Information consolidation within a transaction network

• US 5,544,086 A
• Filed: 09/30/1994
• Issued: 08/06/1996
• Est. Priority Date: 09/30/1994
• Status: Expired due to Fees

• Current Assignee: Touch Technologies Incorporated
• Original Assignee: Electronic Payment Services, Inc. (Fiserv Incorporated)
• Inventors: Davis, Terry L., Hart, James A., Sears, John W., Russell, James F., Trice, Philip H.
• Primary Examiner(s): Hayes, Gail O.
• Assistant Examiner(s): Poinvil, Frantzy
• Application Number:
  US08/316,592
• Time in Patent Office: 676 Days
• Field of Search: 364/401, 364/408, 364/405, 235/379, 235/380, 340/825.33, 340/825.35
• US Class Current: 705/68
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/027 involving a payment switch or gateway
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/229 Hierarchy of users of accounts
• 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 20/3676 Balancing accounts
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system for determining value in a stored value transaction system has a plurality of value transferring devices including a local device, a collection device, a consolidation device and a settlement device. A stored value transaction network includes a settlement device and a consolidation device coupled to the settlement device. A value transferring device applies stored value information to the consolidation device. The consolidation device transmits a consolidated portion of the received stored value information to the settlement device for performing network settlement in accordance with the consolidated portion by the network settlement device. A plurality of collection devices within the network can transmit stored value information to the consolidation device and a consolidated portion of the stored value information of the plurality of consolidation devices can be used for network settlement. A further portion of the stored value information is transferred to a storage device.

Claims

1. A stored value transaction system for exchanging cash-equivalent value among a plurality of system users and a plurality of system entities wherein each user has a cash-eqivalent module including a first memory for storing an amount of cash-equivalent value, the system comprising:

a plurality of value transferring devices including a value adding device for adding cash-equivalent value to the cash-equivalent module of a user in exchange for a corresponding amount of value provided by the user to a system entity and a value deducting device for deducting cash-equivalent value from the cash-equivalent module of a user in exchange for a corresponding amount of value provided to the user from a system entity, each value transferring device including a second memory for storing value transfer information corresponding to each transfer;

a first collection device for periodically receiving an accumulated amount of the stored value transfer information from the second memory of at least one of the value transferring devices, the first collection device including a third memory for storing the received accumulated value transfer information;

a first consolidation device for receiving the stored value transfer information from the third memory of the first collection device, the first consolidation device including a fourth memory for storing the received value transfer information and a processor for consolidating the received value transfer information into consolidated information according to a plurality of entities, the entities including entities that are to receive deducted cash-equivalent value and entities that are to provide added cash-equivalent value;

a first network settlement device coupled to the first consolidation device for receiving the consolidated information from the first consolidation device and for performing settlement among the system entities according to the received consolidated information.

2. The system of claim 1, including a plurality of the collection devices wherein each collection device of the plurality of collection devices transmits stored value transfer information to the first consolidation device.

3. The system of claim 1, further comprising a plurality of the consolidation devices wherein each consolidation device of the plurality of consolidation devices includes means for selectively transmitting a consolidated portion of stored value transfer information to the settlement device whereby the settlement device receives a plurality of the consolidated portions.

4. The system of claim 3, wherein at least one consolidation device of the plurality of consolidation devices receives stored value transfer information from a plurality of differing value transferring devices.

5. The system of claim 3, wherein the settlement device includes means for performing network settlement in accordance with the plurality of the consolidated portions.

6. The system of claim 1, further comprising:

a second settlement device and a second consolidation device coupled to the second settlement device, the second consolidation device receiving further stored value transfer information and transmitting a further consolidated portion of the further stored value transfer information to the second settlement device; and

an internetwork device coupled to the first and second settlement devices for receiving the consolidated portions from the first and second settlement devices,

at least one of the first and second settlement devices having means for receiving one of the consolidated portions to provide an internetwork consolidated portion and transmitting the internetwork consolidated portion to the internetwork device.

7. The system of claim 6, wherein the first collection device transfers stored value transfer information to at least one of the first and second consolidation devices.

8. The system of claim 7, wherein a plurality of collection devices transfer stored value information to at least one of the first and second consolidation devices.

9. The system of claim 6, wherein at least one of the first and second settlement devices further consolidates the received stored value transfer information and transmits the further consolidated stored value transfer information to the internetwork device.

10. The system of claim 1, wherein the value transferring devices, the first collection device, the first consolidation device, and the first network settlement device each include a data encryption device.

11. The system of claim 10, wherein each data encryption device includes a common encryption key.

12. The system of claim 10, wherein information is transferred between the value transferring devices, the first collection device, the first consolidation device, and the first network settlement device in response to secure transaction determinations made in accordance with the the data encryption devices to provide transfer of secure information.

13. The system of claim 12, wherein network settlement is performed upon the secure information.

14. The system of claim 10, wherein the second settlement device and the second consolidation device each include a data encryption device.

15. The system of claim 14, wherein each data encryption device includes a common encryption key.

16. The system of claim 7, wherein independent verification of transmitted stored value transfer information is performed by a sending device and by a receiving device for each transaction.