Computer program, system and method for on-line issuing and verifying a representation of economic value interchangeable for money having identification data and password protection over a computer network

• US 7,742,996 B1
• Filed: 07/28/2002
• Issued: 06/22/2010
• Est. Priority Date: 09/27/2000
• Status: Expired due to Fees

• Current Assignee: Khai Hee Kwan
• Original Assignee: Khai Hee Kwan
• Inventors: Kwan, Khai Hee
• Primary Examiner(s): Augustin; Evens J
• Application Number:
  US10/214,351
• Time in Patent Office: 2,886 Days
• Field of Search: 705/45, 705/50, 705/35, 705/17, 705/55, 705/72, 707/205, 708/106, 235/380
• US Class Current: 705/72
• CPC Class Codes: G06Q 20/045 using payment protocols involving tickets
• 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 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

An electronic economic value representation distribution system. The potential user may specify the economic value representation. A password is required to lock in the representation and is stored in the issuer server. Information identifying the representation is linked to the password stored in the database. User can create the said representation by downloading from the issuer computer that may be printed on the user'"'"'s printer connected to his personal computer. On presentation of the said economic value representation at verifier'"'"'s terminal connected to issuer server, identifying data is transmitted to issuer server for verification. Upon successfully verifying said identifying information, user is requested to present the password locking the representation. Upon successful authentication of presented and successful reconciling with originating account, verifier is to provide user with services or amount valued by the economic representation.

Claims

1. A computer network method for issuing and verifying a password protected representation of economic value exchangeable for money using at least a programmed computer to avoid acceptance of a fraudulent economic representation at the point and time of transaction between a merchant and a payee or bearer, comprising the steps of:

receiving for verification a self-printed representation of economic value having machine readable codes comprising at least data identifying an unique identification linked to a password by payee or bearer;

reading said machine readable codes to derive said linked password;

requesting from payee or bearer a password to verify ownership of said representation;

verifying ownership by comparing said password presented by said payee or bearer with said password linked to said unique identifier;

responding to said merchant with said verification result;

determining by said merchant whether to accept or refuse said representation at the point and time of transaction based on said ownership verification step;

whereby said merchant accepts then exchanging predetermined amount of money in currency notes with said representation or crediting said predetermined amount of money to an account designated by said payee or bearer; and

whereupon acceptance, said representation is expired.

2. The method according to claim 1 further includes steps to issue said representation comprising:

asking payee or bearer for a password to protect said representation;

generating an unique identifier;

creating ownership rights by causing said password to be linked to said identifier;

generating said representation having at least verifiable ownership rights;

storing said representation in a database; and

transmitting to printing device controlled by payee or bearer and printing said representation having readable codes comprising at least data identifying said unique identification linked to said password.

3. The method according to claim 2 includes steps to transmit said representation to a mobile device and storing as machine-readable codes on a computer readable media and whereby said device is used independently to said printed representation.

4. The method according to claim 1 wherein said representation of economic value is at least one from the following:

gold notes, silver notes, treasury notes, bond notes, fixed rate notes, floating rate notes, certificate of deposits, equity notes, credit notes, debit notes, bank &

personal cheques, bank bills, bank notes, traveler cheques and demand drafts.

5. The method in accordance to claim 2 further includes the step of requesting for a decoy password to pass through a fake transaction with all the appearance of a real transaction and to raise alarm.

6. The method according to claim 1, further includes a step for receiving for verification representations issued by different issuers;

and

whereby said programmed computer is a bank portal connected to at least one issuer'"'"'s server.

7. The method according to claim 2, further comprising:

requesting the payer for a bank account to debit the economic value amount to be claimed by said representation.

8. Computer executable software code stored on a computer readable medium implementing the method of claim 1.

9. Computer executable software code stored on a computer readable medium implementing the method of claim 2.

10. Computer executable software code stored on a computer readable medium implementing the method of claim 3.

11. Computer executable software code stored on a computer readable medium implementing the method of claims 5.

19. Computer executable software code stored on a computer readable medium implementing the method of claim 6.

12. A computer network system for issuing and verifying a password protected representation of economic value exchangeable for money to avoid acceptance of a fraudulent economic representation at the point and time of transaction between a merchant and a payee or bearer comprising:

one or more password protected self-printed representation of economic value exchangeable for money wherein said representation having readable codes comprising at least data identifying an unique identification linked to a password for ownership verification;

a programmed computer, further comprising;

one or more database for storing said representations;

a memory having at least one region for storing executable program code; and

a processor for executing the program code stored in the memory, wherein the program code, further comprising;

code to request payee or bearer to present said representation for verification;

code to read said machine readable codes to derive said linked password;

code to request manual input of said readable codes to derive said linked password;

code to request a password from said payee or bearer to verify ownership of said representation;

code to verify ownership by comparing said password presented by said payee or bearer with said password linked to said unique identifier;

code to respond to said merchant with said verification;

code to provide said merchant to accept or refuse said representation at the point and time of transaction based on said ownership verification;

whereby said merchant accepts then, exchanging predetermined amount of money in currency notes with said representation or crediting said predetermined amount of money to an account designated by said payee or bearer; and

whereupon acceptance, said representation is expired.

13. The system according to claim 12 wherein program codes further comprising:

code for asking payee or bearer for a password to protect said representation;

code for generating an unique identifier;

code for creating ownership rights by causing said password to be linked to said identifier;

code for generating said representation having at least verifiable ownership rights;

code for storing said representation in a database; and

code for transmitting to printing device controlled by payee or bearer and printing said representation having readable codes comprising at least data identifying said unique identification linked to said password.

14. The system according to claim 13 wherein program codes further comprising codes to transmit said representation to a mobile device and storing as machine-readable codes on a computer readable media and whereby said device is used independently to said printed representation.

15. The system according to claim 12 wherein said representation of economic value is at least one from the following:

gold notes, silver notes, treasury notes, bond notes, fixed rate notes, floating rate notes, certificate of deposits, equity notes, credit notes, debit notes, bank &

personal cheques, bank bills, bank notes, traveler cheques and demand drafts.

16. The system according to claim 13 wherein program codes further comprising:

codes for requesting a decoy password to pass through a fake transaction with all the appearance of a real transaction and to raise alarm.

17. The system according to claim 12 wherein program codes further includes codes for receiving representations from different issuers for verification and whereby said programmed computer is a banking portal connected to at least one issuer'"'"'s server.

18. The system according to claim 13 wherein program codes further comprising:

codes for requesting the payer for a bank account to debit the economic value amount to be claimed by said representation.