Systems and methods for provisionally transferring an electronic currency

• US 8,706,626 B2
• Filed: 03/15/2013
• Issued: 04/22/2014
• Est. Priority Date: 05/26/2009
• Status: Active Grant

• Current Assignee: Open Payment Network Incorporated
• Original Assignee: Bradley Wilkes
• Inventors: Wilkes, Bradley
• Primary Examiner(s): Frenel, Vanel
• Application Number:
  US13/841,683
• Publication Number:
  US 20130218763A1
• Time in Patent Office: 403 Days
• Field of Search: 705/30, 705/35, 705/44, 705/64, 705/65, 705/36.T, 705/39
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• 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 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/0241 Advertisements

Abstract

Persistent, electronically anchored currency notes (PEAC notes) may be generated by a transaction provider and maintained in a datastore. Each PEAC note may be associated with a respective unique identifier and an asset held by a custodian. The transaction provider may provide for assigning ownership of the PEAC notes to various entities and/or transferring ownership therebetween. Ownership transfers may be performed by the transaction provider while maintaining the PEAC notes in the datastore and/or maintaining the asset(s) associated therewith with their respective custodian(s). The transfer of a PEAC note may be tied to one or more transfer conditions. A PEAC note may be provisionally transferred from a first entity to a second entity subject to one or more transfer conditions. When the transfer conditions are met, the PEAC note may be permanently transferred to the second entity.

Claims

1. An apparatus for electronically circulating a currency, comprising:

a computing device comprising a processor and a computer-readable storage medium, the computing device comprising a communication interface communicatively coupled to a network;

a transaction provider operating on a processor of the computing device, wherein the transaction provider is configured to generate a plurality of persistent, electronically anchored currency notes (PEAC notes), each PEAC note being assigned a respective unique identifier (UCNID) and a respective value, wherein each PEAC note is

associated with an asset held by a custodian;

wherein the transaction provider associates one or more transfer conditions with a first one of the PEAC notes; and

wherein the transaction provider is configured to provisionally transfer ownership of the first PEAC note having a particular UCNID from a first entity to a second entity, wherein ownership of the first PEAC note is permanently transferred from the first entity to the second entity in response to satisfying the one or more transfer conditions and verifying that the UEID of the first entity is bound to the UCNID of the first PEAC note, and wherein the first PEAC note is transferrable by the second entity and retains the particular UCNID.

2. The apparatus of claim 1, wherein the transaction provider is configured to determine whether the one or more transfer conditions are satisfied and to prevent the first PEAC note from being permanently transferred to the second entity in response to determining that one of the one or more transfer conditions are not satisfied.

3. The apparatus of claim 1, wherein one of the one or more transfer conditions comprises receiving a valid payment code from the second entity, wherein the transaction provider is configured to receive a request to provisionally transfer the first PEAC note from the first entity, provide a payment code to the first entity in response to the request to transfer, receive a request to complete the transfer of the first PEAC note from the second entity, determine whether the request to complete the transfer includes the payment code provided to the first entity, and prevent the permanent transfer of the first PEAC note to the second entity in response to determining that the transfer does not include the payment code provided to the first entity.

4. The apparatus of claim 1, wherein the one or more transfer conditions comprises a time frame within which a request to complete the transfer must be received by the transaction provider from the second entity.

5. The apparatus of claim 1, wherein a load code is used to uniquely identify the second entity to the transaction provider.

6. The apparatus of claim 1, wherein the one or more transfer conditions comprise receiving an invoice amount from the second entity;

wherein transaction provider completes the transfer in the amount of the invoice when the one or more transfer conditions are satisfied, and wherein the ownership of the first PEAC note reverts to the first entity when the invoice amount is greater than the value of the first PEAC note.

7. The apparatus of claim 6, wherein the second entity may revise the invoice amount within a predetermined time frame.

8. The apparatus of claim 6, wherein the transaction provider is configured to transfer back to the first entity the difference between the value of the first PEAC note and the invoice amount.

9. A non-transitory computer-readable storage medium comprising instructions to cause a computing device to perform a method for electronically circulating a currency, the method comprising:

generating a plurality of persistent, electronically anchored currency notes (PEAC notes), each PEAC note comprising a respective unique currency note identifier (UCNID) and a value, and being associated with an asset held by a custodian;

storing each of the generated PEAC notes in a datastore;

assigning ownership of the first one of the PEAC notes having a first UCNID to a first entity by associating the first UCNID to an identifier of the first entity in the datastore;

receiving a request to provisionally transfer ownership of the first PEAC note from the first entity to a second entity, pending satisfaction of one or more transfer conditions;

verifying that the request was authorized by the first entity by verifying that the first UCNID is associated with the identifier of the first entity in the datastore;

provisionally transferring ownership of the first PEAC note to the second entity;

verifying that the one or more transfer conditions are satisfied; and

permanently transferring ownership of the first PEAC note to the second entity while maintaining the first PEAC note in the datastore and maintaining the asset associated with the first PEAC note with the custodian in response to determining that the transfer conditions are satisfied, wherein the first PEAC note is transferrable by the second entity and retains the first UCNID in the datastore.

10. The non-transitory computer-readable storage medium of claim 9, wherein the method further comprises preventing the first PEAC note from being permanently transferred to the second entity in response to determining that one of the one or more transfer conditions is not satisfied.

11. The non-transitory computer-readable storage medium of claim 9, wherein the method further comprises:

providing, to the first entity, a payment code in response to the request to provisionally transfer ownership of the first PEAC;

receiving, from the second entity, a request to permanently transfer the first PEAC note;

determining whether the request to permanently transfer the first PEAC note includes the payment code provided to the first entity;

permanently transferring the first PEAC note to the second entity when the request to permanently transfer the first PEAC note includes the payment code; and

preventing the permanent transfer of the first PEAC note to the second entity when the request to permanently transfer the first PEAC note does not include the payment code.

12. The non-transitory computer-readable storage medium of claim 9, wherein the one or more transfer conditions comprise a time frame within which a request to permanently transfer the first PEAC note must be received from the second entity, wherein the time frame is specified by the first entity in the request to provisionally transfer ownership of the first PEAC note from the first entity to a second entity.

13. The non-transitory computer-readable storage medium of claim 9, wherein the method further comprises:

receiving an invoice amount from the second entity;

permanently transferring the first PEAC note in the amount of the invoice when the one or more transfer conditions are satisfied; and

transferring back to the first entity the difference between the value of the first PEAC note and the invoice amount,

wherein the ownership of the first PEAC note reverts to the first entity when the invoice amount is greater than the value of the first PEAC note.

14. The non-transitory computer-readable storage medium of claim 9, wherein the step of assigning ownership of the first one of the PEAC note to a first entity occurs when the first entity purchases the first PEAC note using a gift card system.

15. A method for electronically circulating a currency, the method comprising:

generating a plurality of persistent, electronically anchored currency notes (PEAC notes), each PEAC note comprising a respective unique currency note identifier (UCNID) and a value, and being associated with an asset held by a custodian;

storing each of the generated PEAC notes in a datastore;

assigning ownership of the first one of the PEAC notes having a first UCNID to a first entity by tying the first UCNID to the first entity in the datastore;

receiving a request to provisionally transfer ownership of the first PEAC note from the first entity to a second entity, pending satisfaction of one or more transfer conditions;

verifying that the request was authorized by the first entity;

provisionally transferring ownership of the first PEAC note to the second entity;

verifying that the one or more transfer conditions are satisfied; and

permanently transferring ownership of the first PEAC note to the second entity in response to determining that the one or more transfer conditions are satisfied by tying the first UCNID to the second entity in the data store, wherein the first PEAC note is transferrable by the second entity and retains the first UCNID.

16. The method of claim 15, further comprising preventing the first PEAC note from being permanently transferred to the second entity in response to determining that one or more transfer conditions are not satisfied.

17. The method of claim 15, wherein the method further comprises:

providing, to the first entity, a payment code in response to the request to provisionally transfer ownership of the first PEAC;

receiving, from the second entity, a request to permanently transfer the first PEAC note;

determining whether the request to permanently transfer the first PEAC note includes the payment code provided to the first entity;

permanently transferring the first PEAC note to the second entity when the request to permanently transfer the first PEAC note includes the payment code; and

preventing the permanent transfer of the first PEAC note to the second entity when the request to permanently transfer the first PEAC note does not include the payment code.

18. The method of claim 15, wherein the one or more transfer conditions comprise a time frame within which a request to permanently transfer the first PEAC note must be received from the second entity,

wherein the time frame is specified by the first entity in the request to provisionally transfer ownership of the first PEAC note from the first entity to a second entity.

19. The method of claim 15, wherein the method further comprises:

receiving an invoice amount from the second entity;

permanently transferring the first PEAC note in the amount of the invoice when the one or more transfer conditions are satisfied; and

transferring back to the first entity the difference between the value of the first PEAC note and the invoice amount,

wherein the ownership of the first PEAC note reverts to the first entity when the invoice amount is greater than the value of the first PEAC note.

20. The method of claim 15, wherein the step of assigning ownership of the first one of the PEAC note to a first entity occurs when the first entity purchases the first PEAC note using a gift card system.