Electronic funds transfer and voucher issue system

• US 4,341,951 A
• Filed: 07/02/1980
• Issued: 07/27/1982
• Est. Priority Date: 07/02/1980
• Status: Expired due to Term

• Current Assignee: Moneyfax Incorporated
• Original Assignee: William M. Benton
• Inventors: Benton, William M.
• Primary Examiner(s): Robinson, Thomas A.
• Application Number:
  US06/166,689
• Time in Patent Office: 755 Days
• Field of Search: 235/379, 235/380, 235/381, 235/382, 235/432, 340/149 R, 340/149 A, 340/152, 364/401, 364/406, 364/518, 364/708, 364/709, 364/710
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G07F 7/0866 by active credit-cards adapted therefor G07F7/1008 takes precedence
• CPC Class Codes: G07F 7/0886 the card reader being portable for interacting with a POS or ECR in realizing a payment transaction
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

In a system for transferring electronic funds data in lieu of cash between vendees and vendors associated with a sponsoring financial institution, each vendee is provided with an identification card and a portable electronic device to be presented to the vendor upon making a purchase. The electronic device contains a keyboard for entering a vendee identification number as well as the purchase amount and a memory for storing a corresponding identification number, account balance and transaction amount. The portable electronic device contains a first inlet for receiving an edge of the identification card. A magnetic head reads data recorded on the card to turn the device on if the card corresponds to the particular device. A second inlet within the device receives vouchers prepared by the vendor reflecting the amount of the transaction. Manually operated printing rolls within the second inlet print a series of encoded bands on the voucher to verify the transaction if the vendee is satisfied with the purchase. If the vendee has keyboard entered the correct identification number and the account balance is large enough to support the purchase, the account balance stored in memory is debited by the purchase amount during a voucher printing cycle. The identification card and associated electronic device can be used in environments other than funds data transfer, e.g., access security.

Claims

1. An apparatus for transferring funds data in lieu of cash, comprising a portable unit to be carried by a vendee, said portable unit including a keyboard for manually entering transaction and identification data, terminal means accessible only by an authorized institution for receiving an initial funds balance;

means coupled to said terminal means for storing a funds balance, means responsive to said keyboard for storing a requested transaction amount, means for storing vendee identification data issued by said institution, means responsive to said keyboard for storing vendee entered identification data, means for comparing said stored identification data with said keyboard entered identification data and for generating a first signal in response to a positive comparison, means for comparing said stored funds balance with said requested transaction amount and for generating a second signal if said funds balance is at least as large as said requested transaction amount, an inlet for receiving a voucher issued by a vendor, manually actuated printing roll means within said inlet for printing encoded identification data onto said voucher to verify the transaction, means for maintaining said printing roll means normally out of contact with said voucher within said inlet, means for manually moving said printing roll means into contact with said voucher, means responsive to said manual means and to said first and second signals for updating said stored funds balance by said requested transaction amount, and display means for displaying said stored funds balance and said requested transaction amount.

3. The apparatus of claim 1 or claim 2, wherein said printing roll means includes a roll containing longitudinally spaced apart bands having widths and interband spacings corresponding to said encoded identification data.

4. The apparatus of claim 1, wherein the portable unit includes a second inlet for receiving at least an edge portion of an encoded card, means within said second inlet for reading data on said card, means for comparing said card read data with prerecorded data and means responsive to said comparing means for enabling said keyboard.

6. The invention of claim 4 or claim 5, including means responsive to said card reading means for displaying data corresponding to card read data to be recorded by said vendor.

7. The invention of claim 1 or claim 2, wherein said display means includes a numerical readout for displaying stored numerical data.

8. The apparatus of claim 7, wherein said display means further includes status lamps for indicating an operating status of said portable unit.

13. The invention as defined in any of claims 1, 2, 9 or 12 including a flap for enclosing said print roll inlet, said flap being biased into a position to disable said printing roll means in the absence of a voucher.

2. A system for transferring funds data between a vendee and vendor in lieu of cash, comprising a fixed unit located at a sponsoring institution for generating credit data to be provided to member vendees;

an identification card carried by each of said vendees containing prerecorded vendee identification data;

pluralities of vouchers carried by member vendors for recording purchase amounts; and

a portable unit to be carried by each of said vendees for making purchases, said portable unit including a keyboard for manually entering transaction and identification data, terminal means accessible by only the sponsoring institution for receiving an initial funds balance corresponding to initial credit;

means coupled to said terminal means for storing a funds balance;

means responsive to said keyboard for storing a requested transaction amount;

means for storing vendee identification data issued by said institution;

means responsive to said keyboard for storing vendee entered identification data;

means for comparing said stored identification data with said keyboard entered identification data and for generating a first signal in response to a positive comparison;

means for comparing said stored funds balance with said requested transaction amount and for generating a second signal if said funds balance is at least as large as said requested transaction amount;

an inlet for receiving singly said vouchers issued by the vendor;

manually actuated printing roll means within said inlet for printing encoded identification data onto said voucher to verify the transaction;

said printing roll means including means for maintaining said printing roll means normally out of contact with said voucher, means for manually moving said printing roll means into contact with said voucher, means responsive to said manual means and to said first and second signals for updating said stored funds balance by said requested transaction amount, and display means for displaying said stored funds balance and said requested transaction amount.

5. The apparatus of claim 2, wherein said portable unit includes a second inlet for receiving at least an edge portion of said identification card, means within said second inlet for reading data on said card, means for comparing said card data with prerecorded data and means responsive to said comparing means for enabling said keyboard.

9. An apparatus for transferring funds data in lieu of cash, comprising a portable unit to be carried by a vendee, said portable unit including a keyboard for manually entering transaction identification data, terminal means accessible only by an authorized institution for receiving an initial funds balance, means coupled to said terminal means for storing a funds balance, means responsive to said keyboard for storing a requested transaction amount, means for storing vendee identification data issued by said institution, means responsive to said keyboard for storing vendee entered identification data, means for comparing said stored identification data with said keyboard entered identification data and for generating a first signal in response to a positive comparison, means for comparing said stored funds balance with said requested transaction amount and for generating a second signal if said funds balance is at least as large as said requested transaction amount, a first inlet for receiving at least an edge portion of an identification card, means within said first inlet for reading data prerecorded on said card, means for comparing said card read data with stored data, means responsive to said card data comparing means for enabling said keyboard, a second inlet for receiving a voucher issued by a vendor, manually actuated printing means within said second inlet for printing encoded identification data onto said voucher to verify the transaction, and means responsive to said printing means and to said first and second signals for up-dating said stored funds balance by said requested transaction amount.

10. The apparatus of claim 9, including display means for displaying said stored funds balance and said requested transaction amount.

11. The apparatus of claim 9, including means for displaying a number related to the card read data, the vendor recording said displayed number on said voucher to complete verification of said transaction.

12. A system for identifying an individual as being authorized to be excepted from a general restriction, comprising an identification card carried by each authorized individual containing prerecorded identification data, pluralities of vouchers located at verification stations and a portable unit to be carried by each authorized individual, each said portable unit including a keyboard for manually entering identification data, means for storing prerecorded identification data, means for storing changeable data, means responsive to said keyboard and to said stored identification data for making a comparison between the keyboard entered identification data and stored identification data, a first inlet for receiving at least an edge portion of said identification card, means within said first inlet for reading encoded data on said card, means for comparing said card read data with corresponding prerecorded card data, means responsive to said card data comparing means for enabling said keyboard, a second inlet for receiving vouchers, printing means within said second inlet for printing verification data on said vouchers and means responsive to said printing means and said first comparing means for up-dating said stored changeable data.