TELEPHONE TRANSACTION SYSTEM

• US 3,652,795 A
• Filed: 11/25/1970
• Issued: 03/28/1972
• Est. Priority Date: 11/25/1970
• Status: Expired due to Term

• Current Assignee: Arnold M. Wolf, John G. Richter
• Original Assignee: Arnold M. Wolf, John G. Richter
• Inventors: Wolf, Arnold M., Richter, John G.
• Primary Examiner(s): Claffy, Kathleen H.
• Assistant Examiner(s): D'Amico, Tom
• Application Number:
  US05/092,554
• Time in Patent Office: 489 Days
• Field of Search: 179/2R,2A,2DP,3,4 340/152,149 235/61.7B
• US Class Current: 379/91.01
• CPC Class Codes: G06C 27/00 Computing machines characterised by the structural interrelation of their functional units, e.g. invoicing machines
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: H04L 27/30 wherein each code element is represented by a combination of frequencies

Abstract

A system is described for buying materials or services by transferring funds in a bank from a buyer'"'"''"'"'s deposit account to a seller'"'"''"'"'s account. The transfer of funds is accomplished by means of a '"'"''"'"''"'"''"'"'touch-tone'"'"''"'"''"'"''"'"' telephone receiving set equipped with a first decoding and printing means. A computer at the bank receives coded signals from the telephone set and, after decoding the signals, records the transaction at that location. Each purchaser is provided with a secret purchaser number on a telephone operating card and the entire operation is performed in the presence of the purchaser and a representative of the seller or store.

Claims

1. A telephone transaction system for transferring funds from one account to another comprising:

a. a telephone subscriber set for joint operation by a first person representing a purchaser and a second person representing a seller, said subscriber set including a plurality of manually operable keys each for transmitting signals, each of said signals comprising an encoded pair of distinctive alternating currents of different frequencies;

b. a first decoding network connected to the subscriber set for receiving said pairs of alternating current signals and for decoding the signals into digits and directions for operating a printer, said first decoding network including a plurality of back biased diodes which are selectively controlled by a series of pulse generators to pass an electrical signal synchronized with a timing mechanism;

c. printing means at the subscriber set for printing symbols representing the decoded signals;

d. a second decoding network, similar to the first, positioned at a remote position and coupled to the subscriber set for receiving said pairs of alternating current signals and for decoding the signals;

e. a digital computer for recording amounts of money deposited by a plurality of purchasers and a plurality of sellers, said amounts being transferable responsive to signals received by the computer from the decoding network;

f. and an automatic data switch connected between the telephone subscriber set and the second decoding network for sending signals from the set to the second decoding network when opened in one direction by a start signal from the set, and for sending signals from the computer to the subscriber set when opened in a reverse direction by an end-of-message signal from the subscriber set.

2. A transaction system as claimed in claim 1 wherein an auxiliary container is positioned under the subscriber set, forming a support therefor;

said container including a plurality of filteR circuits for separating the double frequency signals, said first decoding network, and the printing means.

3. A transaction system as claimed in claim 1 wherein said signals include a total of eight alternating currents having frequencies differing from each other, said currents transmitted in pairs to designate sixteen indicia which may designate digits, symbols, or operating instructions.

4. A transaction system as claimed in claim 1 wherein said printing means includes a card holder mounted adjoining the subscriber set, said card holder for receiving a card on which the results of a transaction are to be printed, said card holder movable to an operating position when a printing operation is started.

5. A transaction system as claimed in claim 2 wherein a roll of carbon paper and a roll of record paper are mounted in said auxiliary container and adjoining said card holder for recording all of the transactions on a single record sheet.

6. A transaction system as claimed in claim 2 wherein connections between the telephone set and the computer pass through a telephone exchange.

7. A transaction system as claimed in claim 2 wherein the subscriber set may be connected to the computer by a start signal from the '"'"''"'"''"'"''"'"'touch tone'"'"''"'"''"'"''"'"' dialing system which operates to open said dial switch in one direction.