Asset storage and transfer system for electronic purses

Abstract

An electronic asset exchange system includes a communications medium and at least two electronic purses. Each electronic purse includes an interface configured to send and receive messages, a memory storing a current asset value amount, a respective unique identifier, and a log of asset transfers; and a controller. The controller receives an asset transfer message including at least an asset value amount to be transferred, and executes a Transfer-in process to increase the current asset value amount by the asset value amount to be transferred and record information of the asset transfer in the log. The controller receives, via the interface, an asset transfer request message including at least an asset value amount to be transferred, and executes a Transfer-out process to generate and send an asset transfer message including the asset value amount to be transferred, decreasing the current asset value amount by the asset value amount to be transferred; and recording information of the asset transfer in the log.

Description

[0001] Cross References to Related Applications [0002] This application is based upon and claims the benefit of 61 / 243,203, filed September 17, 2009, the entire contents of which are hereby incorporated by reference. [0003] Microfiche Addendum [0004] Not applicable. technical field [0005] The present invention relates to a system for making payments by securely moving assets between warehouses maintained by participants in the system. Background technique [0006] Electronic payment systems are known in the art. A general example of such a system uses a "debit card" issued by a bank to its customers. In a simple transaction, a customer inserts his card into an automated teller machine (ATM), which uses the information stored on the card to access the customer's account at the bank. Often the customer will be asked to provide a secret personal identification number (PIN) so that the bank can guarantee the authenticity of the cardholder. Upon successful completion...

AI Technical Summary

Problems solved by technology

The limitation of this system is that both parties to the transaction must have an electronic wallet and the means to implement an electronic value transfer agreement

Another limitation is that the four-message protocol increases the time required to make value transfers, which may be unacceptable in certain applications such as payment of fees in mass transit systems, for example

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