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Method of transferring funds employing a three-node real-time electronic interlock

  • US 5,884,290 A
  • Filed: 10/22/1996
  • Issued: 03/16/1999
  • Est. Priority Date: 10/22/1996
  • Status: Expired due to Term
First Claim
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1. A method, for use with a group of N computers X(1) thru X(N) which are intercoupled to each other, and to another computer Y, by a communication channel;

  • each computer of said group including multiple customer accounts, and said computer Y including a net account for each computer of said group;

    said method operating to exchange funds electronically among said customer accounts, and including the steps of;

    receiving electronic input requests in said computers X(1) thru X(N), with each input request that is received in computer X(i) specifying that funds F(z) be transferred in a particular direction between a customer account A(r) in computer X(i) and a customer account A(s) in computer X(j)--where indices i and j, r and s, and z respectively identify particular computers, accounts, and funds;

    sending on said communication channel, for each input request received by computer X(i), a respective sequence of electronic control messages by which computers X(i) and X(j) both authorize computer Y to transfer funds F(z) between the net accounts for computers X(i) and X(j), and subsequently, computer Y authorizes computers X(i) and X(j) to transfer funds F(z) between the customer accounts A(r) and A(s) respectively; and

    ,transfering said funds F(z) in accounts A(r) and A(s) only after authorization from computer Y is received by computers X(i) and X(j).

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