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Money transfers using digital cash

A currency and transfer system technology, applied in data processing applications, instruments, calculations, etc., can solve problems such as the difficulty of transferring currency exchange

Inactive Publication Date: 2009-05-27
FIRST DATA
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

In some cases, transfers to other countries may cause difficulties due to currency conversion if neither the sender nor the recipient is able to accommodate currency differences

Method used

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  • Money transfers using digital cash
  • Money transfers using digital cash
  • Money transfers using digital cash

Examples

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Embodiment Construction

1. Digital cash

[0018] Embodiments of the present invention provide methods and systems for financial transfers utilizing digital cash on the part of the sender or recipient. While it is possible for both the sender and recipient to use digital cash in a transfer using a financial transfer system, it is generally expected that the financial transfer system will only involve certain types of transactions. For example, a description will be given below of a transaction in which both the sender and receiver are able to use digital cash but benefit from centralized control of various aspects of the transfer configuration enabled by the financial transfer system. In other cases where there is a single sender and a single receiver that do not require any currency exchange, transfers can be made more simply between the parties without having to engage in a financial transfer system.

[0019] As used herein, "digital cash" refers to money held as electronic tokens. Each Token inclu...

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Abstract

Methods and systems are described for transferring funds from a sender to a recipient. Source funds are received from a sender. An amount of recipient funds is determined from a value of the source funds. A transfer identifier associated with the recipient funds is generated and provided to the sender. The transfer identifier is received from the recipient, prompting a transfer in control of the recipient funds to the recipient. At least one of the source funds and the recipient funds are in the form of one or more electronic tokens. Each such electronic token has a currency amount and a digital signature identifying a financial institution that backs the electronic token for the currency amount.

Description

[0001] Cross References to Related Applications [0001] This application is a non-provisional of, and claims the benefit of, U.S. Provisional Patent Application No. 60 / 782,727, filed March 14, 2006, entitled "MONEY TRANSFERS USING DIGITALCASH," The entire disclosure of this provisional application is incorporated herein by reference. technical field [0002] This application relates generally to financial transfers. More specifically, the present application relates to methods and systems for implementing money transfers using digital cash. Background technique [0003] Currently, there are various different ways that funds can be transferred from one person to another. Perhaps the simplest of such different types of transfers is a simple cash transfer in which one person hands cash to another. While such a simple technique is clearly adequate when the participants are together and have sufficient cash on hand, it is generally impractical when the participants are not to...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q99/00
Inventor 肯·阿尔及恩迈克尔·耶利尼姆斯
Owner FIRST DATA
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