System and method for updating security information in a time-based electronic monetary system
First Claim
1. A system for updating security information stored in a transaction module by interacting with a network having a security server, comprising:
- a transaction module having a memory that stores a plurality of electronic notes that each include a note time limit set at the time of note creation and a monetary value, a clock that maintains a system time used to verify time limits on electronic notes, and a processor;
wherein when said transaction module interacts with said network, said security server updates security information stored in said transaction module; and
wherein an expired note time limit on one of said plurality of electronic notes inhibits said transaction module'"'"'s ability to transfer said monetary value of said one electronic note to other transaction modules.
0 Assignments
0 Petitions
Accused Products
Abstract
An improved monetary system using electronic media to exchange economic value securely and reliably. The invention provides a complete monetary system having electronic money that is interchangeable with conventional paper money comprising (1) issuing banks or financial institutions that are coupled to a money generator device for generating and issuing to subscribing customers electronic money including electronic currency backed by demand deposits, or electronic credit authorizations; (2) correspondent banks that accept and distribute the electronic money; (3) a plurality of transaction devices that are used by subscribers for storing electronic money, for performing money transactions with the on-line systems of the participating banks or for exchanging electronic money with other like transaction devices; (4) teller devices, associated with the issuing and correspondent banks, for process handling and interfacing the transaction devices to the issuing and correspondent banks, and for interfacing between the issuing and correspondent banks themselves; (5) a security arrangement for maintaining the integrity of the system; and (6) reconciliation and clearing processes to monitor and balance the monetary system.
363 Citations
14 Claims
-
1. A system for updating security information stored in a transaction module by interacting with a network having a security server, comprising:
-
a transaction module having a memory that stores a plurality of electronic notes that each include a note time limit set at the time of note creation and a monetary value, a clock that maintains a system time used to verify time limits on electronic notes, and a processor; wherein when said transaction module interacts with said network, said security server updates security information stored in said transaction module; and wherein an expired note time limit on one of said plurality of electronic notes inhibits said transaction module'"'"'s ability to transfer said monetary value of said one electronic note to other transaction modules. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
-
-
10. An electronic transaction module system comprising:
a transaction module having a memory that stores a plurality of electronic notes, generated by a financial institution'"'"'s module, each electronic note including time data from which an expiration time of said electronic note is determined and value data indicative of a monetary value;
wherein after said expiration time of one of said plurality of electronic notes, said transaction module is inhibited from transferring said monetary value of said one electronic note to other transaction modules.- View Dependent Claims (11, 12, 13, 14)
Specification