Smartcard-based value transfer

• US 8,694,437 B2
• Filed: 03/15/2004
• Issued: 04/08/2014
• Est. Priority Date: 03/13/2003
• Status: Active Grant

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: ECEBS Limited (Visa, Inc.)
• Inventors: Hochfield, Barry Sim, Breslin, Anthony, Peters, Michael
• Primary Examiner(s): ZELASKIEWICZ, CHRYSTINA E
• Application Number:
  US10/548,762
• Publication Number:
  US 20070094149A1
• Time in Patent Office: 3,676 Days
• Field of Search: 705/65, 705/64, 380/24
• US Class Current: 705/65
• CPC Class Codes: G06Q 20/0425 the cheque being electronic only
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system
• CPC Class Codes: G07F 7/1025 Identification of user by a PIN code

Abstract

In a value transfer scheme, users are provided with programmable devices, for example, smart cards, capable of carrying data representing at least one available commodity value. Data representing user accounts is held at a remote processing station. Transactions between users are effected by the off-line exchange of data between users'"'"'respective smartcards, the exchanged data containing a record of each transaction entered into. The user account data for each user'"'"'s account held at the remote processing station is updated only subsequently when the user'"'"'s smartcard is on-line to the remote processing station and data therefrom is uploaded to the remote processing station. The scheme of the invention can, conveniently, be based around the ITSO scheme which is used to govern the secure transfer of data. The scheme is capable of providing a secure multi-commodity value transfer system.

Claims

1. A method for calculating a commodity transfer on both a first and second programmable hardware device by electronic communication between the first programmable hardware device and the second programmable hardware device, the method comprising the steps of:

storing on the first programmable device a first data item including a first value of the commodity owned by a first user, wherein the first user is an account holder of a first account;

storing on the second programmable device a second data item including a second value of the commodity owned by a second user, wherein the second user is an account holder of a second account;

sending of the first value from the first programmable hardware device to the second programmable hardware device;

sending of the second value from the second programmable hardware device to the first programmable hardware device;

subtracting by the second programmable hardware device a transfer value from the received first value to create a modified first value;

sending of the modified first value from the second programmable hardware device to the first programmable hardware device;

adding by the first programmable hardware device the transfer value to the received second value to create a modified second value;

sending of the modified second value from the first programmable hardware device to the second programmable hardware device.

2. The method of claim 1, wherein the electronic transaction is effectuated through a terminal in electronic communication with the first and second programmable hardware devices:

wherein sending of the first value comprises retrieving by the terminal of the first value from the first programmable hardware device and verifying the first value prior to sending the first value to the second programmable hardware device; and

wherein sending of the second value comprises retrieving by the terminal of the second value from the second programmable hardware device and verifying the second value prior to sending the second value to the first programmable hardware device.

3. The method of claim 1, wherein the first and second programmable hardware devices are smartcards.

4. The method of claim 1, wherein the commodity is a monetary commodity and the first and second values are monetary values.

5. The method of claim 1, wherein the commodity is a non-monetary commodity and the first and second values are amounts of the non-monetary commodity.

6. The method of claim 1, further comprising:

in response to receipt of the modified first value, creating a log record that the transfer value has been added to the second value of the second user;

uploading information from the first programmable hardware device comprising the log record and the modified first value to a remote processing station, wherein the remote processing station stores data representing a first account associated with the first user; and

updating by the remote processing station of said first account to reflect subtraction of the transfer value from the first account.

7. The method of claim 1, further comprising:

in response to creation of the modified first value, creating a log record that the transfer value has been deducted from the first value of the first user;

uploading information from the second programmable hardware device comprising the log record and the modified second value to a remote processing station, wherein the remote processing station stores data representing a second account associated with the second user; and

updating by the remote processing station of said second account to reflect addition of the transfer value to the second account.

8. The method of claim 1, wherein the first programmable hardware device also stores a third data item including a third value of a different commodity owned by the first user and the second programmable hardware device stores a fourth data item including a fourth value of said different commodity owned by the second user;

and

wherein the commodity is a monetary commodity and the first and second values are monetary values; and

wherein the different commodity is a non-monetary commodity and the third and fourth values are amounts of the non-monetary commodity.

9. The method of claim 1, wherein the first programmable hardware device also stores a third data item including a third value of a different commodity owned by the first user and the second programmable hardware device stores a fourth data item including a fourth value of said different commodity owned by the second user;

and

wherein the commodity is a non-monetary commodity and the first and second values are amounts of the non-monetary commodity; and

wherein the different commodity is a monetary commodity and the third and fourth values are monetary values.