Network settlement performed on consolidated information

• US 5,596,642 A
• Filed: 09/30/1994
• Issued: 01/21/1997
• 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): CANGIALOSI, SALVATORE A
• Application Number:
  US08/316,662
• Time in Patent Office: 844 Days
• Field of Search: 340/825.33, 364/406, 364/408, 395/650, 380/20, 380/24, 380/25, 380/30, 902/2
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• 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 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/3676 Balancing accounts
• CPC Class Codes: G06Q 20/3825 Use of electronic signatures
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G07F 7/0866 by active credit-cards adapted therefor G07F7/1008 takes precedence
• 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 storing devices. A first network consolidation device is provided for receiving stored value information from at least one of the value storing transfer devices and summarizing the received stored value information to provide a first consolidated portion of the received stored value information. A first network settlement device coupled to the first network consolidation device receives the first consolidated portion and performs settlement of the first stored value transaction network in accordance with the first consolidated portion. Further network consolidation devices each have stored value information and apply a consolidated portion of their stored value information to the first network settlement device whereby a plurality of consolidated portions are applied to the first network consolidation device. The first network settlement device performs settlement of the first stored value transaction network in accordance with the plurality of consolidated portions. A differing portion of the received stored value information is transferred to a storage device.

Claims

1. A stored value transaction system comprising:

a first stored value transaction network having;

a first plurality of value transferring devices including a value distributing device for distributing cash-equivalent value to a user and a value collecting device for collecting cash-equivalent value from a user, each value transferring device including a memory for storing value transfer information corresponding to each transfer;

a first network consolidation device for periodically receiving the stored value transfer information from the memory of at least one of the value transferring devices, the first consolidation device including a first memory for storing the received value transfer information, a processor for consolidating the received value transfer information into first consolidated information, and a second memory for storing the first consolidated information; and

a first network settlement device operatively coupled to the first consolidation device for receiving the first consolidated information from the second memory of the first consolidation device, the first network settlement device including a first memory for storing the received first consolidation information, a processor for performing settlement according to at least a portion of the first consolidated information to produce settlement information, and a second memory for storing the settlement information.

2. The stored value transaction system of claim 1 further comprising a second network consolidation device for periodically receiving the stored value transfer information from the memory of at least one of the value transferring devices, the second consolidation device including a first memory for storing the received value transfer information, a processor for consolidating the received value transfer information into second consolidated information, and a second memory for storing the second consolidated information, the first network settlement device operatively coupled to the second consolidation device for receiving the second consolidated information from the second memory of the second consolidation device, the first network settlement device storing the received second consolidation information in the first memory, and performing settlement according to at least a portion of the first consolidated information and at least a portion of the second consolidated information to produce the settlement information.

3. The stored value transaction system of claim 2 wherein the first consolidation device periodically receives the stored value transfer information from the memory of a first portion of the plurality of value transferring devices, and wherein the second consolidation device periodically receives the stored value transfer information from the memory of a second portion of the plurality of value transferring devices.

4. The stored value transaction system of claim 1 wherein the first network settlement device receives a first portion of the first consolidated information and a storage device is operatively coupled to the first consolidation device for receiving a second portion of the first consolidated information.

5. The stored value transaction system of claim 1 further comprising:

a second stored value transaction network having;

a second plurality of value transferring devices including a value distributing device for distributing cash-equivalent value to a user and a value collecting device for collecting cash-equivalent value from a user, each value transferring device including a memory for storing value transfer information corresponding to each transfer;

a second network consolidation device for periodically receiving the stored value transfer information from the memory of at least one of the value transferring devices, the second consolidation device including a first memory for storing the received value transfer information, a processor for consolidating the received value transfer information into first consolidated information, and a second memory for storing the first consolidated information; and

a second network settlement device operatively coupled to the second consolidation device for receiving the first consolidated information from the second memory of the first consolidation device, the second network settlement device including a first memory for storing the received first consolidation information, a processor for performing settlement according to at least a portion of the first consolidated information to produce settlement information, and a second memory for storing the settlement information; and

an internetwork network device operatively coupled to the first and second networks for interfacing the first and second networks and for receiving at least a portion of the consolidation information from the first memory of the network settlement device of each of the respective first and second networks, the internetwork network device including a first memory for storing the received consolidation information.

6. The stored value transaction system of claim 5 wherein the internetwork device further includes a processor for transmitting at least a portion of the received consolidation information from the first network to the second network and at least a portion of the received consolidation information from the second network to the first network.

7. The stored value transaction system of claim 1 further comprising 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 memory for storing the received accumulated value transfer information, the first consolidation device receiving the stored value transfer information from the memory of the first collection device.

8. The stored value transaction system of claim 1 further comprising a plurality of collection devices, each 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, each collection device including a memory for storing the received accumulated value transfer information, the first consolidation device receiving the stored value transfer information from the memory of each collection device.

9. The stored value transaction system of claim 5 wherein the processor of the first network settlement device further consolidates the first consolidated information into further consolidated information and stores the further consolidated information in the second memory, the internetwork device receiving the further consolidated information from the second memory.

10. The stored value transaction system of claim 9 wherein transactions of value storing transfer devices of at least one of the first and second stored value transaction networks are performed with independent verifications by both a sending device and by a receiving device for each transaction.

11. The stored value transaction system of claim 1 wherein the value storing transfer devices comprise data encryption devices including an encryption key common to the data encryption devices in the first stored value transaction network.

12. The stored value transaction system of claim 5 wherein each of the first and second stored value transaction networks comprises a respective plurality of value storing transfer devices, each value storing transfer device having an individual data encryption device.

13. The stored value transaction system of claim 12 wherein the data encryption devices of each network of the first and second networks have a common encryption key.

14. The stored value transaction system of claim 1 wherein the first consolidated information comprises a summary of the received value transfer information.

15. A stored value transaction system comprising:

first and second stored value transaction networks, each network having;

a plurality of value transferring devices including a value distributing device for distributing cash-equivalent value to a user and a value collecting device for collecting cash-equivalent value from a user, each value transferring device including a memory for storing value transfer information corresponding to each transfer;

a 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 collection device including a memory for storing the received accumulated value transfer information;

a network consolidation device for periodically receiving the stored value transfer information from the memory of the first collection device, the consolidation device including a first memory for storing the received value transfer information, a processor for consolidating the received value transfer information into consolidated information, and a second memory for storing the consolidated information; and

a network settlement device operatively coupled to the consolidation device for receiving the consolidated information from the second memory of the consolidation device, the network settlement device including a first memory for storing the received consolidation information, a processor for performing settlement according to at least a portion of the consolidated information to produce settlement information, and a second memory for storing the settlement information; and

an internetwork network device operatively coupled to the first and second networks for interfacing the first and second networks and for receiving at least a portion of the consolidation information from the first memory of the network settlement device of each of the first and second networks, the internetwork network device including a first memory for storing the received consolidation information.