United States Patent 
Mansvelt et al.
 FUNDS TRANSFER SYSTEM
 Inventors: Andre P. Mansvelt, 171 ANderson Avenue, Northcliff, Johannesburg, Transvaal; Serge C. P. Belamant, 55 13th Street, Parkmore, Johannesburg, Transvaal, both of South Africa
 Appl. No.: 701,821
 Filed: May 17, 1991
 Int. CI.? G06F 15/30; G07F 7/10
 U.S. CI 235/379; 235/380
 Field of Search 235/379, 380;
 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 &
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