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Funds transfer system

Inactive Publication Date: 2000-07-25
NET1 HLDG S A R L
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

Preferably, the card reader device operates under the control of a stored program which facilitates the interaction of the first and second smart cards.

Problems solved by technology

In any event, direct debiting or crediting of an account is generally limited to a two way transaction between a financial institution and an account holder at the financial institution.
However, these systems are cumbersome and risky and, if provided as on-line services, are relatively unreliable and expensive.

Method used

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Examples

Experimental program
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Embodiment Construction

The funds transfer system illustrated schematically in the drawings is designed to allow the direct transfer of funds from a first financial institution to a cardholder, from the cardholder to a retailer, and from the retailer to a second financial institution, via an analogue or digital data network. In order to allow the necessary data to be transferred in a convenient manner, use is made of "smart cards". Such devices are well known and comprise a credit card-like substrate on which is mounted an integrated circuit containing a central processing unit (CPU) and associated random access memory (RAM) and read-only memory (ROM), as well as an electrically erasable programmable read-only memory (EEPROM). Contacts on the surface of the substrate allow a suitable card reader device to apply power to the computer on the card and permit data transfer to and from the computer.

The operation of the system is illustrated in a highly simplified form in the diagram of FIG. 2. In the first leg ...

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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.

Description

This application claims priority of South African Patent Application No. 907106 filed Sep. 6, 1990 in the Republic of South Africa, in the name of inventors Mansvelt and Belamant..Iaddend.BACKGROUND OF THE INVENTIONThis invention relates to a method of and a system for transferring funds.At present, remote banking generally involves the use of magnetic stripe cards, together with cheques or cash. The cards are encoded with information identifying holders of the cards. The information stored on the card is typically a primary account number (PAN). Typically, the card is inserted into an automatic teller machine (ATM) and a personal identification number (PIN) is entered by the cardholder. In some cases, the ATM verifies that the entered PIN corresponds with a PIN calculated by the ATM and then allows a transaction such as a withdrawal or deposit of funds to take place. If the ATM is on-line to the relevant financial institution, the account of the cardholder may be debited immediatel...

Claims

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Application Information

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IPC IPC(8): G06Q20/00G07F7/08G06Q20/06G06Q20/10G06Q20/26
CPCG06Q20/06G06Q20/10G06Q20/26
Inventor MANSVELT, ANDRE P.BELAMANT, SERGE C. P.
Owner NET1 HLDG S A R L
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