other currencies enhances the value of such currency. If the national currency of any country is accepted in other countries, such fact enhances the value of such currency in contrary to the depreciation in the value of the local national currency. The higher is the volume of use of any currency in trade in as many countries as possible, the higher is the value and contribution thereof to the country which coins such currency. The value of any currency today is measured based on the value of exchange with other currencies because any variation in the value of exchange alters the value of the goods to be imported. Appreciation or depreciation of money in the face of stronger currencies changes the purchasing power of the national currency in the international market. At this point, the important issue is not the rate of variation but the change in the rate of variation. The domestic market, when the currency exchange rate remains stable, may bring the prices to the appropriate value of variation in time.

Essentially, a strong and dynamic economy is a must for a strong currency. If the economy of the country which owns the currency used by the people is very strong in parallel to high diversity of goods, then you can effectively use such currency; on the other hand, in a country with weak economy coupled with lack of goods to be purchased with the national currency in that country means an ineffective opportunity of use. If any country does not own any precious mineral which is globally respected, the production stands as the only factor for the power of the currency of such country. The foregoing factor represents the fiduciary value that corresponds to the nominal value of the money.

The money, as it is exchanged as a medium of payment, ensures the creation of added value for economy. By virtue of this, the possibility to purchase the same goods or services more than once with the same money; in other words, a market boom, can be provided. Even if the money emission available in the market is not substantial, the higher is the rate of exchange of money, the higher is the added value contributed to the economy. However, time limitation stands as an obstacle for the rate of exchange. In case the money emission and rate of exchange fail to provide for the trade volume, money gains more value than the added value it creates, and the lack of money supply forces the market to perform trade on a deferred structure. The fast increase in the value of any currency renders such currency an instrument of investment and deteriorates the balance of payments in micro economy. The central bank may issue and inject new money into the market. However, increasing the money emission may introduce the risk of rapid depreciation of the value of money at times of any recession. This will, in turn, devastate the price stability of the market. The power of the economy of any country constitutes the limitations of the national currency to be accommodated in the market. For this reason, the central banks do not retain the money emission exactly needed by the market for the purpose of ensuring price stability and stability of the value of money. Fluctuations in production and increases in trade volume aggravate the development of money policy.

The fact that the money is not collected in cash in return for the delivery of the goods or services introduces the requirement to perform trade with a view to perform collection in the future (deferred collection). The delay in collecting the money expended to produce goods plus the profit will also delay the restitution of the capital, realization of added value and return of added value to investment. Delayed return of the working capital invested in the goods or services sold off will instigate undercapitalization. The undercapitalization, as is the case with our country, stands out as the biggest obstacle in front of the investments. If the working capital invested in the goods or services cannot be cashed in, the working capital will become stable and such fact will restrict the potential of the business to generate added value. Even though the working capital in any enterprise, which performs sales on a credit term of l-month, has the potential to generate added value 12 times, such potential will decline in longer credit term. Different methods have long been administered in order to ensure that any receivable arising out of term sales becomes more liquid.

If any national currency is depreciated, people holding money will incline towards more valuable currencies or reliable investment tools. In case of depreciation of money, those holding money will strive to earn profit as a result of the appreciation of the money that they hold by postponing their liabilities. When retaining money becomes attractive, people will lose their appetite to channel their assets to investment. During a timeframe elapsed between the sale of any goods and the collection of the price of such sales, the merchant will end up in loss due to the fact that the increase in acquisition cost will supersede the sales price and in turn, will clear off the opportunity to earn the same return with the same capital. The production should continue at a cost lower than the sales price in order to eliminate the risk of loss because of cost increase. The merchant who fails to manage the working capital and must wait for the collection of the price of the goods sold off shall have to procure goods on credit in consideration of his receivable. This will cause, in time, an increase in the liabilities side of the balance sheet of the business. The idea of converting a claim for receivables recognized in the assets into liquid assets by employing them as collateral for the liabilities has long been in practice. Such methods are used to pave the way for the legal ground in order to grant superior rights to the ordinary receivables in respect of the follow-up of receivables through laws.

Money which has been employed as a remedy for the physical problems of the commodity exchange in trade is now used for many different functions rather than bartering. The money itself has started to create an issue of value. In addition to the rationale that money is not enough for barter transactions, the ever-developing technology suggests that money may not be of any need in respect of barter.

Our invention is primarily intended for increasing the turnover of working capital which has already slowed down. In theory, the faster is the return of the money of any work performed with the same capital, the higher is the number of works to be performed with the same capital in a year and in turn, rate of profit margin. The foregoing situation may result in one of the two consequences; the first one is the higher profit with higher rate of turnover; in turn, the opportunity to reduce profit margin (price) will enhance the competitive power. If the price remains fixed depending upon the demand elasticity, such fact will lead to capital accumulation. Secondly, the turnover of the accelerating working capital will reduce the need for working capital when the boundaries of production and marketing are approached. Such situation will result in a surplus in the capital appropriated for the business and injection of such surplus into other investments.

We can say that the turnover of the working capital is effected by three fundamental factors: The first of which is other factors interacting with the capacity and rate of production, the second one is other factors interacting with the capacity and rate of marketing and the third factor is the capital capacity and rate of turnover. In case undercapitalization is addressed as a primary problem, then theoretically there is no need for any capital in a setting where the trade is carried out in cash. The matter that fosters the need for capital is the need to finance the costs until the collection of any sales proceeds. The more the costs are financed by a loan, cost of money (interest) will have more adverse effect on the direct profit. Since the number of products to be financed will reduce in parallel to increasing cost of money on longer credit term, the enterprises are likely to face difficulties and be in an awkward position with longer credit terms. Variable nature of interest as the return of money because of the circumstances prevailing in the country and effect of international commercial competition and struggle makes it harder for the merchant to foresee the future.

While macroeconomic conditions lead to significantly important micro economic consequences, the reactions existing in microeconomy may lead to macroeconomic consequences and vicious circles. Those which finance their own business in reliance on loan will naturally try to redeem such loan by reflecting their financing cost in the price of a product. If an economic uncertainty prevails, the future risks are also reflected in the price accompanied by the concern that the future borrowing costs would be higher. For this reason, the actors in economy try to make decisions by attempting to predict the happenings in the future rather than those in the past. Reflection of costs of risk arising out of interest and uncertainty will also increase the general level of prices. Such situation may lead to a decline in the purchasing power of the related economy, increase in the demand for money, consent of those who hold enough cash to lend money on higher interest to compensate for the loss of purchasing power and increase in the cost on account of this fact and other vicious circles of cause and effect relation.

Borrowing of money by the governments from central banks in return for a bond, offering of such bonds by central banks to financial markets and in turn, offering of the same by financial markets to customers will allow an opportunity of risk-free return for the holders of money with the actors of microeconomy within a country. People who may risk their money would unsurprisingly ask for higher return in riskier transactions. If the return of money means interest, then the market should consent to lower interest than that offered by the government.

In the event the money supply in the market is considerable in volume, the money will lose value and lenders would ask for more interest in consideration of the impairment. One of the most significant reason for high interest rates in an economy is the preference of the government for borrowing in an attempt to provide public services. Even though the borrowing initially gives rise to expansion in economy, the burden of principal refund and interest will result in economic contraction in case the borrowed money is expended for current expenditures or unproductive investments. No matter how good the economy is, financing by the government of the public services through taxes so far as possible is more beneficial macroeconomically. The review of the issue of tax income not enough for the public expenditures reveals that the most important factor is the existence of black economy. Besides the fact that black economy adversely impacts the tax income, one of the fundamental components of the issue is the existence of unfair competition against formal economy. Another issue caused by the black economy is the imbalanced price hikes resulted in due to channeling of income earned out of the back economy into real estate business in a predominant manner to evade public scrutiny and seasonal products needed by the market with low demand elasticity. Such situation gives rise to a consequence whereby enterprises in need of raw material for especially production purposes tie up some of their capital to raw material and in turn, assume inventory cost. On the other hand, such price hikes cause every now and then the funds held by the businesses being channeled to activities beyond their field of activity and decline in the rate of capital flow in the procurement chain in the related sector. The review of financial statements released to the Public Disclosure Platform reveals the observation that the equity of the businesses, despite enough level of profit, exceeds their working capital level that is needed to earn the revenue. Such situation can be said to result in the fact that the investors having invested in the shares of publicly traded company cannot earn enough profit.

The purchase of any good on credit provides great advantages for those buyers holding money in economies in which high interest rates prevail, but serious disadvantages for sellers which are bereft of money. The seller strives to dodge the interest cost introduced through long credit term by reflecting such cost on the price of goods. However, the uncertainty regarding to which extent the money gained at the end of a certain credit term at times when uncertainty prevails will compensate the cost of the same product renders the reflection of cost on price greater than the interest cost. Those who hold money, in a procurement chain from the end user to the producer in a retrospective manner, cause extension of credit term by making delayed payment to the preceding phase so far as possible in order to ensure that the money earns interest within the same duration and rapid increase in the price of goods in a process through which the goods are delivered by producer to consumer. The interest, even though it is not an added value, results in price hike. In principal, money is not a prerequisite for trade, and money is used to facilitate the exchange of goods. In such case, if the interest return of money is reduced through a tight control of variation function of money, then the adverse impacts of money on production and trade will also decrease.

In order to get rid of the negative impact of the credit term, a set of legal arrangements are included in the legal order for the purpose of ensuring that the claims for future receivables gain liquidity. The Law of Obligations accommodates assignment transactions which include a method whereby any receivable due from anyone can be transferred to anyone to whom a liability is due, as well as bills of exchange which include promises to pay with abstract acknowledgment of debt in the Commercial Code. However, the existence of prohibition to assign any transfer and receivable claim in commercial contracts and agreements, the cost of contract drafting, the fact that the term of receivable to be assigned may be longer than the term of liability and other reasons have substantially made such instrument ineffective. On the other side, the bills of exchange considered as abstract acknowledgment of debt cannot exhibit enough effect due to the fact that the payment promise cannot be honored, and creditors cannot absolutely perform the collection of receivables.

The obstacles in front of the division have been eliminated with the development of technology. There no longer exists the issue of division in terms of deposit money. Developments which benefit the fiduciary status of money and provide guarantee for the emission volume coupled with auditability have led to the invention of crypto currencies. The fact that such currencies which indeed do not have any coverage and are demanded and traded only fiduciarily provide the right to process wires informally and mostly, illegally has enhanced the interest in such currencies. Nevertheless, in spite of its characteristic as a crypto currency, the need for the banking system for the realization of money, a feature that brings forth tax losses, opportunity to serve as a tool for the transfer of crime proceeds, non-existence of any beneficiary and lack of coverage have rendered governments wary of such currencies and introduced restrictions. The practical consequences of the currency rather than the legal status thereof for the usage and transactional charges are the principal reason for the ongoing usage of such currencies in transfers performed between remote locations. The governments update their electronic money legislations in order to protect the users and requirements are introduced for retransformation to national currencies. The crypto currencies have created changes in the perception of money. Principally, the crypto currencies have enjoyed credit on the perception of scarcity based upon the statement that the crypto currencies cannot be circulated with the help of cryptography over a certain amount threshold even though they rely on the respectability of governments. Without doubt, such credit is not a consequence of the existence of virtual currency. It is the technology through which all accounts can be observed publicly through blockchain and that guarantees accuracy by clearing the modified data off the chain. The agreement upon technology is not directed towards crypto currencies but the premise that the technologies having enabled the crypto currencies may further lead to significant changes and opportunities.

The use of our invention in several countries will be taken into consideration as an element that ensures reliance in determining the common value of variation for countries. In respect of the invention, a due care has been taken for opportunities provided by the current technology, as well as compliance with the rules of order of law and existence in the regulated sphere.

In recent years, with the functionality of e-government applications in public services and regulated legal infrastructure of electronic transactions, the evaluation of electronic documents has become viable in the law of evidence. Notwithstanding the fact that the standards are not yet finalized, the rapid transformation in technology seems to consummate such need as immediate as possible.

Given the fact that the use of technology is defined in the order of law, a need has arisen to investigate the root cause of problems by re-addressing some of the problems with the support of technology. Since our problem is to increase the working capital turnover, the method related thereto should include the following requirements:

1- Liquidation of the receivable claim by converting receivable claim to liquid asset,

2- Redemption of user from debt,

3- Unlimited divisibility to be used in different purchases,

4- Opportunity to turn into cash as desired,

5- Public scrutiny,

6- Legal protection, On the other hand, such management must be used in compliance with the existing legal system and financial structures.

Based on the rationale that the area intended by our invention is regulated by virtue of legal rules, our invention has been rendered compliant with legal norms by having identified such legal norms which set the boundaries. The target area is limited with the commercial life in contemplation of the functionality of our invention by reason of legal regulations aimed at protecting consumers. The commercial code ensures a freedom so long as such freedom does not violate the fundamental principles of law and ethics in case the parties are merchants. On the other hand, our invention has been transformed into a form which may immediately be applied in industry and trade by excelling it with a view to expedite the practicability of our invention. The freedom to execute a contract, the parties of which are merchants, beyond the mandatory rules of law, stands as another aspect that facilitates the materialization of invention. Although the technological deficiencies which emerge partially in e-signature applications result in a reserved attitude towards electronic contracts, they may prove sufficient for the emergence of legal consequences for the merchant parties.

The legal system deems the issuance of qualified electronic certificates ensuring identity verification and of bills of exchange invalid. Therefore, use of electronic bills of exchange are inviable in the face of existing legal arrangement. In respect of relations between merchants, the coherent attitude or the one that is compliant with the rules imposed by any party in the absence of any written agreement are also binding for the merchants. However, it is quite difficult to detect the existence of any such coherent attitude between persons who will never face each other. Since uploading of the copies of documents following the signing thereof on paper cannot guarantee the unchangeability of such documents and due to the impracticability of this application, this stands as a problem. However, there is no obstacle for parties to bind themselves based on their unilateral will. Based on the premise that both parties cannot be expected to be in the same place electronically, the statement of unilateral will shall be binding for the party making the statement. Even if there is no requirement to use qualified electronic certificate, those who suffer for breaking of promises made by persons who unilaterally made commitment shall be deemed responsible in accordance with culpa in contrehendo (liability arising from the fault in contract negotiations). In materializing the inventions demonstrated in our project, restricted areas have not been employed to avoid any legal controversy. In an attempt for our invention to be used in industry and trade in a swift manner, the legal arrangements regarding the format of electronic money are duly complied with. The Directive numbered 2009/110EC of the European Union with which an intensive contact exists in contemplation of foreign trade and other related legislation, as well as the Turkish Code numbered 6493 about electronic money and payment systems which is compliant with the foregoing legislations are preferred thanks to the establishment of a proper infrastructure.

Because our invention aims at social benefit in priority, it is not against the law of order, but intended for a use compliant with the legal order. The boundaries of design have been identified for our invention that may have legal consequences and the invention was completed in view of such design rules. The legislation vests money issuance authority with money firms and provides the opportunity to set the free regulations in commercial transactions. In our invention, the claim for future commercial receivable arising out of transactions, the parties of which are merchants, is attached to a certificate on terms and conditions established collectively by the merchants through their free will and the individually specific certificate is converted to the form of electronic money. It shall hereinafter be referred to as“certificated commercial electronic money”.

The philosophy in issuing our invention, namely the certificate commercial electronic money, is to associate money issuance with securing a claim for any receivable but not a promise to pay a liability, departing from the traditional issuance rationale. The electronic certificate of the certificated commercial electronic money that includes a commercial agreement guarantees the timely exercise of the claim for receivable that it represents. The reason for remaining in circulation shall vanish as required by this philosophy. Upon satisfaction of the conditions, the circulation of the certificated commercial electronic money is ended, and retransformation process automatically starts due to the fact the terms of agreement are preset. The certificated commercial electronic money, as an innovation in payment instruments, has a feature that provides redemption from payment and debt is automatically repaid upon the expiry of the term without a need for any formal demand and withdrawn from circulation. This not only renders each certificated commercial electronic money unique, but also saving of certificated commercial electronic money and saving the currency over its nominal value is prevented. The only way to make use of the added value created by the certificated commercial electronic money is the requirement to reuse it for trade. Thus, the use of certificated commercial electronic money for any reasons other than trade is prevented. This further means that only the formal and controlled economy can make use of the benefits of the certificated commercial electronic money. The advantages of the certificated commercial electronic money that is suitable for use in formal economy are prevented for use by the black economy. The added value created is transmitted in any case to the national currency by which the certificated commercial electronic money is financed. The certificated commercial electronic money also prevents the accumulation of money in the hands of certain groups in contrast to physical money. While the physical currencies can be processed on printed denominations, the certificated commercial electronic money like virtual currencies can be divided into the smallest unit.

The certificated commercial electronic money can be divided into the smallest unit and is a kind of currency with a coverage for which any transaction and holder of transaction are known and which is subject to public scrutiny in line with the authorities vested according to the levels of confidentiality, and is based on a claim for a receivable and through which different buyer and seller is established, and which is automatically retransformed to the national currency upon the end of the term. The issuance, circulation and refund systems of the certificated commercial electronic money constitutes the supplementary parts of our invention. The invention includes both a new payment instrument and investment tools with which the investor knows what return he will earn at the outset. The more the certificated commercial electronic money is used through clearing/settlement method, the less is the amount of actual funding needed for the issuance and this also features as a method of money issuance without using actual money.

Each certificated commercial electronic money is completely different than the existing electronic currencies. The certificated commercial electronic money is evident in contrary to the crypto currencies, it is obvious who will use the certificated commercial electronic money for what purpose, it is registered, and such records of registration are under the constant scrutiny of the public authorities. The public authority is entitled to access and monitor the entire system and any and all details and particulars of the system use, and this system is supported by the order of law. The structure of the system is based on formal economy and closed to the access of and use by the black economy. The advantages of the system can only be used by the formal economy. The invention has an effect that reduces the unfair competition caused by the black economy. The invention provides public finance management with an audit and detection capability in locations wherein this system is employed and opportunity to implement fiscal policies in a target-oriented manner through system services.

The fact that the certificated commercial electronic money relies on a claim for a receivable and that it has a payment function paves the way for the infrastructure whereby savings can be channeled to investment in a safe and dynamic manner and the business owners are able to access working capital on more advantageous terms and conditions. Those who take role in the issuance of certificated commercial electronic money may personally offer the profit they earn out of the transactions that lead to origination of receivable claim and cash in the certificated commercial electronic money without waiting for the refund term of the system. The systems also provide a suitable infrastructure for shukuk based on the respective aspects such as certainty, absence of interest and risk-free status. Since the suitability of the liquidation process of the certificated commercial electronic money through profit sharing system requires a special expertise assessment, necessary infrastructure is provided in order to ensure such assessment is conducted.

The basic objective of the invention is to increase the working capital turnover by converting a claim into a liquid asset. The purpose is also to eliminate the failures of other methods used for the purpose of converting future receivables into liquid assets and to combine the debt redemption function of money and a guarantee to repay on the agreed time. The certificated commercial electronic money is time limited and the receivable claim automatically vanishes when the receivable claim is amortized at the date. The issuance of each certificated commercial electronic money is conditioned upon billing of the goods/services under the commercial transaction through e-invoice. Furthermore, e-invoice has been made a special requirement in money issuance after having been verified. Each certificated commercial electronic money has a matchless identification number. The certificated commercial electronic money ensures safe trade, cannot be stolen, cannot be used without the consent of the holder, the rights of holders for using certificated commercial electronic money end on the refund date and the consideration for the certificated commercial electronic money is cashed in to the accounts of the holders through automatic payment.

Given the liquid characteristic qualified to the receivable claim until cashing in, this currency results in higher profit margin and in turn, competitive capacity by virtue of the reduction of the financing costs with purchasing power at nominal value. This currency further leads to especially investment in areas like real estate and restriction on manipulative value increases by providing a safe investment opportunity at any scale in order to benefit the advantages of the certificated commercial electronic money through discounting (only entities authorized in accordance with the banking law pursuant to prevailing laws can perform discounting) and Profit Share Services and by instigating that the saved cash is used as capital.

The accelerated working capital without a need for cash money eliminates the redundant need for loan and the system also supports booming of the macro economy.

On the other hand, this system will also be helpful in mitigating the burden on jurisdiction by reducing the number of executions proceeding files arising out of payment problems. The decline in the risks of macro economy thanks to safe trade environment will also reduce the risk premiums and in turn, the cost of using money, and ensures that the profit margin in trade and competitive capacity increase.

Our invention, the certificated commercial electronic money can be used as a medium of payment at its nominal value without any decrease in the purchasing power in the trade of goods or services, and can be cashed in at any time without having to wait for the refund date through transfer to the investor with Profit Share Service.

One of the most significant features of our invention is the capability to work with other systems in an integrated manner. When any certificated commercial electronic money in any system is transferred to another system, such other system can issue and puts into circulation the equivalent certificated commercial electronic money available in such system. Since the establishment of several systems for the certificated commercial electronic money in this manner will lead to cooperation rather than competition, the clearing/settlement services are also included in the system in order to benefit the infrastructure of all systems. The certificated commercial electronic money can also be used in international trade in case the system is employed in other countries by virtue of Exchange Service.

KNOWN TECHNIQUES CONCERNING OUR INVENTION

1- In contemplation of liquidation of future receivables;

Different methods are employed in order to convert future receivables into liquid assets. These are as follows;

Current account agreement; this is a method established based on the reliance on the respectability of the parties in the market. Penal clauses may be imposed, or security is taken in case the future receivable is not honored at the maturity. Securities or real estate lien or pledge of commercial enterprise, personal surety or bank letters of guarantee may also be used as a collateral. The limited nature of collateral resources sets the limits for the trade performed through such agreements on credit. Other securities than the letter of guarantee bring about the risk of not fully covering the receivable of the holder of security, legal remedies, time and cost of charges and the risk of the party which provides the security being ended up in a loss which is greater than its debt. On the other hand, those which take goods or services from each other may have the chance to perform trade by mutually setting off the value of such goods or services. However, since the relation here is limited to two merchants and the needed goods may not always be available in sufficient quantity with the seller of the goods, this method is considered as being far from satisfying the need.

Assignment of receivable; this is a method included in the Code of Obligations. This is the partial or full transfer of receivable of any creditor due from anyone to anyone to whom such creditor has an outstanding debt. The assignment of receivable is subject to the consent of the debtor. However, most of the time, the debtor may restrict or prohibit the assignment through an agreement. On the other hand, assignment agreement is subject to stamp duty and thus, a costly operation. There is no guarantee for the debtor of the receivable under the assignment to honor its debt. The party from which a receivable is due must pay its liability in order to get rid of the debt.

Bills of exchange; this is regulated as check, bond or promissory note in our legislation and there is no stamp duty obligation for the time being. Check is a medium of payment and the coverage of any check must be available with the bank at the time of issuing such check and issuing a check without a coverage is deemed to be a crime pursuant to Check Law. The reason for the existence of check is to provide the use of money when accessing banking services is difficult or inviable. However, the need for issuing a check becomes idle in the face of common applications including internet and mobile banking applications of the banking system and payment through remittance, EFT and swift can be handled at any place. The use of deferred check is provided in practice through temporary legal arrangement in our country. In this manner, the issuer of check assumes the obligation to make available the coverage for the issued check on the date of issue. The bank which allows the use of check is under a limited responsibility in relation to each check leaf. The respect attached to check in our country is determined in relevance to the respect paid to the issuer of check. The receivable of the check bearer is not fully secured by the bank. The use of deferred check has become common in order to avoid stamp duty burden which once was applied on bonds. The check, indeed, serves as a bond in practice. Liquidity is ensured through transfer based on endorsement. Although check is transferred through endorsement, the endorsers and issuers cannot be freed of debt, unless the debt is honored. Anyone who receives a check must virtually present it to the bank to receive the consideration thereof. No payment obligation is applicable without presentation of the check with the bank. The check is paper-based and there is also a risk of wear and tear, loss or theft. Fake checks may also be circulated in the market since it is imitable due to its physical characteristics. There is no need for the existence of any commercial debt in order to endorse any check. Since check is considered a medium of payment, the non-payment of it is deemed as a crime. Check cannot be endorsed to several persons by division.

Bond (promissory note); this is the promise to pay any amount written on a bond at a certain maturity. As a rule, the debtor of any bond may not raise any objection for the promise contained on the bond. Liquidity is ensured through transfer based on endorsement. However, there is no guarantee for payment, and the non-payment of bond does not constitute a crime as it serves as a financing instrument (the beneficiary of the bond is aware of the fact that the issuer of bond does not have money at the time of issuance of bond).

Bill of exchange; any creditor transfers its receivable through a bond on which the signature of the debtor is available to its own debtor. The debtor is not obliged to accept the bill of exchange. If the debtor puts acceptance annotation on the bill of exchange, then it may become the debtor of the bond. The liquidity is ensured through transfer based on endorsement. The debtor neither has any payment guarantee, nor the debtor which has not accepted the debt may raise objection in respect of the debt. This is the form of assignment tied to a bond. It is not in common use. It is endorsable but cannot be divided.

Since the bills of exchange do not serve as a payment guarantee, it may only redeem the issuer in issuance and endorser in endorsing if the bearer of the bill honor payment at the maturity. This renders bills of exchange unreliable instruments of liquidity. In the event bills of exchange are not paid, it not only leads to survival of debt for any merchants involved in the endorsement trail, but also imposes several and joint liability together with the issuer towards the bearer having filed an execution proceeding. Since the bills of exchange are issued by persons, the time of issuance stands as another problem and such bills can be issued in a backdated manner in bad faith. On the other hand, such bills can also be issued by suppressing the will of a person and have the risk of aggrieving issuers.

There exists no liquidation method in use which is accepted without hesitation by everyone and through which the future receivable can be divided as many as can be and which absolutely ends the receivability and liability.

2- In contemplation of use of (legal) electronic money;

Our invention was transformed into the form of electronic money. For the issuance of electronic money compliant with the legal requirements and used at present, the demandant of the currency needs to deposit funds to the extent of the amount of the electronic money demanded. The bearer of the electronic money may process payments to the participants of other system that accepts the currency in the system. Such payment will redeem the remitter of electronic money from debt. The electronic money must be repaid as a fund at the time it is demanded. Since the coverage for electronic money is a cash value, the value and function thereof originate from the cash money. The electronic money can only be used by the participants of the same system. There is no such method which enables cashing in without refund (cancellation). All money available in the electronic money system is identical and cannot be distinguished.

3- In contemplation of rediscount operations;

In our law, rediscounting of receivables tied to a bond is viable. Rediscounting of any receivable is a method to cash in a future receivable claim through a loan by presenting such claim as a collateral instead of transferring such claim in return for a good or service. On the other hand, central banks may accept for discounting any commercial notes and instruments to be issued by banks in order to provide for the temporary liquidity needs of the banking sector. Banking sector benefit the rediscounting operations. Although banks may withdraw rediscount advance through commercial notes, revolving loans are utilized predominantly, for such notes have no payment guarantee. The interest rate of such loans is usually higher than that of other loans. Unless businesses need cash (they lack anything to present as a collateral for other loans), such loans are not utilized; because goods can be purchased with such notes having liquidity. The banks and factoring companies are authorized to lend such loans. Lending by unauthorized persons (in return for interest) is considered a crime in our legislation.

At present, there is no mechanism which may ensure acquisition of a receivable claim of any person indeed not known through discounting performed by financial institutions or in case no legal restriction is imposed.

4- In contemplation of profit-sharing operations;

In recent years countries strive to attract funds of Islamic sensitivity. The first application of shukuk took place in England, and Malaysia is the country which is most interested in shukuk. Lease Certificates as a capital instrument have emerged as the application of shukuk in our country. The general functioning of shukuk is the leasing of any real property- owned by a business through a transfer to a real estate asset management company and issuance of notes by the asset management company to share the income (profit) to be earned out of the rental receivable and supply it to the capital markets. However, this is an asset-based method. There are criticisms that assert that it is a circumvention in order to avoid interest condition. Although the methods of murabaha and musharaka (special form of partnership) appear safer; because they are based on assets and that they accommodate risk despite the transfer is not indeed performed. On the contrary, shukuk with guaranteed return are approached with suspicion.

On the other hand, the method of murabaha is applied by participation banks in terms of profit sharing. Any person who intends to purchase goods accordingly submit an application to a bank and the bank purchases such goods for and on behalf of such person and sells off the same good to the demandant on credit/by installments. The difference in between is considered as a profit and presented as profit sharing. However, the fact that the resulting profit is close to the current interest rates prevailing in the market attract criticism in respect for such system.

Another way of receiving profit share in commercial sense is to make investment in the shares of any company. However, the profit here is not the profit of any business but the profit earned upon the annual activities of the company. The shareholder must bear with not only the general risks of the company but also management mentality.

There is no mechanism which ensures safe participation in the profit of any business performed by parties which do not know each other.

COMPREHENSION OF KNOWN STATUS OF TECHNIQUE

There is no opportunity to issue electronic bill of exchange in order to convert trade receivables into liquid assets, for use of secure (qualified) electronic signature on bills of exchange is invalid. The certificated commercial electronic money accommodates all benefits expected of an electronic bill of exchange. Furthermore, they redeem from debt in an absolute manner when used differently than bill of exchange. The certificated commercial electronic money provides payment guarantee by combining the payment function of money and maturity function of negotiable instruments. It is money with absolute maturity and each electronic money is unique by reason of the fact that it relies upon different trade. There is no other medium of payment possessing such characteristics. Certificated commercial electronic money may be subjected to discounting. Bills of exchange may also be subjected to discounting. However, the purchasing power of certificated commercial electronic money does not change even if subjected to discounting and can be used for expenditures over the purchasing power of the party being subjected to rediscounting. Similarly, profit-sharing system ensures participation in profit without being a shareholder in any business, the profit of which is certain even with minor savings and the return of which is guaranteed. There is no other system which ensures such option. Those who acquire certificated commercial electronic money in profit-sharing system may immediately start expending it at the nominal value. Such services ensure expending without reducing the purchasing power prior to the refund date. Both services contribute a feature of short-term liquid instrument with definitive maturity to the certificated commercial electronic money. There exists no other investment instrument with a guaranteed return even if the liquidity is protected. Unlike gold for which there is no guarantee for the value of gold to increase or remain fixed, the certificated commercial electronic money is returned to its investor in higher cash value than that given in order to gain the certificated commercial electronic money obtained from rediscount or profit share services.

Bidding Sub-Services (3231 and 3242) listed under Rediscount service(323) and Profit share service (324) provide the opportunity for persons who have acquired certificated commercial electronic currencies based on a commercial transaction to rediscount and profit share biddings for the purpose of cashing in the currency on more advantageous conditions and of contributing to the working capital. The bidding system is applied in respect of governments bonds. However, the certificated commercial electronic money is based on a receivable claim and preserves the expending characteristic of the purchasing power at nominal value. There exists no legal restriction for anyone to acquire a certificated commercial electronic money from Rediscount service (323); because the cash to be given upon discounting of certificated commercial electronic money is not a loan but the current cash value of the certificated commercial electronic money. On the other hand, certificated commercial electronic currencies acquired by the financial institutions from rediscount services may be used for derivative products by the financial institutions. The Profit Share Service (324) may provide profit sharing between persons who do not know each other before and an opportunity for secure profit sharing of the certificated commercial electronic money in joint ventures. While necessary funding is appropriated for the issuance of electronic money, there is no obstacle for the provision of loan by the financial institutions even though lending by electronic money company is prohibited. The utilization of non-cash credit is enabled in parallel to funding made for certificated commercial electronic money (314, 3142). Assignment Annotation Sub-Service (3143) and Assignment Execution Sub-Service (3171). The source providers may acquire certificated commercial electronic currencies obtained from the system prior to the time of fulfilment of the liability for clearing (333) and use such currencies in circulation services (32). Start of the e-guarantee practices in the utilization of non-cash credit provides advantage in effective use of this system.

In cases where the fund corresponding to the coverage of certificated commercial electronic money is provided by non-cash credits (314,3142), the source provider (13) can automatically collect the coverage of the liability from the buyer (11) in the form of a certificated commercial electronic money prior to the maturity of liability through certificated commercial electronic money by virtue of Assignment Annotation Sub-Service (3143) and Assignment Execution Sub-Service (3171). The source provider (13), which becomes the creditor of refund from the system due to the certificated commercial electronic money that has become due, is capable of funding the certificated commercial electronic money from net liabilities through netting of receivables and payables by means of Clearing Service (332) and Collateral Clearing Sub- Service (3323). In the event any material or produced good in which such material is incorporated (10) purchased through certificate commercial electronic money is sold off in return for certificated commercial electronic money, the source provider (13) will have obtained a system liability prior to the refund date and have not utilized any source in practice.

The government may guarantee the payment of certificated commercial electronic money as a method of funding. The Guarantee Sub-Service (3141) has been incorporated in the system for this method which may be used by the state in respect of elements of incentive and subsidy. The incentive/ subsidy elements emerge as interest rate subsidy, grants and tax-duty-impost exemptions. The State, through Guarantee Sub-Service (3141), takes the financing burden off the exporter or merchant (producer) instead of granting low interest loan or grant directly to exporter or merchant (producer), and ensures that any and all elements incorporated into the cost of product are purchased by means of certificated commercial electronic money. In this manner, the production elements which contribute to the production of a product, a subject of export or trade, may collect their receivables cash in advance. In case the state does not give the incentive/subsidy elements as a grant, the state automatically collects the consideration of the liability prior to the refund date, the date of fulfilment of liability, which it guarantees for the system through certificated commercial electronic money from the buyer (11) in the form of certificated commercial electronic money. The source provider (131) which becomes the creditor of refund from the system due to certificated commercial electronic currencies, the refund date of which has become due, enables the funding of certificated commercial electronic money with less resource through netting of the receivables and payables by virtue of Settlement Service (332) and Guarantee Settlement Sub-Service (3323). In case the material purchased (10) by certificated commercial electronic money or the goods in which such material is incorporated is sold off by the buyer (11) through the use of the system in return for certificated commercial electronic money, the source provider (131) will have acquired the system liability guaranteed prior to the refund date and have not utilized any resource in practice. In this manner, the state ascertains that the incentive/ subsidy elements are directly incorporated into economy through elimination of the possibility to use them beyond the purpose of incentive/subsidy elements and the suppliers of any goods/services included in the cost of production are provided with a new supply option without a need for a loan and the merchant (exporter, producer, tradesman) can finance the goods (10) at low cost and state provides incentive/subsidy for economy without utilizing any resource (by using less resource than the benefit provided). There is no other example in which the electronic money is financed in such manner. The trade becomes viable without the use of national currency and technological solution is introduced for the barter of goods that exhibits the need for money.

Since the issuance of certificated commercial electronic money is based upon a commercial trading, this also arises as a taxable event in terms of excise taxes. For the issuance of certificated commercial electronic money, the issuance of e-Invoice and verification of which by the tax office through Verification Service (312) is required. With the first commercial operation for which certificated commercial electronic money is used accordingly; all commercial transactions will be submitted to the information/inspection of the tax office. The Tax Service (316) provides an opportunity for the state to apply new tax collection methods. In case a legal arrangement is made and a need arises, the System (30) enables a collection capability of the sales taxes included in the price of the goods sold out by certificated commercial electronic money using Primary Issuance Service (311) and Trade Service (322) and income taxes imposed on the profits earned by the investors by virtue of Profit Share Service (324) and Rediscount service (323). The System (30) performs automatic tax collection through transferring taxes into the account card of Treasury (105) and reduces the cost of tax collection. Tax assurance is secured without a need for exercising the several obligatory provisions with the system. There is no other method which provides collection opportunity at the time the taxable event arises, except for taxes, the accrual of which relies on collection. The System (30), through advantages introduced, eliminates the issue of fake documents that leads to tax loss if value added tax application is introduced by abandoning consumption type value added tax deduction or misleading documents in contemplation of the contents while voluntarily converting black economy into formal one by rendering formal economy attractive. The System (330) contributes greatly to assurance of tax security.

Since certificated commercial electronic money can only be demanded by merchants, parties decide upon how long the certificated commercial electronic money will remain in circulation through Contracting Service (313). This duration matches up with the term of receivable claim. When the circulation duration ends, those who hold certificated commercial electronic money are identified by Disbursement Service (333) by subjecting certificated commercial electronic money to transactions of Primary Refund Service (331) and refunding is processed to the accounts of holders of certificated commercial electronic money. The minimum use of money is assured through the daily operation of Refund System (33) by clearing/settling daily system liabilities and payables with the help of Clearing Service (332).

The emission of certificated commercial electronic money is determined automatically by the market based on the reason that the certificated commercial electronic money is repaid automatically upon the end of a preset term and the issuance of such currency is tied to a commercial trading. The booming in economy increases the issuance of certificated commercial electronic money and the Refund system constantly withdraws the currency out of the circulation. This prevents automatic control of certificated commercial electronic money as the automatic stabilizer and use of unnecessary certificated commercial electronic money in circulation. There is no such electronic money which has an automatic stabilizer. Automatically run Refund System (33) continuously reduces the emission of certificated commercial electronic money available in circulation. Since the certificated commercial electronic money can be used for any new commercial trading so long as it remains in circulation, it stands insufficient for the added value created by the commercial transactions for which it is used. The added value created using certificated commercial electronic money increases the demand for the national currency.

The issuance of national currency to the extent of the added value generated through the use of certificated commercial electronic money causes decrease in the value of money. The added value generated by virtue of certificated commercial electronic money provides capability of covering the public expenditures other than the tax income of the state seigniorage income through money issuance.

The nominal value of certificated commercial electronic money equals to the nominal value of the national currency and certificated commercial electronic money does not lead to any depreciation of the national currency. Besides the added value generated by the System (30), the System (30)is the reason for an increase in the purchasing power (value) of the national currency by causing a decrease in the general level of costs; hence, prices on grounds of reduced financing expenses of the buyer (11) and higher profit instigated higher working capital turnover of the seller (13). The state with the help of Guarantee Sub-Service (3141) can boom or bust economy with the help of Tax Service (316) at any time and to the extent of its liking. Because the System (30)is capable of monitoring the movements of certificated commercial electronic money, the state can audit whether or not the resource is utilized in line with the intended purpose by making capital transfer expenditures through certificated commercial electronic money. In this manner, our certificated commercial electronic money system provides the state with an opportunity to boom the economy. There is no other similar method that provides such opportunity for the state.

The System (30) offers profit-sharing opportunity between persons who do not know each other through the Profit Share Service (324). The System (30) intrinsically satisfies the requirements of shukuk in a structural manner. Shukuk Sub-Service (3241) is developed for the purpose of decision-making by the related authority to ascertain whether or not the halal requirements of shukuk are met. The profit-sharing method as offered by the System (30) does not exist in the world. Furthermore, shukuk method, similar to the profit-sharing model offered by the System (30), does not exist either.

Since the certificated commercial electronic money is used only for transactions for which e- Invoice is issued, any e-Invoice and contents thereof for which certificated commercial electronic money is used are known. The screening has not been performed before to confirm for which purpose the currencies had been used in what business. The purpose is to open the details of any transactions for which certificated commercial electronic money is used to public scrutiny. There is no such system which enables public scrutiny in such manner.

The certificated commercial electronic money has an absolute refund date through Contracting Service (313). Such maturity adds a kind of function of time to the certificated commercial currency. A type of currency which remains in circulation for a specific duration and automatically gets out of circulation has never been in practice before. In existing electronic currencies, a function of time, similar to that of the certificated commercial electronic money, does not exist. Normal electronic money is used for refund upon request and it remains in circulation unless a request is made. The System (30) offers transferrable cashing-in opportunity to holders of certificated commercial electronic money during the circulation duration. Although the value of money or that of electronic money are equal, the cashable value of the certificated commercial electronic money may vary depending on the refund date while the certificated commercial electronic money has a purchasing power at nominal value. This renders holding of certificated commercial electronic money profitable. The difference on the cost rate of the goods/services used for different repayment maturities and sales of commercial currencies having the same nominal value may result in having different simultaneous liquidation values. Buyer (11) and seller (12) determine the terms and conditions of the certificated commercial electronic money via Contracting Service (313). The System differs from the type of conventional electronic money in determining the terms by leaving such task to parties to a trade.

There is no need for a special request for the refund of the certificated commercial electronic money. The Disbursement Service (333) automatically creates pay orders for the cash payment to the accounts of the holders of certificated commercial electronic money and transmits them to the funding account. The certificated commercial electronic money is automatically withdrawn from the circulation and such automatic withdrawal is a brand new approach.

The common aspect of the certificated commercial electronic money, as a medium of both investment and payment, is the financing feature that is different than gold. The value of gold may increase or decrease relevant to national currency, whereas the cashable value of certificated commercial electronic money increases to its nominal value with every single day depending on how close the maturity is. The supply of gold may increase so long as a new gold reserve is discovered. There is no supply issue for the certificated commercial electronic money, and certificated commercial electronic money can be supplied depending on the size of the economy in which the certificated commercial electronic money is used. This not only eliminates the issue of supply, but also puts a physical and actual limit on supply. There is no such financial value which satisfies the combined features of payment, investment and financing, the supply of which is determined automatically by the dynamics of economy.

With our invention, the working capital is activated and re-transformation to working capital is speeded up until full capacity utilization for the production and marketing by eliminating the adverse impact of the maturity that prevents the turnover rate of working capital. There is no such liquidation method that eliminates the effect of time on trade albeit this method is limited in time.

Our invention offers a new financing option, the coverage for which is not a loan, to enterprises and reduces the need for borrowing. This directly ensures an increase in the net profit, reducing the financing expenses of the business. There is no similar method which reduces the need for borrowing by keeping the receivables claim liquid.

The System (30) prevents the holder of the receivable claim from recording any loss and from being devoid of profit while offering high profit-sharing option. The System (30) takes care of the interests of the merchant and does not allow the exploitation of merchant. There is no other and similar method and system which prevents any use against the interests of the market players.

In case the Profit Share Service (324) is used, acquisition of a certificated commercial electronic money having longer circulation duration for any investor intending to earn high profit becomes more attractive because the amount of the profit to be shared varies relevant to time. This results in a situation wherein the circulation duration of the electronic money extends and thus, the currency is used more in trade. In this manner, more added value can be generated with a certificated commercial electronic money funded with the same resource. This also enhances the financial resource efficiency. There is no other method or system which transforms maturity to advantage in financing.

Since the refund date of the certificated commercial electronic money is specifically known, there is no chance to save, accumulate in certain hands the certificated commercial electronic money and perform manipulation on the value thereof. The system constantly issues new electronic money by dint of those who are party to a commercial transaction and the area wherein such currency is used remains dynamic. There is no such financial instrument which keeps its value stable and is fully protected against manipulation.

The certificated commercial electronic money has the capability of generating added value without using actual money if it is planned with appropriate production circumstances and marketing opportunities. The system expels market players that does not generate added value out of the system as their funding capacity declines and prevents such players from inflicting damage upon other market players. The value of the certificated commercial electronic money is associated with the reputation and integrity of the merchant. There is no other similar financial system which automatically weeds out dishonest players from the system.

The effect of time on cost of using money decreases by virtue of the feature of the electronic money that converts commercial receivable claim into liquid asset, and it will provide production advantage on competitive prices at low cost. The certificated commercial electronic money will offer an infrastructure that will ensure perfect competitive environment. No net applicable model that may remedy the failure of market has ever emerged.

Since all system will be implemented through funded coverage under the supervision of the central bank and tax office, the government will monitor the market and earn sound tax income. The system that can be employed by the formal economy provides advantage in the face of black economy and documents black economy through voluntary compliance. No financial method which renders formal economy more advantageous compared to black economy has ever been applied.

The System (30) is compliant with the blockchain registration system. It provides that the certificated commercial electronic money is transferred among several systems through Certificate Exchange Service (326) and use of certificated commercial electronic money in different economies. In case the systems are in different countries, the certificated commercial electronic currencies can be used for import formalities through Outgoing Certificate Sub- Service (3261) and export formalities through Incoming Certificate Sub-Service (3262). In the event common value of exchange is established using opportunities provided by the blockchain technology, the System (30) offers a mutual trading opportunity with minimum money availability upon clearing/settlement operations through Systems Clearing Sub-Service (3322) while presenting an opportunity for contracting countries to do business over the value of national currency or common value of exchange. Since the certificated commercial electronic money is used directly by the merchants, the merchants have the chance to do business internationally over their own national currencies. Any similar method and any system which provides this opportunity do not exist.

For the first time, the receivable claims have become discountable publicly through Rediscount service (323). Any person who liquidates the certificated commercial electronic money by having it discounted upon any rediscounting transaction does not become indebted to the persons who order discounting. For this reason, the income earned through discounting is not an interest income. There is no obstacle for persons other than financial institutions to perform any discounting transaction in the System (30). The discounting in actual sense becomes viable for the first time in the System (30). Because rediscounting operations can only be performed by accredited financial institutions under existing circumstances (in the form of a loan), the term“financial institution” is used for those which perform rediscounting operations in remarks used for the invention in terms of not confusing it with the sharing method.

PURPOSE OF INVENTION

The purpose of the invention is to establish a new method which will procure increasing of the turnover rate of the working capital, the turnover rate of which has already reduced by converting future receivable into liquid assets, and performing more business with the same capital, and enhancing the competitive capacity with the opportunity to reduce the price in order to ensure higher profit in unit time and reduce the need for working capital and a new system which will ensure the application of this method.

BRIEF CLARIFICATION FOR DRAWINGS

For better comprehending the structuring of the existing invention and advantages together with additional elements, it should be assessed along with the figures, the clarification for which is provided herein below.

Figure 1: This is the flow diagram of the circulation of the certificated commercial electronic money in the issuance system and within circulation duration.

Figure 2: This is the flow diagram of the subject certificated commercial electronic money under the invention.

Figure 3: This shows the system services and groups on which issuance, circulation and Refund operations of the certificated commercial electronic money and precautionary formalities regarding public order are carried out.

Figure 4: This is the general flow diagram of the system and the flow diagram of the Injunction Annotation Sub-Service in the system.

Figure 5: This is the flow diagram of the services used in the Primary Issuance Service. Figure 6: This is the flow diagram of the services used in the Primary Circulation Service in the main service.

Figure 7: This is the flow diagram of the services used in the Primary Refund Service in the main service.

Figure 8: This is the flow diagram of Bidding Sub-Service listed under the Profit Share Service and Rediscount service.

Reference Numbers

Figure 1 -Flow Diagram of Issuance and Circulation System

Diagrams

10 Purchased goods

11 Buyer, that demands electronic money in order to pay the price of good

12 Seller, that accepts the payment of the goods by electronic money

13 Source providers

131 Source providers of government, incentive-subsidy transactions, guarantee providers

132 Private sector source providers, credit facility, funding, collateral providers

14 System, system software and processor

15 Certificated commercial electronic money, optional uses in circulation

151 Wire transactions, wire to other persons (remittance)

152 Profit sharing operations, transfer to investors (remittance)

153 Rediscounting transactions, transfer to financial institutions (remittance)

154 Trading transactions, transfer to sellers (remittance)

155 Exchange operations, transfer to other systems (remittance)

16 Public authority

161 Tax authority, taxation and person authorized to conduct execution and injunction proceedings for public receivables 162 Jurisdiction, person authorized to conduct execution and injunction proceedings for receivables of private legal person

163 Social Security Organization, person authorized to conduct execution and injunction proceedings for social security premium receivables

17 Duration of circulation for the certificated commercial electronic money

Actions

101 Funding/fund guarantee by the public source provider

102 Funding/fund guarantee by the private sector source provider

103 Transfer of fund into funding account

104 Issuance and circulation of certificated commercial electronic money and transfer thereof to the account of seller

105 Transfer of certificated commercial electronic money that corresponds to the tax related to the taxable event

106 Use by the seller of the circulation options

107 Wire of certificated commercial electronic money to other persons

108 Free saving of certificated commercial electronic money

109 Transfer of certificated commercial electronic money to the investor in return for a profit share

110 Cash receipt from the investors in return for certificated commercial electronic money

111 Transfer of the nominal value of the certificated commercial electronic money against the discounting thereof by the financial institution

112 Cash receipt from the financial institutions in return for certificated commercial electronic money

113 Use by the financial institution of certificated commercial electronic money in order to cover the funding liabilities

114 Transfer of certificated commercial electronic money to seller for the procurement of goods/services

115 Procurement of goods/services through certificated commercial electronic money 116 Transfer of the certificated commercial electronic money arising from the sales of goods to source providers on grounds of the assignment request made during funding of the certificated commercial electronic money issued during the purchase of goods in order to cover the liabilities

117 Use by the source providers of the circulation service of certificated commercial electronic money

118 Transfer of certificated commercial electronic money to another system (use thereof for importing in case other system is located abroad)

119 Issuance of equivalent electronic money in return for the coverage of certificated commercial electronic money (use thereof for exporting in case other system is located abroad)

120 Transferring certificated commercial electronic money to injunction party’s account for the rights related with imposed injunction procedures

121 Use of certificated commercial electronic money in circulation services due to the injunction imposed

122 Use of the certificated commercial electronic money transferred to government during the taxation of collection of public receivables in accordance with the incentive/subsidy policies for the fund guarantees

Figure 2 -Flow Diagram of Refund System

Diagrams

20 Seller: the one which holds the certificated commercial electronic money obtained from sales

21 Settlement and Custody Bank (Clearing House) desk:division commissioned by Clearing House which performs clearing/settlement operations with source providers

22 Clearing House desk; division commissioned by Clearing House which performs clearing/settlement operations with other systems

23 Source Provider; those who make available a funding account for the certificated commercial electronic money and will make Refund

231 Source providers of government

232 Source providers of private sector 24 System; system software and processor

25 Circulation options

251 Other bearers; those who acquire certificated commercial electronic money upon free disposition

252 Investor; those who acquire certificated commercial electronic money upon profit- sharing formalities

253 Financial institutions; those which acquire certificated commercial electronic money upon rediscounting operations

254 Market; those which acquire certificated commercial electronic money upon commercial trading operations

255 Other Systems; those which acquire certificated commercial electronic money upon exchange operations

26 Public Authorities; those which acquire certificated commercial electronic money upon taxation or injunction formalities

261 Tax Authority; those which acquire certificated commercial electronic money through taxation formalities or injunction formalities aimed at public receivables

262 Jurisdiction; those which acquire certificated commercial electronic money upon injunction formalities aimed at receivables of special law

263 Social Security Organization; those which acquire certificated commercial electronic money through injunction formalities made in respect of receivables of social security premiums

27 Refund date of certificated commercial electronic money

Actions

201 Refund of the balance remaining after having deducted the due liabilities of certificated commercial electronic money acquired by virtue of assignment operations of the source providers

202 Receivable claims in return for certificated commercial electronic money held by the source providers due to assignment operations

203 Refund obligation of source providers due to certificated commercial electronic money 204 Funding liability payment of the source providers after having deducted the rights the refund date of which has become due

205 Refund of balance remaining after having deducted the liabilities of the certificated commercial electronic money acquired due to exchange operations of other systems, the refund date of which has become due,

206 Receivable claims in return for the certificated commercial electronic money due to exchange operations of other systems

207 Refund obligation due to certificated commercial electronic money of other systems due to swap operations of other systems

208 Refund of certificated commercial electronic money of other systems remaining after having deducted the receivable claims of other systems, the Refund date of which has become due

209 Refund of certificated commercial electronic money to the seller which has carried out the initial sales through certificated commercial electronic money

210 Refund of certificated commercial electronic money to those who hold certificated commercial electronic money

211 Refund of certificated commercial electronic money to those who hold certificated commercial electronic money upon profit-sharing formalities

212 Refund of certificated commercial electronic money to those who hold certificated commercial electronic money upon rediscounting operations

213 Refund of certificated commercial electronic money to those who hold certificate commercial electronic money upon commercial sales operations

214 Refund of certificated commercial electronic money to the tax office which holds certificated commercial electronic money upon taxation formalities

215 Refund of certificated commercial electronic money to an account designated by the public authorities which hold certificated commercial electronic money upon injunction procedures

Figure 3- System Services

30 System (scope) 31 Issuance system; issuance system services on which issuance formalities of certificated commercial electronic money is completed

311 Primary Issuance Service; the primary service that manages the issuance of certificated commercial electronic money

312 Verification Service; verification procedures of electronic invoice

313 Contracting Service; the process of identification of requirements for certificated commercial electronic money

314 Funding Service; funding operations of certificated commercial electronic money

3141 Guarantee Sub-Service; government guarantee procedures in funding the certificated commercial electronic money under incentive/subsidy

3142 Collateral Sub-Service; Collateral procedures pertaining to timely payment of the fund by the bank with which the funding account is in funding the certificated commercial electronic money

3143 Assignment Annotation Sub-Service; assignment and assignment procedures by the issuance demandant of the certificated commercial electronic money obtained from the system against the system liabilities in case the funding is covered by government guarantee or collateral of the financial institution

315 Certification Service; creation of electronic certificate that bears the signatures of the related parties on which the terms of the certificated commercial electronic money is contained and peerless identity numbering procedures

316 Tax Service; tax collection procedures through certificated commercial electronic money used in respect of the taxable event

317 Execution Service; execution procedures that pertain to injunction and assignment annotations

3171 Assignment Execution Sub-Service; execution procedures regarding assignment annotations

3172 Injunction Execution Sub-Service; execution procedures regarding injunction annotations

32 Circulation System; circulation system services 321 Primary Circulation Service; the primary service through which the certificated commercial electronic services currency circulation services are managed

322 Trade Service; procedures relating to the use of certificated commercial electronic money in commercial procurement operations

323 Rediscount Service; rediscounting procedures of certificated commercial electronic money and procures for exchanging the certificated commercial electronic money with cash

3231 Rediscount Bidding Sub-Service; procedures for selecting the financial institution that quotes the most advantageous price for liquidation of certificated commercial electronic money through rediscounting procedures on the best terms

324 Profit-Share Service; Profit-sharing procedures of certificated commercial electronic money and exchanging thereof with cash

3241 Shukuk Sub-Service; procedures inspecting the compliance of profit-sharing with shukuk

3242 Profit-Share Bidding Sub-Service; Procedures for selecting the investor that quotes the most advantageous proposal for the liquidation of certificated commercial electronic money on profit-sharing formalities on best terms

325 Transfer Service; procedures for transferring the certificated commercial electronic money to any other participant under right of disposition

326 Certificate Exchange Service; procedures for exchanging certificated commercial electronic money with other systems

3261 Outgoing Certificate Sub-Service; procedures that manage certificated commercial electronic currencies transmitted to other systems

3262 Incoming Certificate Sub-Service; procedures that administer the use of certificated commercial electronic money coming from other systems

33 Refund System; refund system services that conclude refund formalities on the refund date

331 Primary Refund Service; primary service procedures through which refund formalities are implemented 332 Clearing Service; settlement and netting transactions of systems receivables and payables

3321 Guarantee Clearing Sub-Service; settlement and netting transactions of system receivables and payables with fund guarantee providers

3322 Systems Clearing Sub-Service; settlement and netting of systems receivables and payables with those systems with which certificated commercial electronic money exchange is performed

3323 Collateral Clearing Sub-Service; settlement and netting transactions of the system receivables and payables with fund collateral providers

333 Disbursement Service; procedures intended for selecting bearers of certificated commercial electronic money and completion of refund

34 Secondary Services; out-of-system interference procedures on the certificated commercial electronic money pursuant to governmental order

341 Injunction Annotation Secondary Service; annotation procedures of injunctions filed about those which hold certificated commercial electronic money arising out of public or private receivable claims by public authorities

Figure 4- System Flow Diagram

Diagrams

41 Participant (buyer-sender of certificate)

42 System

43 Funding Account

44 Participant (seller-receiver of certificate)

45 Primary Issuance Service

46 Primary Circulation Service

47 Primary Refund Service

48 Injunction Annotation Secondary Service

Action

401 Issuance of E-Invoice 402 Demand for certificate through transfer order

403 Demanding of funds and assignment thereof to source providers in case funding is provided by source providers

404 Transfer of fund to funding account

405 Transfer of certificate to seller

406 Transfer order intended to be used in circulation service

407 Transfer order intended to be used in circulation service

408 Initiation of automatic refund transactions

409 Preparation of refund list

410 Completion of refund transactions

411 Processing of injunction annotations

Figure 5- Flow Diagram of Primary Issuance Service

Diagrams

50 Participant (seller)

51 Participant (buyer)

52 System (Primary Issuance Service)

53 Verification Service

54 Contracting Service

55 Funding Service

56 Funding Service

57 Certification Service

58 Tax Service

59 Execution Service

Actions

501 Demanding of certificate and placing of transfer order

502 E-Invoice Search 503 Identification conditions of buyer and seller

504 Demanding of funding

505 Fund transfer

506 Notification of fund transfer

507 Certification of certificated commercial electronic money

508 Collection of tax

509 Performance of execution procedures according to assignment/injunction annotations

510 Calculation of balance certificated commercial electronic money

511 Transfer of certificated commercial electronic money

Figure 6 - Flow Diagram of Primary Issuance Service

Diagrams

60 Primary Refund Service

61 Participant (holder of certificate)

62 System (Primary Circulation Service)

63 Preference selection interfaces

64 Trade Service

65 Rediscount Service

66 Profit Share Service

67 Transfer Service

68 Certificate Exchange Service

69 Closing a preference

Actions

601 Transfer order to related party according to preference result of circulation service

602 Preference among circulation services

603 Preference of use of the certificated commercial electronic money for the procurement of Goods/Services 604 Liquidation of certificated commercial electronic money through discounting

605 Liquidation of certificated commercial electronic money through profit sharing

606 Preference of remittance of certificated commercial electronic money to another participant

607 Preference of use of certificated commercial electronic money in other system

608 Circulation Cycle

609 Initiation of automatic refund transactions

Figure 7- Flow Diagram of Primary Refund Service

Diagrams

71 System (Primary Refund Service)

72 Clearing Service

73 Disbursement Service

74 Funding Service

75 Participant

Actions

701 Calculation of net certificated commercial electronic money obligations

702 Selection of bearers of certificated commercial electronic money and preparation of refund list

703 Transmission of certificated commercial electronic money refund list to funding bank

704 Refund of certificated commercial electronic money to accounts of bearers and withdrawal from circulation

Figure 8- Bidding Sub-Services

Diagrams

81 Participant-those who hold electronic money

82 System

83 Bidding board

84 Investor -one who intends to own electronic money through purchase Actions

801 Demand for opening of bidding board

802 Opening of bidding board to collect bids

803 Proposal by investor

804 Selection of investors having awarded the bidding

DETAILED DESCRIPTION OF INVENTION

Electronic money Issuance, Circulation and Refund Method and System based on a future commercial receivable (System) (30, 42) consists of three phases. The issuance system (31, 45) through which the issuance of certificated commercial electronic money is performed, the circulation system (32, 46) which is used when certificated commercial electronic money is in circulation and the refund system (33, 47) that automatically activates on the refund date collectively comprise the System (30).

In order to issue certificated commercial electronic money, there must exist a good/service documented through an e-Invoice between parties to trading. Primary Issuance Service (311, 45) starts operating with the application (402, 501) of buyer (11, 41, 51) to pay the price of the good/service (10) through certificated commercial electronic money.

Since certificated commercial electronic money depends on a commercial receivable claim, the parties are required to document this through an e-Invoice (401). E-Invoice notified to the System (30, 42, 52) is further notified to the Tax Office by means of Verification System (312, 53) to confirm (502) the existence of e-Invoice in the system. The Verification Service (312, 53) is optional, and non-use of e-Invoices in countries which are not subject to the inspection of tax office does not weaken the functioning of the System (30). Following an e-Invoice search on Verification Service (312, 53), conditions for certificated commercial electronic money are determined (503). The buyer (11, 41, 51) who intends to pay the price of any good/service purchased accordingly with certificated commercial electronic money is asked to set the refund date. This date determines how long the certificated commercial electronic money will remain in the Primary Circulation Service (321, 46, 62). The date-conditioned certificated commercial electronic money to be issued, which is sent by the buyer (11, 41, 51), is transmitted to the account card of the seller (12, 44, 50) by means of irrevocable transfer order (402, 501). The seller (12, 44, 50) makes a commitment that it accepts the date condition received. Refund can be transferred by certificated commercial electronic money to those which accepts refund date commitment. Bearers which acquire certificated commercial electronic money from the circulation system shall be deemed to have accepted and acknowledged the terms on the certificate on account of subrogation. Seller (12, 44, 50) will have the opportunity to benefit Profit Share Service (324, 66) in case it exchanges with the system the cost information to be used in calculating the profit earned from the sales of any goods contained in the subject invoice under the sales through the certificated commercial electronic money to be acquired due to such sales. The seller (12, 44, 50) has an opportunity to enter such data in respect of goods or services contained in the e-Invoice during only the procedures of Contracting Service (313, 54), and it will not be allowed to enter such data subsequently. The Funding Service (43, 56) starts running for the transfer (404, 505) to the funding account (43, 56) of fund consideration of the certificated commercial electronic money corresponding to the amount of e-Invoice verified through the confirmation of mutual date conditions (314) (55). The certificated commercial electronic money is started to be coined with the direct depositing by the buyer (11, 41, 5l)of the fund (103) to its funding account or with the transfer of e-guarantee letter (102) pertaining to the non-cash credit allowed by the financial institution (132) to be utilized in respect of the funding following the transactions of Collateral Sub-Service (3142) or of guarantee letter (101) by the public source providers (131) under government’s promotion and support policies to the funding account (43, 56). The financial institution (132) which lends non-cash credit for the funding or public source provider (131) that provides the guarantee, in case accepted by the buyer (11, 41, 51) at the time of funding (55), save as not to exceed the fund liability of the buyer (11, 41, 51) towards the system (30, 42), may assign (116, 403) the certificated commercial electronic currencies to be acquired on the system (30,42), except for those currencies issued depending on the initial demand of the buyer (11, 41, 51) through Assignment Annotation Sub-Service (3143). Such transactions are annotated with the help of Assignment Annotation Sub-Service (3143) on the account card of the buyer (11, 41, 51) and are transferred to the account card of Source Provider (13), the related creditor of the assignment through Assignment Execution Sub-Service (3171) until the fulfilment of system liabilities arisen due to the issued fund. Following the transfer (404, 505) of fund into the funding account (43, 56), Certification Service (315, 57) issues electronic certificate for each certificated commercial electronic money (507). Such certificate includes the commitment of the buyer (11, 41, 51) , acceptance statement and commitment of seller (12, 43, 52), cost data if advised, guarantee (101) or collateral (102) information if issued through funding source providers (13), code of the country wherein system is located, identification code of the system, national currency with which the funding is made, swift code of the bank which maintains the fund account (43, 56) in which the coverage for the certificated commercial electronic money is kept, refund date, system participation code of the buyer (11, 41, 51) that requests the issuance of the commercial currency, system participation code of the seller (12, 44, 50) that accepts the certificated commercial electronic money for the amount of the e-Invoice, e-Invoice and e- Archive numbers related to e-Invoice and information about the nominal value that is the same as the e-Invoice with the certificated commercial electronic money. Sequence, country code, system code, unit code of associated currency, swift code of the bank with which is the funding account (43, 56), date of issuance, issuance number, refund date and nominal value can be publicly accessed. In case of a need for other information, system (30, 42, 52, 62) has an authorized access for running other system services and officials of public order have access to other information. Except for the information used on certificate number, other information cannot be accessed by any unauthorized persons.

The issuance of certificated commercial electronic money is defined by recording the certificated commercial electronic money tied to electronic certificate having peerless number in the buyer’s (11, 41, 51) account and it becomes operable in the circulation system (31, 46, 62) through a transfer into the seller’s (12, 44, 50) account by means of the transfer order given with the request for issuance.

In order for the certificated commercial electronic money is to be freely used by the seller (12, 44, 50), first the tax service (316, 41) is operated and if the collection of indirect taxes available on the e-Invoice is predicted pursuant to tax legislation, tax collection is enabled at the moment of occurrence of the taxable event by transferring the portion of the certificated commercial electronic money which corresponds to the indirect taxes to the account card of the Treasury (105). In the event the certificated commercial electronic money received in the account card of the Treasury (161) is used by the government in circulation services (32, 46), such currency can be employed as a payment in current public expenditures by using Trade Service (322, 64) and transfer expenditures by using Transfer Service (325, 67) and as a source of guarantee (122) in Clearing Service (72) in discharging the guarantee (102) liability provided by the government for certificated commercial electronic money.

The sequestration as an asset of certificated commercial electronic money is possible. The public authority (16) may impose injunction on certificated commercial electronic money for different purposes. When the Tax Authority (161) demands the implementation of injunction (120) upon the system (30)in terms of tax and other public claims, claims arising out of jurisdiction (162), relations of special law, Social Security Organization (163), social security premium and other receivables, annotation is attached to account card of the related (debtor) participant through Injunction Annotation Secondary Service (341, 48). The certificated commercial electronic money received in the account of seller (12, 44, 50) further to the procedures of Tax Service (316, 58) is subjected to the procedures of Execution Service (317, 59). The assignment (116) right is kept limited to only system liabilities. Since the discharging of liabilities of participants due to the system is applied prior to injunction (120) by the Injunction Execution Sub-Service (3172), any assignment liability processed by Assignment Execution Sub-Service (3143), but remains non-lifted/uncompleted in accordance with any certificated commercial electronic money fund liability is executed after having been checked by the Assignment Execution Sub-Service (3171) and the certificated commercial electronic money is transferred to the account of the assignee. The source providers (13) may use the certificated commercial electronic currencies that they acquire for their own expenditures through Trade Service (322, 64) and for transfer transactions using Transfer Service (325, 67) and employ such currencies as a clearing (332, 72) with Clearing House as a receivable claim (201, 2002) in discharging the guarantee (102) or collateral (101) liability that they have provided. In case of any remaining balance following any execution, if injunction has been imposed previously on the account card of the seller (12, 44, 50) through Injunction Annotation Secondary Service (341, 48), then the injunction is exercised through the procedures of Injunction Execution Secondary Service (341, 48). Further to the execution of the injunction, those who hold certificated commercial electronic money may employ the certificated commercial electronic money as a payment instrument (120) in the circulation services (32, 46, 62) of the system (30) instead of waiting for the refund date until such maturity. The seller (12, 44, 50), if so desires, may use the certificated commercial electronic money further to Execution Service (317, 59) in the circulation system (32, 46, 62) or retain such currency in his account card. The fund amount that corresponds to the certificated commercial electronic money not used until the refund date (27) is paid to the bank account (209) of the seller (12, 44, 75).

The Circulation System (32) is managed by Primary Circulation Service (321, 62). The seller (12, 44, 61) may use the certificated commercial electronic money that he acquires until the end of the circulation duration (17) within circulation options (15, 64, 65, 66, 67, 68) (63). In the event the seller (12, 61) intends to purchase a new good or service, he will use the Trade Service (322, 64). E-Invoice must be issued in order for the Trade Service (322,64) to be employed for any good or service to be procured. The seller (12, 44, 61) is required to notify the e-Invoice and transfer order (114, 601) of good/service (115, 603) to be purchased through the certificated commercial electronic money to the System (14, 46, 62). Further to having verified the e- Invoice to be paid with the certificated commercial electronic money with the help of Verification Service (312) and following the completion of the procedures of the Contracting Service (313) for obtaining the representations and warranties of the new seller (154) in respect of the irrevocable acceptance of the certificated commercial electronic money to be used for payment and issuance terms as set forth on the certificate, the certificated commercial electronic money is transferred to the account card of the new seller (154, 61) up to the amount of the e- Invoice in accordance with the transfer order (114, 601) of the seller (12, 44, 61) which holds certificated commercial electronic money (69). The Tax Service (316) and Execution Service (317) are first operated for the new seller (154, 61) to process any transaction on the certificated commercial electronic money.

The seller ( 12, 61 ) may transfer to the financial institution ( 151 , 61 ) the certificated commercial electronic money for the cash (112) consideration thereof earlier than the refund date (27) through Rediscount service (323, 65). The parties may set the rediscount rate to be used for rediscounting in a manner so as not to exceed the rediscount rate applied by the Central Bank on advance transactions. In case the seller (12, 61), if so desires, intends to select the one which quotes the best rediscount rate, it may request the Rediscounting Bidding Sub-Service (3231, 82) be operated in the system (14) (801). Bids (802) are collected by opening a bidding board

(83) for a duration as set by the seller (12, 6l).ETpon the completion of the bid collection duration, the service ensures that the rediscounting transaction is processed with the bid awardee (804) by selecting the financial institution (153, 84) which quoted the best bid (803). Following the rediscounting, the certificated commercial electronic money is transferred (111, 608) to the account card of such financial institution (153) through the transfer (112) of the discounted certificated commercial electronic money to the account of the seller (12, 61). Although each certificated commercial electronic money is different than the other, the financial institution (153) may use (113) the certificated commercial electronic money that it had purchased at lower cost through rediscounting (604) in the account of daily net liabilities towards the system due to funding based on the fact the clearing/settlement transactions are performed on a daily basis in the Collateral Clearing Sub-Service (3323). The certificated commercial electronic money that is acquired from the Rediscount service (323, 65) may also be used in circulation options (15, 64, 65, 67, 68), except for Profit Share Service (324, 66).

While any certificated commercial electronic money is issued or any good is sold off with the existing certificated commercial electronic money, if the seller (12, 61) has entered any information pertaining to the acquisition cost of goods contained in the e-Invoice during the procedures conducted in the Contracting Service (313), then it may open for sharing with the Profit Share Service (324, 66) half of the certificated commercial electronic money that it holds which corresponds to the portion of the profit to incur until the refund date (27). The seller (12, 61) may request the operation of Shukuk Sub-Service (3241) in order to identify and formally announce whether or not the profit share possesses requirements of shukuk by consenting to the examination of the portion that is enough to audit the compliance of the contents of the e- Invoice with shukuk. Operation of Shukuk Sub-Service (3241) shall not change the profit share. The seller (12, 81), if so desires, may request the system (14, 82) to open bidding (801) in respect of the profit to be shared; provided, that it does not exceed half of the profit to incur until the refund date (27). The bidding board (83) is opened through Profit Share Bidding Sub- Service (3242) and bids (802) will be collected until the end of the set period. The certificated commercial electronic money is transferred (109, 608) to the account of the seller (12) with the transfer by the seller of the consideration of the certificated commercial electronic money other than the profit corresponding to the share of the investor of the profit share (152, 84) after having selected (804) the profit share demandant (84). Those who hold certificated commercial electronic money from Profit Share Service (324, 66) may use their profit share rights (605) for the days remaining from Profit Share Service (324, 66) through transferring them. The seller (12, 61) may not only liquidate the certificated commercial electronic money through Profit- Share Service (324, 66), but also the system offers an opportunity for the small investors (savers) to make use of its money without interest and ensure that savings are directly transformed to investment and encourage savings in fiduciary money over certificated commercial electronic money. The Profit-Sharing Sub-Service (3242, 82) provides the seller (12, 81) with the liquidation opportunity at the best terms and encourage the swift liquidation of goods/services with high added value by ensuring that saving investors (84) have appropriate benchmarking and selecting the one which makes profit sharing at the best terms. The certificated commercial electronic currencies acquired from the Profit Share Service (324, 66) can benefit from all circulation options (15).

Although the certificated commercial electronic money is issued principally for the purpose of rendering the working capital liquid, the certificated commercial electronic money acquired may exceed the needs of the enterprise. In such case, free saving right (108, 606) is granted to the holder of the certificated commercial electronic money in an attempt to ensure that the certificated commercial electronic money is employed by other participants as a working capital. Any good or service of cash can be transferred (107, 608) to the account of anyone (151) without coverage through Transfer Service (325, 67). The supervision on which the purpose of such transfer is processed is left to the public agencies acting within the public order. The certificated commercial electronic money acquired through Transfer Service (325, 67) may employ other circulation options (15) other than Profit Share Service (324, 66).

The authority to issue electronic money is vested with electronic money entities which have obtained authorization certificate by possessing requirements as determined by laws. The certificated commercial electronic money is a special kind of electronic money. There are several electronic money entities, and anyone who satisfies such requirements may access the sector. In such case, each electronic money entity may issue a certificated commercial electronic money in its system. For the certificated commercial electronic currencies issued in several systems to be used in other systems, the Certificate Exchange Service (326, 68) is developed. For any currency issued in any system to be used in another system, Outgoing Certificate Sub-Service (3261) in the sender system and Incoming Certificate Sub-Service (3261) can be operated simultaneously. In case the seller (12, 44, 61) lodges a request (607) for an exchange of a certificated commercial electronic money with the certificated commercial electronic money of another system (155), the certificated commercial electronic money contained in the account card of the seller is transferred (118, 608) to be further used in respect of the fund liability of the equivalent certificated commercial electronic money to be coined in another system. The details of certificate needed for the use in other system (155) is also transferred. Other system (155) transfers (119, 608) to the account card of the seller (12, 44, 61) in other system by coining equivalent certificated commercial electronic money, subjecting it to Certification Service (315, 57) in its own system for the electronic money that has the same nominal value and circulation duration as the certificated commercial electronic money transferred to such system. The seller (12, 44, 61) continues to benefit circulation options (15) of other system (155) and the certificated commercial electronic money exchanged through Certificate Exchange Service (326, 68). The Certificate Exchange Service (326, 68), by allowing the use of any currency issued in any electronic money entity in other systems by virtue of fund liabilities, render certificated commercial electronic money usable in all systems. In case other system is in any other country, Certificate exchange Service (326, 68) is employed in import (118) and export (119) transactions as foreign trade transactions.

The refund system (33, 71) is operated automatically upon ceasing the use of the certificated commercial electronic money in the circulation system on the refund date (27). The certificated commercial electronic currencies contained in the account cards of both the pubic (231) and private (232) source providers (23) which have an outstanding fund liability due to the system are gathered by selecting the bearers for each certificated commercial electronic money having a refund date (27). The certificated commercial electronic currencies outgoing to each system are combined with the electronic currencies coming from other systems. Firstly, the Clearing Service (332, 72) is operated in order to select the mutual net receivables and payables.

The public source providers (231) advise Clearing House (21) the daily funding guarantee (203) liabilities and fund receivables to be repaid (202) due to the certificated commercial electronic money, if any, held thereby through Guarantee Clearing Sub-Service (3321) and the System (24) advises the certificated commercial electronic currencies which have become due for refund contained in the account card of the public source provider (231) with the certificated commercial electronic money liability of the public source provider (231). Further to the comparison of receivables and payables, if Clearing House is the creditor of the system public source provider (24) upon clearing/settlement operation, the public source provider (231) deposit cash (204, 703) in the funding account (74) to the extent of net receivable amount. In case the public source provider (231) is the creditor, the fund is transferred (201, 704) from the funding account (24, 74) to the account of the public source provider (231).

For non-cash credits, private sector source providers (232) notify to Clearing House (21) through Collateral Clearing Sub-Service (3323) daily fund guarantee liabilities (203) and fund receivables (202) to be repaid due to certificated commercial electronic money, if any, which has become due, whereas the system (24) notifies the certificated commercial electronic money liability of the private sector source provider (232) that has become due and matured certificated commercial electronic currencies contained in the account card of the private sector source provider (232). Further to the comparison of receivables and payables, if, upon clearing/settlement operation, the system is the creditor of the private sector source provider (232), then Clearing House (21) deposits (204) cash into the funding account (74) of the private sector source provider (232) to the extent of net receivable amount. In case the public source provider (231) is the creditor, then fund is transferred from funding account (24, 74) to the account of the private sector source provider (232).

For other systems (255), other systems (255) notify to Clearing House (22) the certificate commercial electronic money liabilities which they have transferred (207) to the system (74) through Outgoing Certificate Sub-Service (3261) and which have become due for refund, as well as the fund receivables (208) arising out of the certificated commercial electronic money that they had acquired through Incoming Certificate Sub-Service (3262) contained in the account cards of the system (24), whereas the system (24) notifies to the same the fund receivables arising out of the certificated commercial electronic money of other system acquired from other system (255) through Incoming Certificated Sub-Service (3262) along with the fund liability arising out of the certificated commercial electronic money transmitted to the other system (255) through Outgoing Certificate Sub-Service (3261). Further to comparison of the receivables and payables, if, upon clearing/settlement, the system (24) is the creditor of the other system (255), then Clearing House (21) deposits (208) cash into the funding account of the other system (255) to the extent of the net receivable amount. In case the other system (255) is the creditor, then it transfers (205, 704) the fund from the fund account (24, 74) to the funding account of the other system (2255).

The Disbursement Service (333, 73) is operated in order to prepare the refund lists (702) after having netted the fund liabilities (701) available in the funding account through Clearing Service (332). All participants (75) which are fund creditors as selected by the Disbursement Service (333, 73) are notified to the funding account (74) with refund lists (703) and refunds are made (704) to the bank accounts of the fund receivable creditors (75). All certificated commercial electronic currencies which have become due on refund date (27) are completely withdrawn from circulation by completing a fund refund (209) to the bank account of the seller (20) who holds certificated commercial electronic money due to initial issuance, a fund refund (210) to the bank accounts of other bearers (251) which have certificated commercial electronic money through Transfer Service (325), a fund refund to the bank account of the investor (252) which has certificated commercial electronic money through Profit Share Service (324), a fund refund (212) to the bank account of the financial institution (253) which has certificated commercial electronic money through Rediscount Service (323), a fund refund (213) to the bank accounts of the market players (254) which have certificated commercial electronic money through the Trade Service (322), a fund refund (214) to the bank account of the tax office (261) which has certificated commercial electronic money through the Tax Service (316), a fund refund (215, 704) to the bank account as designated by the tax office (261) and social security organization (263) and jurisdiction authority (262) which have certificated commercial electronic money due to the injunctions imposed through Injunction Execution Sub-Service (3172). The system (30) conclude their function for the certificated commercial electronic currencies through Disbursement Service (332) on the refund date (27).

The system cycle (30) is completed separately for each certificated commercial electronic money. The Primary Refund Service (33, 47, 71) is operated jointly for all certificated commercial electronic currencies the term of which have expired. The functioning of the system is ensured by using the least amount of funds through collective clearing and settlement operations.

Claims

1. The invention is a certificated commercial electronic money issuance (31, 45), circulation (32, 46) and refund (33, 47) method and system and the characteristics thereof consists of the following process steps (main and secondary (sub) services); a. Issuance of certificated commercial electronic money (Primary Issuance Service) (311, 45, 52)

b. Circulation of certificated commercial electronic money (Primary Circulation Service) (321, 46, 62)

c. Refund of certificated commercial electronic money (Primary Refund Service) (331, 47, 71)

d. Cautionary judgment imposed on certificated commercial electronic money (Injunction Annotation Sub-Service) (341, 48)

2. The characteristic of Primary Issuance Service (311, 45, 52) in Claim 1, which completes the transfer transactions of certificated electronic money in the account card of the commercial good/service supplier participant in line with the transfer order of the certificated commercial electronic money that provides low cost financing feature in respect of certificated commercial electronic money consists of the following process steps (services);

a. Verification of authenticity of the e-Invoice issued in respect of any commercial transaction, and the fact that such invoice has not been used for any other transaction (Verification Service) (312, 53);

b. Contract drafting through compilation of the will and terms of the parties to the commercial transaction (Contracting Service) (313, 54)

c. Funding which guarantees the payment of certificated commercial currency on the payment due date (Funding Service) (314, 55)

d. Certification which contains the terms of certificated commercial currency used in circulation and which carries out peerless numbering (Certification Service) (315, 57)

e. Tax collection at the moment of occurrence of taxable event (Tax Service) (316, 58);

f. Execution of any measure and assignment (Execution Service) (317, 59)

3. The characteristic of Verification Service (312, 53) in Claim 2, that ensures the verification of the authenticity of e-Invoice (10) issued in connection with any commercial transaction is the capability to search/verify (502) any e-Invoice to be taken as a basis for the issuance of commercial money without employing any instrument on the system of the Revenue Administration and to check whether or not any subject e-

Invoice under the certificated commercial electronic money has not been employed for any other transaction in the past.

4. The characteristic of Contracting Service in Claim 2 , that drafts contracts through compilation of wills and terms of the parties to any commercial transaction (11, 12) is the feature that allows the mutual confirmation and agreement (503) on the terms without having to gather the parties.

5. The characteristic of Funding Service (314, 55) in Claim 2, that guarantees the payment of the certificated commercial electronic money on the refund date consists of the following alternative process steps (sub-services),

a. To guarantee (101) the payment of certificated commercial electronic money that ensures funds transfer into private sector for any reason such as incentive and subsidy system of the government (131) or any other reason whatsoever (Guarantee Sub-Service) (3141)

b . To secure ( 101 ) the payment of certificated commercial electronic money on the payment due date by the financial institutions (132) or sureties (Collateral Sub- Service) (3142)

c. To guarantee the consideration of system liability (116) from the buyer (11) in favor of which those guaranteeing and securing the payment of certificated commercial electronic money on the refund date (Assignment Annotation Sub- Service) (3143)

6. The characteristic of Guarantee Sub-Service (3141) in Claim 5, which guarantees (101) the payment of certificated commercial electronic money that ensures funds transfer to private sector for any reason such as incentive and subsidy system of the government (131) or any other reason whatso ever is the opportunity that allows the buyer (11) to submit application with the incentive/subsidy system (504) without employing any instrument, and that ensures the funding of certificate commercial electronic money in reliance on government guarantee.

7. The characteristic of Collateral Sub-Service (3142) in Claim 5, that secures the payment of certificated commercial electronic money (102) by the financial institutions (132) or sureties on the refund date is the opportunity that allows the buyer to submit an application with any financial institutions without using any instrument (504) and to fund the certificated commercial electronic money with non-cash credit, if any.

8. The characteristic of Assignment Annotation Sub-Service (3143) in Claim 5, that ensures the collection of a guarantee (116) securing the payment of the certificated commercial electronic money on the refund date or a collateral for the system liability from the buyer (11) in favor of which those having provided the collateral act is to ensure that assignee (131, 132) and fimder collectively annotate on the account card of the buyer (11) to the extent of the system liability needed in order to fund the certificated commercial electronic money through Guarantee Sub-Service (3141) and Collateral Sub-Service (3142).

9. The characteristic of Certification Service (315, 57) in Claim 2, that contains the terms of use of the certificated commercial electronic money and makes peerless numbering is to ensure the creation of certification by processing the rules as set in coordination with Contracting Service (313) in respect of certificated commercial electronic money.

10. The characteristic of Tax Service (316, 58) in Claim 2, that renders possible the tax collection at the moment of occurrence of taxable event is to ensure that the amount corresponding to the portion of the certificated commercial electronic money issued for the e-invoice corresponding to tax is transferred to the account card of Tax Office.

11. The characteristic of Execution Service (317, 59) in Claim 2, that performs the execution of any measures and assignment consists of the following process steps (sub- services), a. Execution of assignments (116) which are received from the buyer by those having provided guarantee or collateral (131, 132) for the system liability in the issuance of certificated commercial electronic money against the certificated commercial electronic money liability and which are annotated to the system (3143) (Assignment Execution Sub-Service) (3171)

b . Execution of measures (120) annotated (341 ) on the account cards of the holders of certificated commercial electronic money of the public authority (jurisdiction, tax office, social security organization and other competent authorities) (Measure Execution Sub-Service) (3172)

12. The characteristic of Assignment Execution Sub-Service (3171) in Claim 11, that performs the execution of assignments (116) which are received from the buyer (11) by those (131, 132) having provided guarantee or collateral against the issued certificate commercial electronic money liability and which are annotated (3143) into the system during the issuance of certificated commercial electronic money (3143) is to ensure the transfer of certificated commercial electronic money received in the account card of the buyer (11) to the account card of annotation holder until the amount of which attains the annotated value that is annotated in favor of the receiver of annotation and the automatic deletion of the annotation upon the completion of transfer of the annotated amount.

13. The characteristic of Injunction Execution Sub-Service (3172) in Claim 11, that performs the execution of the measures (120) annotated by the public authority (jurisdiction, tax office, social security organization and other competent authorities vested with the power to impose any injunction) is to ensure the transfer of certificated commercial electronic money received in the account card of the buyer (11) to the account card of annotation holder until the amount of which attains the annotated value that is annotated through Injunction Annotation Secondary-Service (341).

14. The characteristic of Primary Circulation Service (321, 46, 62) in Claim 1, that ensures the effective use of certificated commercial electronic money until the refund date instead of waiting for the maturity thereof consists of the following alternative process steps (services), a. Procurement of goods/services against a sales note (e-Invoice/cash register slip) issued electronically through certificated commercial electronic money (Trade Service) (322, 64)

b. Rediscounting of certificated commercial electronic money that allows cashing in through a transfer to any participant on the value discounted over the effective discount rate and days to elapse until the refund date prior to the refund date (Rediscount Service) (323, 65)

c. Profit Sharing that allows liquidation of the certificated commercial electronic money, prior to the refund date, through a transfer to any other participant over a value to be earned upon having deducted the profit share to be calculated over the portion of the agreed gross profit earned out of the subject commercial transaction under the acquisition of the certificated commercial electronic money corresponding to the remaining number of days up to the refund date (Profit Share Service) (324, 66)

d. Transfer that allows the remittance of certificated commercial electronic money to any third parties which are the system participant for any reasons existing among such third parties (Transfer Service) (325, 67),

e. Exchange that ensures the use of certificated commercial electronic money in other systems employing similar system and use certificated commercial electronic money issued in other systems in the system(Exchange Service) (326, 68)

15. The characteristic of Trade Service (322, 64) in Claim 14, that ensures with the help of the certificated commercial electronic money the procurement of goods/services against a sales note (e-Invoice/cash register slip) issued electronically through certificated commercial electronic money is to ensure the procurement of goods/services by employing process steps of Verification Service (312) in Claim 3, Contracting Service (313) in Claim 4, Tax Service (316) in Claim 10 and Execution Service (317) in Claim 11.

16. The characteristic of Rediscount Service (323, 65) in Claim 14, that allows cashing in through a transfer to any participant on the value discounted over the effective discount rate and days to elapse until the refund date prior to the refund date is to ensure the transfer of certificated commercial electronic money into the account of rediscount holder by calculating the cash value over current rediscount rate and consists of the following alternative process steps,

a. Bid that ensures attainment of higher cash value through lower discount rate (Rediscount Bidding Sub-Service) (3231)

17. The characteristic ofRediscount Bidding Sub-Service (3231) in Claim 16, that ensures attainment of higher cash value through lower discount rate is to ensure the collection of bids (802) of applicants within a pre-set period of time by opening (801) bid board (83) and transfer of the cash secured certificated commercial electronic money to the most eligible bidder (804, 83) for the account of the one having claimed profit share upon having set the most appropriate discount rate over best conditions.

18. The characteristic of Profit Share Service (324, 66) in Claim 14, that allows liquidation of the certificated commercial electronic money, prior to the refund date, through a transfer to any other participant over a value to be obtained upon having deducted the profit share to be calculated over the portion of the agreed gross profit earned out of the subject commercial transaction under the acquisition of the certificated commercial electronic money corresponding to the remaining number of days up to the refund date is to ensure transfer of the profit share agreed upon by the supplier (12) over the gross profit earned out of the sale of goods under the e-invoice of the certificated commercial electronic money by calculating the cash value by deducting such gross profit from the nominal value of the certificated commercial electronic money to the account of the one which claims profit share and consists of the following process steps (sub-services), a. To check the compliance of subject e-invoice under the profit sharing with shukuk (Shukuk Sub-Service) (3241)

b. Bid that ensures attainment of higher cash value through lower profit share (Profit Share Bid Sub-Service) (3242)

19. The characteristic of Shukuk Sub-Service (3241) in Claim 18, that controls the compliance of the subject e-invoice under the profit share is to ensure the annotation of shukuk compliance on the certificated commercial electronic money in case the contents of e-invoice match with the codes of the goods that are compliant with shukuk on the database by virtue of a comparison made with the database.

20. The characteristic of Profit Share Bid Sub-Service (3242) in Claim 18, that ensures attainment of higher cash value through lower profit share rate is to ensure the collection of bids (802) of applicants within a pre-set period of time by opening (801) bid board (83) and transfer of the cash secured certificated commercial electronic money to the most eligible bidder (804, 83) for the account of the one having claimed profit share upon having set the most appropriate discount rate over best conditions.

21. The characteristic of Transfer Service (325, 67) in Claim 14, that allows the remittance of certificated commercial electronic money to any third parties which act as the system participant for any reasons existing among such third parties is to ensure transfer from the account card of the holder of the certificated commercial electronic money to the account card of any other party.

22. The characteristic of Certificate Exchange Service (326, 68) in Claim 14, that ensures the use of certificated commercial electronic money in other systems employing similar systems and use of certificate commercial electronic money issued in other systems in the system consists of the following process steps (sub-services)

a. Use of certificated commercial electronic money in other systems (Outgoing Certificate Sub-Service) (3261)

b . The use of certificated commercial electronic money put into circulation through issuance in other systems (Incoming Certificate Sub-Service) (3262)

23. The characteristic of Outgoing Certificate Sub-Service (3261) in Claim 22, that provides the use of certificated commercial electronic money in other systems is to ensure the transfer of certificated commercial electronic money held in the account card of the holder of the certificated commercial electronic money to the account card of other systems.

24. The characteristic of Incoming Certificate Sub-Service (3262) in Claim 22, that provides the use of certificated commercial electronic money put into circulation through issuance on other systems is to ensure the coinage of equivalent certificated commercial electronic money in the system through Certificate Service (315) in Claim 9 of the certificated commercial electronic money in other system and put such money into circulation after having passed it through the process steps specified in Execution Service (317) in Claim 11.

25. The characteristic of Primary Refund Service (331, 47, 71) in Claim 1, that abolishes the use of certificated commercial electronic money the refund of which is processed by paying the consideration for certificated commercial electronic money automatically into the bank accounts of the holders of certificated commercial electronic money in their accounts, the refund date of which have become due, without a need for any further request thereby consists of the following process steps (services)

a. The clearing/settlement through which the net receivables due from or net liabilities due to the system of those participants having fund receivable against the commercial money, the refund date thereof has become due in their accounts besides their existing system liabilities (Clearing Service) (332, 72) b. The disbursement system through which the refund lists are and fund refund orders to fund accounts are prepared by selecting those having fund receivable in their accounts against commercial money consideration, the refund date of which has become due in the system among those having no system liability (Disbursement Service) (333, 73)

26. The characteristic of Clearing Service (332, 72) t in Claim 25, hat is used to calculate the net receivables due from or net liabilities due to the system of those participants having fund receivable against the commercial money the refund date of which has become due in their accounts besides their existing system liabilities consists of the following process steps (sub-services) and creation of the list of net liabilities.

a. Calculation of net system liabilities of collateral providers (131) (Collateral Clearing Sub-Service) (3331)

b. Calculation of net system liabilities of other systems (155) (Systems Clearing Sub-Service) (3332)

c. Calculation of net system liabilities of those providing collateral (132) (Collateral Clearing Sub-Service) (3333)

27. The characteristic of Collateral Clearing Sub-Service (3331) in Claim 26, that calculates the net system liabilities of collateral providers is to calculate the net liability further to the deduction of certificated commercial electronic money which is earned through the assignment service from the system liabilities of collateral providers on the refund date through Settlement and Custody Bank (Clearing House) and the refund date of which has become due.

28. The characteristic of Systems Clearing Sub-Service (3332) in Claim 26, that calculates the net liabilities of other systems (155) due to the system is to ensure the calculation of net liability further to deduction of certificated commercial electronic money, the refund date of which has become due, that has been transferred to the account card of other system through Outgoing Certificate from the certificated commercial electronic money of other system contained in the account card of the system, the refund date of which has become due through Settlement and Custody Bank and Incoming Certificate Sub- Service (3262).

29. The characteristic of Collateral Clearing Sub-Service (3333) in Claim 26, that provides the calculation of the net liabilities of collateral providers due to the system is to ensure the calculation of net liabilities further to the deduction of the certificated commercial electronic money which is earned through the assignment service of collateral providers and the refund date of which has become due, from the liabilities of the collateral providers due to the system through Settlement and Custody Bank on the refund date.

30. The characteristic of Disbursement Service (333, 73) in Claim 25, through which the refund lists and fund refund orders to fund accounts are prepared by selecting those having fund receivable in their accounts against commercial money consideration, the refund date of which has become due in the system among those having no system liability is to ensure the preparation of list by selecting the holders of the certificated commercial electronic money the refund date of which has become due and by calculating the refund amounts and transmission of refund orders to the fund account.

31. The characteristic of Injunction Annotation Secondary Service (341, 48) in Claim 1, that performs the execution of the legal measures by execution offices, tax office, social security organization, courts and other competent authorities on the certificated commercial electronic money contained in the account cards of participants is to ensure capability of making annotations on the account card of the related participant directly through the system without the use by such competent authorities of any instrument.