System and method for creating digital currency

• US 7,424,970 B2
• Filed: 04/07/2006
• Issued: 09/16/2008
• Est. Priority Date: 12/07/2005
• Status: Expired due to Fees

• Current Assignee: Privier Corporation
• Original Assignee: Privier Corporation
• Inventors: Royce-Winston, John
• Primary Examiner(s): Labaze; Edwyn
• Application Number:
  US11/400,655
• Publication Number:
  US 20070125839A1
• Time in Patent Office: 893 Days
• Field of Search: 235/379, 235/487, 235/383, 235/375, 705/43, 705/41, 705/45
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/0425 the cheque being electronic only
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/202 Depositing operations within ATMs depositing in general G07D11/00

Abstract

A system and method for creating digital currency has a first automated teller machine operably connected to a central computer. A program initiated on the first automated teller machine with an initiation button functions to enable the first automated teller machine to receive physical currency with a currency scanner, to determine a sum of currency. The program then signals the central computer to create an account in a database, and to create a unique alphanumeric code associated with the account. The account includes the sum of currency. The unique alphanumeric code includes a first portion that includes the sum of currency in digital form, and a second portion that is random or user determined.

Claims

1. A method for creating digital currency, the method comprising the steps of:

providing a first automated teller machine having a currency scanner and an initiation button, the initiation button functioning to activate the first automated teller machine without the use of a bank card or a bank account;

providing a central computer operably connected to the first automated teller machine;

initiating the first automated teller machine in response to the initiation button being pressed;

receiving a sum of currency into the currency scanner of the first automated teller machine;

creating an account in the central computer in response to the receipt of the sum of currency;

storing the sum of currency in digital form in the account;

generating a unique alphanumeric code that includes a first portion and a second portion, the first portion including an alphanumeric indication of the sum of currency;

associating the unique alphanumeric code with the account;

printing the unique alphanumeric code;

transmitting the unique alphanumeric code to a recipient;

inputting the unique alphanumeric code by the recipient into a second automated teller machine;

transmitting the unique alphanumeric code from the second automated teller machine to the central computer; and

dispensing from the second automated teller machine the sum of currency in the account associated with the unique alphanumeric code.

2. The method of claim 1, further comprising the step of closing the account upon the sum of currency being dispensed.

3. The method of claim 1, wherein the second portion of the unique alphanumeric code is selected by a sender and inputted into the first automated teller machine.

4. The method of claim 1, wherein the second portion of the unique alphanumeric code is randomly generated by the central computer and transmitted to the first automated teller machine.

5. A system for creating digital currency, the system comprising:

a first automated teller machine having a currency scanner and an initiation button, the initiation button functioning to activate the first automated teller machine without the use of a bank card or a bank account;

a central computer operably connected to the first automated teller machine, the central computer having a database for creating an account and storing a unique alphanumeric code associated with the account;

a program for initiating the first automated teller machine in response to the initiation button being pressed, for receiving a sum of currency into the currency scanner of the first automated teller machine, for creating an account in the central computer in response to the receipt of the sum of currency, for storing the sum of currency in digital form in the account, for generating a unique alphanumeric code that includes a first portion and a second portion, the first portion including an alphanumeric indication of the sum of currency received, for associating the unique alphanumeric code with the account, and for printing the unique alphanumeric code at the first automated teller machine;

providing a second automated teller machine having an alphanumeric input device, the alphanumeric input device being adapted to receive the unique alphanumeric code, the second automated teller machine being operably connected to the central computer for transmitting the unique alphanumeric code from the second automated teller machine to the central computer; and

a currency dispenser of the second automated teller machine adapted for dispensing the sum of currency in the account associated with the unique alphanumeric code.

6. The system of claim 5, wherein the second portion of the unique alphanumeric code is selected by a sender and inputted into the first automated teller machine.

7. The system of claim 5, wherein the second portion of the unique alphanumeric code is randomly generated by the central computer and transmitted to the first automated teller machine.

8. The system of claim 5, wherein the central computer converts the sum of currency from one form of currency to another form of currency prior to transmission from the central computer to the second automated teller machine.

9. A method for creating digital currency and transferring the digital currency from a sender to a recipient, the method comprising the steps of:

providing a central computer operably connected to a first automated teller machine having a currency scanner;

receiving a sum of currency from the sender into the currency scanner of the first automated teller machine;

creating an account by the central computer in response to the receipt of the sum of currency;

storing the sum of currency in digital form in the account;

associating a unique alphanumeric code with the account;

transmitting the unique alphanumeric code to the recipient;

receiving the unique alphanumeric code from the recipient into a second automated teller machine;

transmitting the unique alphanumeric code from the second automated teller machine to the central computer; and

dispensing the sum of currency in the account associated with the unique alphanumeric code to the recipient.

10. The method of claim 9, further comprising the steps of:

providing an initiation button ad the first automated teller, the initiation button functioning to activate the automated teller machine; and

initiating the first automated teller machine in response to the initiator button to receive the sum of currency.

11. The method of claim 9, further comprising the step of printing the unique alphanumeric code once it has been associated with the account.