WO2002025605A1 - System and method for exchanging assets between user terminals in a communications network - Google Patents

System and method for exchanging assets between user terminals in a communications network Download PDF

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Publication number
WO2002025605A1
WO2002025605A1 PCT/SE2001/002023 SE0102023W WO0225605A1 WO 2002025605 A1 WO2002025605 A1 WO 2002025605A1 SE 0102023 W SE0102023 W SE 0102023W WO 0225605 A1 WO0225605 A1 WO 0225605A1
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WO
WIPO (PCT)
Prior art keywords
fund
terminal
representation
assets
message
Prior art date
Application number
PCT/SE2001/002023
Other languages
French (fr)
Inventor
Jannis Christoforidis
Original Assignee
Christoforidis, Karlsten & Söderström Ab
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Priority claimed from SE0003362A external-priority patent/SE525653C2/en
Application filed by Christoforidis, Karlsten & Söderström Ab filed Critical Christoforidis, Karlsten & Söderström Ab
Priority to AU2001290427A priority Critical patent/AU2001290427A1/en
Publication of WO2002025605A1 publication Critical patent/WO2002025605A1/en

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/08—Payment architectures
    • G06Q20/12—Payment architectures specially adapted for electronic shopping systems
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/04—Payment circuits

Definitions

  • the invention relates to a system for exchanging assets between user terminals in an open electronic communications network interconnecting a plurality of user terminals and an issuer terminal, said issuer terminal includes a database of funds and a method for enabling exchange of assets between user terminals in an open electronic communications network interconnecting a plurality of user terminals and an issuer terminal, said issuer terminal includes a database of funds.
  • User terminals include Seller terminals, which promotes sales on the Internet in exchange of payment, and Buyer terminals, which search for purchase options on the Internet.
  • Seller terminals which promotes sales on the Internet in exchange of payment
  • Buyer terminals which search for purchase options on the Internet.
  • a variety of different payment systems for the Internet are known, for example use of existing credit card systems, payment on delivery and by establishing of accounts at the Seller terminal. These systems have proved to include uncertainty either for the Seller or for the Buyer.
  • In order to reduce the risk for fraud from both Buyers and Sellers systems resembling ordinary cash payment systems have been established for use on the Internet. Examples of such systems are DigiCash of Amsterdam, the Netherlands and CyberCash of Reston, Virginia, USA.
  • US 5999625 relates to a cash payment system intended for the Internet, including a cryptographic method for representing funds in a secure way when funds moves from payer to payee and back to an issuer.
  • the main object of the invention is to provide a cryptographic method.
  • the system includes a number of user terminals connected in an open electronic network, also comprising an issue terminal.
  • a method involves providing cash or asset units, which are allocated an identification number code that is person independent. This code is forwarded together with the size of any cash or asset units to a payee by electronic means. The funds of this payment offering are checked by the payee with a provider. Cash or asset units are then transferred by the provider to the payee if the funds are available. The process is stopped if insufficient funds are available. The paid units are deducted and a confirmation is provided electronically. An Independent claim is included for a cash or asset unit card.
  • Issuer terminals which manage funds in a database. These funds are available for a Purchaser or Payee by registering and opening of an account at the Issuer terminal.
  • the need to register at the Issuer terminal which is frequently done by providing information of bank accounts or credit card numbers to the Issuer in order to obtain access to database funds, results in that the Buyer or Payee has to disclose sensitive information.
  • the systems of the prior art through using pseudonyms or the like do not provide for a good anonymity as in the present invention.
  • An object of the invention is to provide increased safety for a Purchaser or Payee by systems which provides access to database funds of predetermined maximum value for an anonymous Payee or Purchaser, thereby including all possible payment systems for a Purchaser or Payee to get access to a database fund, including cash payment.
  • a further object of the invention is to provide access for anonymous Purchasers or Payees to database funds of a predetermined maximum value intended as payment means in an open electronic communication network for Buyers located at diverse geographic locations with a possibility to a cash payment for access to a database fund.
  • a system for exchanging assets between user terminals in an open electronic communications network according to claim 1.
  • the Purchaser or Payee can remain anonymous and receive funds and fund representations for cash payment.
  • the agent terminals are registered at the issuer terminal, whereby the issuer can administrate the transactions between Issuer terminals and Agent terminals via an electronic communication network.
  • the invention further relates to a method for enabling exchange of assets between user terminals in an open electronic communications network.
  • Fig. 1 schematically shows a system for exchanging assets between user terminals in an open electronic communications network according to the invention
  • Fig. 2 illustrate a database of funds
  • Fig. 3 show a top view of a fund representation in the form of a plastic card
  • Fig. 4 shows a side view of the card in fig. 3
  • Fig. 1 schematically shows a system for exchanging assets between user terminals in an open electronic communications network according to the invention.
  • the system includes user terminals in the form of a Seller terminal S and a Buyer terminal B.
  • the system further includes an Issuer terminal I and an Agent terminal A.
  • An Agent handles an Agent terminal.
  • the Agent terminals are separate from the user terminals.
  • User terminals are of any known type that can be arranged to communicate in an open electronic communications network such as the Internet.
  • Seller terminals are terminals providing services and merchandise in exchange for payment.
  • Buyer terminals are terminals used by a Buyer or Purchaser buying merchandise or services from Seller terminals.
  • a user terminal can by used both as a Seller terminal and as Buyer terminal, but in a trade situation one of the user terminals are acting as a Seller terminal and the other as a Buyer terminal.
  • the issuer terminal I administrates a database of funds.
  • a database of such funds can be seen in fig. 2, which show a visual representation of a database of funds.
  • the database is stored in the memory of a computer in a conventional manner.
  • the database includes a number of funds, which are denoted fl00:l, £200:1, £500:1, fl 000:1 and fl00:2, £200:2, f500:2, fl 000:2.
  • Each of the funds has a predetermined maximum value, which for a flOO fund is set to 100 of a chosen currency for instance US$.
  • the database can hold any number of different maximum sizes of the funds, but in the example four different sizes are given.
  • the database is first generated with a substantial high number of funds, for example 250.000 funds of each predetermined maximum value, together making a total of 1.000.000 funds.
  • the funds does not immediately after creation represent a value.
  • each fund In order to represent a value each fund must be put in activated state. Therefore there is no cost for capital investment for creating the fund, since each fund is activated on purchase.
  • Each fund has a unique identification tag, which is in the example set to fVALUE:Number, but can be arranged in any way known to the person skilled in the art.
  • each fund includes a key Kl, K2, which must be used in order to provide access to the fund.
  • the key can be generated at the Agent terminal on request by the Buyer, be generated by the Issuer terminal and transmitted to the Buyer or a combination of both, where the Buyer can generate a part of a keyword Kl and the issuer an other part K2, where both keys are needed for access to the fund.
  • the Issuer terminal I is connected to the Agent terminal A via a link LI .
  • the link LI can be a wireless link or a wired connection and can be a connection in an open electronic communication network.
  • the link LI is used for transferring information relating to the database of funds administrated by the Issuer terminal I. Such information includes transfer of activation requests from the Agent terminal to the Issuer terminal whereby a fund is activated and can be used as representing an asset for any one knowing the identification tag and the keyword connected to a unique fund.
  • a first transfer symbolically denoted by arrow 1 of information from the Issuer terminal I to the Agent terminal A includes transfer of identification tags representing funds.
  • an activation request is transferred from the Agent terminal to the Issuer terminal.
  • the activation request is denoted by an arrow 3.
  • the activation request can be sent together with a keyword chosen by the Buyer and transferred via the Agent terminal.
  • a response is transmitted from the Issuer terminal declaring that the fund is active.
  • a key word to the fund is transmitted together with the response.
  • the Agent terminal is registered at the Issuer terminal and has the ability of performing activation requests.
  • Agent terminals are geographically distributed whereby easy access to Agent terminals is provided to potential clients.
  • the agent accepts any kind of payment including cash payment.
  • a Buyer want to purchase a fund such a request is performed via the Agent terminal and the Buyer makes a payment to the agent.
  • no information regarding the identity of the Buyer such as bank accounts etc. are transmitted to the Issuer terminal.
  • the transaction between the Agent and the Buyer is denoted by an arrow 2.
  • the Agent provides the Buyer with a fund representation and the Buyer pays for the transaction to the Agent.
  • the issuer has provided fund representations to the agent in the form of cards have maximum value symbols printed on a top surface.
  • Fig. 3 shows an example of a fund representation in the form of a card.
  • the card preferably has the maximum value of the fund printed on the card. In the example the maximum value is set to 200.
  • the card can also carry information of the identity of the fund, that is the identification tag of a specific tag. This identification tag can be printed on the card, but is preferably concealed by means for concealing the tag.
  • An example of a concealed identification tag is presented in figure 4 where the card is made of two laminated sheet like structures 31, 32, each having an inner side facing each other. The identification tag is positioned on one or both of the inner sides.
  • the card is formed by joining the two parts together by fastening means, for instance glue.
  • the fastening means is arranged to separate the two parts when upon breakage of the card.
  • the identification tag is then visible to a user.
  • a purchase situation takes place between a Buyer terminal B and a Seller terminal S via a communication link L2.
  • a purchase situation he Buyer terminal B performs a purchase request, symbolically denoted by an arrow 4, to a Seller terminal S.
  • the buyer is indicating the form of payment to be used and is transmitting a fund identification tag together with a unique key word linked to the fund.
  • the key word is, as indicated above, preferably decided by the Buyer.
  • the Buyer terminal has to exit its connection with the Seller terminal if the wrong key or password for the fund is given. This reduces the possibility to try different passwords at random for unauthorised persons.
  • the Seller terminal S communicates with the Issuer terminal I via a communication link L3.
  • the Seller terminal makes a request for transfer of assets corresponding to the value of the purchase from a fund having the identification tag and the key word presented by the Buyer terminal.
  • the Issuer terminal I checks if a correct fund identification tag is presented, if a correct password is presented and if the value of the assets in the fund covers the value of the purchase. If fund the keyword corresponds to the identification tag and the fund has sufficient assets to cover the purchase, the Issuer terminal I verifies the purchase to the Seller terminal in a second communication step, symbolically denoted by an arrow 6. Assets from the fund is then withdrawn and entered into an account at the Issuer terminal in the possession of the Seller. Assets can then be transferred to the Seller from the Issuer in a transaction 8, which can be performed via an open electronic communication network.
  • the Seller terminal S informs the Buyer terminal B of the status of the Purchase, that is if the purchase has been accepted or denied. This is done in a communication step, symbolically denoted by an arrow 7. If the purchase was accepted, the Seller terminal preferably issues a receipt for the payment together with a delivery note.

Abstract

System and method for exchanging assets between user terminals in an open electronic communications network interconnecting a plurality of user terminals and an issuer terminal, said issuer terminal includes a database of funds, each fund representing a predetermined maximum value.

Description

TITLE
System and method for exchanging assets between user terminals in a communications network
FIELD OF INVENTION
The invention relates to a system for exchanging assets between user terminals in an open electronic communications network interconnecting a plurality of user terminals and an issuer terminal, said issuer terminal includes a database of funds and a method for enabling exchange of assets between user terminals in an open electronic communications network interconnecting a plurality of user terminals and an issuer terminal, said issuer terminal includes a database of funds.
TECHNICAL BACKGROUND
Commercial Internet payment systems are being developed to support trade on the Internet, which is an example of an open electronic communications network interconnecting a plurality of user terminals. User terminals include Seller terminals, which promotes sales on the Internet in exchange of payment, and Buyer terminals, which search for purchase options on the Internet. A variety of different payment systems for the Internet are known, for example use of existing credit card systems, payment on delivery and by establishing of accounts at the Seller terminal. These systems have proved to include uncertainty either for the Seller or for the Buyer. In order to reduce the risk for fraud from both Buyers and Sellers systems resembling ordinary cash payment systems have been established for use on the Internet. Examples of such systems are DigiCash of Amsterdam, the Netherlands and CyberCash of Reston, Virginia, USA. A further example of a cash payment system intended for the Internet is exemplified in US 5999625, contents of which are incorporated by reference into the present application. US 5999625 relates to a cash payment system intended for the Internet, including a cryptographic method for representing funds in a secure way when funds moves from payer to payee and back to an issuer. The main object of the invention is to provide a cryptographic method. The system includes a number of user terminals connected in an open electronic network, also comprising an issue terminal.
According to DE 198 59 959, a method involves providing cash or asset units, which are allocated an identification number code that is person independent. This code is forwarded together with the size of any cash or asset units to a payee by electronic means. The funds of this payment offering are checked by the payee with a provider. Cash or asset units are then transferred by the provider to the payee if the funds are available. The process is stopped if insufficient funds are available. The paid units are deducted and a confirmation is provided electronically. An Independent claim is included for a cash or asset unit card.
All systems known providing cash payment on the Internet includes Issuer terminals, which manage funds in a database. These funds are available for a Purchaser or Payee by registering and opening of an account at the Issuer terminal. The need to register at the Issuer terminal, which is frequently done by providing information of bank accounts or credit card numbers to the Issuer in order to obtain access to database funds, results in that the Buyer or Payee has to disclose sensitive information. Moreover, the systems of the prior art through using pseudonyms or the like do not provide for a good anonymity as in the present invention.
SUMMARY OF THE INVENTION
An object of the invention is to provide increased safety for a Purchaser or Payee by systems which provides access to database funds of predetermined maximum value for an anonymous Payee or Purchaser, thereby including all possible payment systems for a Purchaser or Payee to get access to a database fund, including cash payment. A further object of the invention is to provide access for anonymous Purchasers or Payees to database funds of a predetermined maximum value intended as payment means in an open electronic communication network for Buyers located at diverse geographic locations with a possibility to a cash payment for access to a database fund.
These objects are achieved by a system for exchanging assets between user terminals in an open electronic communications network according to claim 1. By providing a set of geographically distributed agent terminals, which are arranged for communicating with said issuer terminal and validating a fund and providing a fund representation in exchange for payment, the Purchaser or Payee can remain anonymous and receive funds and fund representations for cash payment. The agent terminals are registered at the issuer terminal, whereby the issuer can administrate the transactions between Issuer terminals and Agent terminals via an electronic communication network.
The invention further relates to a method for enabling exchange of assets between user terminals in an open electronic communications network.
BRIEF DESCRIPTION OF DRAWINGS
The invention will be described in detail with references to the appended drawing in which,
Fig. 1 schematically shows a system for exchanging assets between user terminals in an open electronic communications network according to the invention,
Fig. 2 illustrate a database of funds,
Fig. 3 show a top view of a fund representation in the form of a plastic card, and
Fig. 4 shows a side view of the card in fig. 3
DETAILED DESCRIPTION OF THE INVENTION
Fig. 1 schematically shows a system for exchanging assets between user terminals in an open electronic communications network according to the invention. The system includes user terminals in the form of a Seller terminal S and a Buyer terminal B. The system further includes an Issuer terminal I and an Agent terminal A. An Agent handles an Agent terminal. The Agent terminals are separate from the user terminals. User terminals are of any known type that can be arranged to communicate in an open electronic communications network such as the Internet. Seller terminals are terminals providing services and merchandise in exchange for payment. Buyer terminals are terminals used by a Buyer or Purchaser buying merchandise or services from Seller terminals. Normally a user terminal can by used both as a Seller terminal and as Buyer terminal, but in a trade situation one of the user terminals are acting as a Seller terminal and the other as a Buyer terminal. The issuer terminal I administrates a database of funds. Thus, an important difference between the present invention and the prior art according to US 5999625 is the use of Agent Terminal. In the prior art the transactions are made directly between the Buyer terminal and the Issuer terminal, while according to this inventions transactions are made between the Buyer, Agent and Issuer terminals, which provides much higher security and anonymity.
An example of a database of such funds can be seen in fig. 2, which show a visual representation of a database of funds. The database is stored in the memory of a computer in a conventional manner. The database includes a number of funds, which are denoted fl00:l, £200:1, £500:1, fl 000:1 and fl00:2, £200:2, f500:2, fl 000:2. Each of the funds has a predetermined maximum value, which for a flOO fund is set to 100 of a chosen currency for instance US$. The database can hold any number of different maximum sizes of the funds, but in the example four different sizes are given. In a preferred embodiment of the invention the database is first generated with a substantial high number of funds, for example 250.000 funds of each predetermined maximum value, together making a total of 1.000.000 funds. In a preferred embodiment the funds does not immediately after creation represent a value. In order to represent a value each fund must be put in activated state. Therefore there is no cost for capital investment for creating the fund, since each fund is activated on purchase. Each fund has a unique identification tag, which is in the example set to fVALUE:Number, but can be arranged in any way known to the person skilled in the art. Furthermore each fund includes a key Kl, K2, which must be used in order to provide access to the fund. The key can be generated at the Agent terminal on request by the Buyer, be generated by the Issuer terminal and transmitted to the Buyer or a combination of both, where the Buyer can generate a part of a keyword Kl and the issuer an other part K2, where both keys are needed for access to the fund.
Referring to figure 1, the Issuer terminal I is connected to the Agent terminal A via a link LI . The link LI can be a wireless link or a wired connection and can be a connection in an open electronic communication network. The link LI is used for transferring information relating to the database of funds administrated by the Issuer terminal I. Such information includes transfer of activation requests from the Agent terminal to the Issuer terminal whereby a fund is activated and can be used as representing an asset for any one knowing the identification tag and the keyword connected to a unique fund. In a preferred embodiment of the invention a first transfer symbolically denoted by arrow 1 of information from the Issuer terminal I to the Agent terminal A includes transfer of identification tags representing funds. When a Buyer want to purchase a fund an activation request is transferred from the Agent terminal to the Issuer terminal. The activation request is denoted by an arrow 3. The activation request can be sent together with a keyword chosen by the Buyer and transferred via the Agent terminal. Optionally a response is transmitted from the Issuer terminal declaring that the fund is active. In an embodiment of the invention a key word to the fund is transmitted together with the response. The Agent terminal is registered at the Issuer terminal and has the ability of performing activation requests.
When a Buyer wants to purchase a fund, the buyer has to use one of the existing Agent terminals, which are kept at agents for the Issuer terminal. The Agent terminals are geographically distributed whereby easy access to Agent terminals is provided to potential clients. The agent accepts any kind of payment including cash payment. When a Buyer want to purchase a fund such a request is performed via the Agent terminal and the Buyer makes a payment to the agent. Thus, no information regarding the identity of the Buyer such as bank accounts etc. are transmitted to the Issuer terminal. The transaction between the Agent and the Buyer is denoted by an arrow 2. In this transaction the Agent provides the Buyer with a fund representation and the Buyer pays for the transaction to the Agent. In a preferred embodiment of the invention the issuer has provided fund representations to the agent in the form of cards have maximum value symbols printed on a top surface. Fig. 3 shows an example of a fund representation in the form of a card. The card preferably has the maximum value of the fund printed on the card. In the example the maximum value is set to 200. The card can also carry information of the identity of the fund, that is the identification tag of a specific tag. This identification tag can be printed on the card, but is preferably concealed by means for concealing the tag. An example of a concealed identification tag is presented in figure 4 where the card is made of two laminated sheet like structures 31, 32, each having an inner side facing each other. The identification tag is positioned on one or both of the inner sides. The card is formed by joining the two parts together by fastening means, for instance glue. The fastening means is arranged to separate the two parts when upon breakage of the card. The identification tag is then visible to a user.
When the Buyer has access to the fund representation it is possible for the Buyer to use the fund when performing purchases in the open electronic communication network. A purchase situation takes place between a Buyer terminal B and a Seller terminal S via a communication link L2. In a purchase situation he Buyer terminal B performs a purchase request, symbolically denoted by an arrow 4, to a Seller terminal S. The buyer is indicating the form of payment to be used and is transmitting a fund identification tag together with a unique key word linked to the fund. The key word is, as indicated above, preferably decided by the Buyer. In a preferred embodiment of the invention the Buyer terminal has to exit its connection with the Seller terminal if the wrong key or password for the fund is given. This reduces the possibility to try different passwords at random for unauthorised persons. After the fund representation together with the keyword is transmitted, the Seller terminal S communicates with the Issuer terminal I via a communication link L3. In a first communication step, symbolically denoted by an arrow 5, the Seller terminal makes a request for transfer of assets corresponding to the value of the purchase from a fund having the identification tag and the key word presented by the Buyer terminal. The Issuer terminal I checks if a correct fund identification tag is presented, if a correct password is presented and if the value of the assets in the fund covers the value of the purchase. If fund the keyword corresponds to the identification tag and the fund has sufficient assets to cover the purchase, the Issuer terminal I verifies the purchase to the Seller terminal in a second communication step, symbolically denoted by an arrow 6. Assets from the fund is then withdrawn and entered into an account at the Issuer terminal in the possession of the Seller. Assets can then be transferred to the Seller from the Issuer in a transaction 8, which can be performed via an open electronic communication network.
After the Issuer terminal has verified or denied the purchase, the Seller terminal S informs the Buyer terminal B of the status of the Purchase, that is if the purchase has been accepted or denied. This is done in a communication step, symbolically denoted by an arrow 7. If the purchase was accepted, the Seller terminal preferably issues a receipt for the payment together with a delivery note.
The invention is not restricted to the exemplified embodiment, but can be varied within the scope of the appended claims.

Claims

1. A system for exchanging assets between user terminals in an open electronic communications network interconnecting a plurality of user terminals (B) and an issuer terminal (I), said issuer terminal includes a database of funds, each fund representing a predetermined maximum value, characterised in that said system further includes a set of geographically distributed agent terminals (A), each being arranged for communicating with said issuer terminal (I) and validating a fund and providing a fund representation in exchange for payment, said fund representation providing access for withdrawal of assets from a validated fund, by said agent terminal (A), from any user terminal using said fund representation.
2. System for exchanging assets according to claim 1, wherein said fund representation includes an information carrier marked with the predetermined maximum value of the corresponding fund, and including a concealed key for providing access for withdrawal of assets from a validated fund from any user terminal using said fund representation.
3. System for exchanging assets according to claim 1 or 2, wherein said fund representation is a card and said key is a concealed printed document.
4. System for exchanging assets according to claim 3, wherein said key is printed on the card.
5. System for exchanging assets according to claim 3, wherein said key is separate from said card.
6. System for exchanging assets according to any of claims 1 - 5, wherein said system further includes: transmitting means arranged for transmitting a request for assets to be exchanged between a payer and a payee terminal of said user terminals; said transmitting means further arranged for transmitting a message to said issuer terminal, where said message is encrypted such that the content of said message can only be interpreted by said issuer terminal, where said message when decrypted, indicates a value of said funds exchangeable between payer and payee terminals; mains for maintaining said database of valid fund representations, each fund representation having an unique fund identification and a field that indicate if a fund representation associated with said unique fund is valid; means for determining by said issuer terminal if said message is valid, where said message is valid if a unique fund identification and the field associated with said fund representation is confirmed by a corresponding fund in said database; means for transferring assets from the fund identified by the fund representation to a fund determined by the payee terminal.
7. Method for enabling exchange of assets between user terminals in an open electronic communications network interconnecting a plurality of user terminals (B) and an issuer terminal (I), said issuer terminal includes a database of funds, each fund representing a predetermined maximum value,
8. characterised in that said method includes the following method steps: providing a set of geographically distributed agent terminals (A), which are arranged for communicating with said issuer terminal and validating a fund and providing a fund representation in exchange for payment, providing access for withdrawal of assets from a validated fund from any user terminal using said fund representation.
9. Method for enabling exchange of assets according to claim 7, wherein said fund representation includes an information carrier marked with the predetermined maximum value of the corresponding fund, and including a concealed key for providing access for withdrawal of assets from a validated fund from any user terminal using said fund representation.
10. Method for enabling exchange of assets according to claim 7 or 8, wherein said method further includes the following steps: transmitting a request for assets to be exchanged between a payer and a payee terminal of said user terminals; transmitting a message to said issuer terminal, where said message is encrypted such that the content of said message can only be interpreted by said issuer terminal, where said message when decrypted, indicates a value of said funds exchangeable between payer and payee terminals; maintaining said database of valid fund representations, each fund representation having an unique fund identification and a field that indicate if a fund representation associated with said unique fund is valid; determining by said issuer terminal if said message is valid, where said message is valid if a unique fund identification and the field associated with said fund representation is confirmed by a corresponding fund in said database; transferring assets from the fund identified by the fund representation to a fund determined by the payee terminal.
PCT/SE2001/002023 2000-09-20 2001-09-20 System and method for exchanging assets between user terminals in a communications network WO2002025605A1 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2001290427A AU2001290427A1 (en) 2000-09-20 2001-09-20 System and method for exchanging assets between user terminals in a communications network

Applications Claiming Priority (4)

Application Number Priority Date Filing Date Title
SE0003362A SE525653C2 (en) 2000-09-20 2000-09-20 User terminals asset exchange system validates card and uses concealed printed document for asset withdrawal
SE0003362-1 2000-09-20
US24262800P 2000-10-23 2000-10-23
US60/242,628 2000-10-23

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US9626664B2 (en) 2012-03-07 2017-04-18 Clearxchange, Llc System and method for transferring funds
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US10878387B2 (en) 2015-03-23 2020-12-29 Early Warning Services, Llc Real-time determination of funds availability for checks and ACH items
US10846662B2 (en) 2015-03-23 2020-11-24 Early Warning Services, Llc Real-time determination of funds availability for checks and ACH items
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