Method for electronic payment system with issuer control
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United States of America Patent
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-
Dec 7, 1999
Grant Date -
N/A
app pub date -
Feb 27, 1997
filing date -
Feb 27, 1997
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A cryptographic method implemented on an electronic communication network interconnecting a plurality of terminals represents funds in a way that is secure at the issuer and secure when funds move from payer to payee and back to the issuer. The cryptographic method mints, issues, pays and redeems funds when transactions are done over the network with the flow and transaction of funds being controlled by an issuer. The method implements electronic money acquisition, transfer of money between users in an unrestricted way and in a way where fraud is impossible cryptographically, and redemption of electronic money to correct real money bank accounts. Funds are handled so that their representation enables the issuer to treat the representation as a physical monetary instrument equivalent to notes or coins.
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