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System and method for electronically exchanging value among distributed users

  • US 7,089,208 B1
  • Filed: 04/28/2000
  • Issued: 08/08/2006
  • Est. Priority Date: 04/30/1999
  • Status: Expired due to Term
First Claim
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1. A computer-implemented method of facilitating a value exchange between multiple users in a distributed value exchange system, the method comprising:

  • (a) registering a first user with the value exchange system, wherein the first user is assigned a first account with the value exchange system;

    (b) receiving at the value exchange system a value exchange transaction from the first user, wherein said transaction involves a second user and includes;

    (i) a pre-existing identifier of the second user, wherein the pre-existing identifier enables communication with the second user independent of the value exchange system; and

    (ii) a value to be exchanged between the first user and the second user;

    wherein the first user sends the value exchange transaction to the value exchange system without informing the second user of the value exchange transaction; and

    (c) at the value exchange system;

    (i) computer-generating a notification of said value exchange transaction;

    (ii) electronically sending said notification to the second user; and

    (iii) prior to said electronically sending, debiting said value from one of said first account and a second account associated with the second user, and crediting said value to the other of said first account and said second account.

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