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Methods and systems for carrying out directory-authenticated electronic transactions including contingency-dependent payments via secure electronic bank drafts

  • US 6,529,885 B1
  • Filed: 09/24/1999
  • Issued: 03/04/2003
  • Est. Priority Date: 03/18/1999
  • Status: Expired due to Term
First Claim
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1. A computer-implemented method of carrying out an electronic transaction that includes a contingency-dependent payment via a secure electronic draft, comprising the steps of:

  • establishing a secure computer site that is controlled by a bank and that is accessible only to authenticated parties to the transaction, the site being configured to provide a description of a contingency and to include an option to remove the contingency, the removal of the contingency being a precondition to the bank releasing payment on the draft to a payee of the draft;

    authenticating each party to the draft requesting access to the computer site by encrypting at least a portion of an identification information provided by the requesting party over a secure channel and successfully matching the encrypted identification information with a stored encrypted identifier that is unique to the requesting party, and releasing payment on the draft to the payee only when a drawer of the draft is successfully authenticated by the bank and when the option to remove the contingency is timely exercised by an authenticated party that is authorized to remove the contingency.

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