US 5,175,416 AGranted

Funds transfer system

OwnerAndre P. Mansvelt, Serge C. P. Belamantinventors

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Abstract

A method of transferring funds includes the steps of linking a first "smart card" to a first financial institution, debiting an account held at the financial institution and recording a corresponding credit value in the first smart card. The first smart card is then linked to a second, similar device, the credit value in the first device is reduced, and a corresponding credit value is recorded in the second device. The second device is then linked to a second financial institution, the credit value in the second device is reduced, and a corresponding credit value is recorded in an account held at the second financial institution. The first and second devices each store at least a portion of a program which is run in a synchronized interactive manner between the first devices. The invention extends to a system for implementing the method.

Claims12

Dependent claims

A method of transferring funds including the steps of:

linking a first portable data storage and processing device to a first financial institution, the first portable data storage device storing at least a portion of a program;
debiting an account held at the financial institution and recording a corresponding credit value in the first portable data storage and processing device;
linking the first portable data storage device to a second, similar device via a terminal means, the second portable data storage device storing at least a portion of a program which is run in a synchronized, interactive manner with the portion of the program stored in the first portable data storage device;
reducing the credit value in the first device and recording a corresponding credit value in the second device;
linking the second portable data storage and processing device to a second financial institution;
reducing the credit value in the second device;
and recording a corresponding credit value in an account held at the second financial institution.

4 more elements

Dependencies are inferred from the claim text.

Facts

Application: 07/701,821Filed 17 May 1991
Granted: 29 Dec 1992
Term ends: Not estimatedThe source records don’t support an estimate.

Classification11 codes

G07F 7/1008
Together with a coded signal , e.g. in the form of personal identification information, like personal identification number [PIN] or biometric…
G06Q 20/06
Payment circuits: private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
G06Q 20/10
Payment architectures: specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
G06Q 20/223
Payment schemes or models: based on the use of peer-to-peer networks