Funds transfer system

United States Patent [19]

Mansvelt et al.

[54] FUNDS TRANSFER SYSTEM

[76] Inventors: Andre P. Mansvelt, 171 ANderson Avenue, Northcliff, Johannesburg, Transvaal; Serge C. P. Belamant, 55 13th Street, Parkmore, Johannesburg, Transvaal, both of South Africa

[21] Appl. No.: 701,821

[22] Filed: May 17, 1991

[51] Int. CI.? G06F 15/30; G07F 7/10

[52] U.S. CI 235/379; 235/380

[58] Field of Search 235/379, 380;

340/825.33

[56] References Cited

U.S. PATENT DOCUMENTS

4.277.837 7/1981 Stuckert 235/380

4.305.059 12/1981 Bemon 340/825.33

4.454.414 6/1984 Benton 235/380

4.709.136 11/1987 Watanabe 235/379

4.926.325 5/1990 Benton et al 340/825.33

FOREIGN PATENT DOCUMENTS

256768 2/1988 European Pat. Off. .

Primary Examiner—John W. Shepperd

Attorney, Agent, or Firm—Burns, Doane, Swecker &

Mathis

[57] ABSTRACT

A method of transferring funds includes the steps of linking a first "smart card" to a first financial institution, debiting an account held at the financial institution and recording a corresponding credit value in the first smart card. The first smart card is then linked to a second, similar device, the credit value in the first device is reduced, and a corresponding credit value is recorded in the second device. The second device is then linked to a second financial institution, the credit value in the second device is reduced, and a corresponding credit value is recorded in an account held at the second financial institution. The first and second devices each store at least a portion of a program which is run in a synchronized interactive manner between the first devices. The invention extends to a system for implementing the method.

12 Claims, 7 Drawing Sheets