Settlement of aggregated electronic transactions over a network
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United States of America Patent
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Nov 27, 2001
Issued Date -
N/A
app pub date -
Jul 22, 1998
filing date -
Jun 17, 1996
priority date (Note) -
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Abstract
In one embodiment, an architecture that consummates an electronic transaction between a first electronic device, such as an acquirer device, a second electronic device, such as an issuer device, and a plurality of electronic terminals, such as merchant terminals, by establishing a communication between the plurality of devices and terminals and accumulating transactions that are approved by the second electronic device. Then, periodically the plurality of transactions are settled using a transfer of monetary value between the first electronic device and the second electronic device. For example, the present invention uses electronic cash transfer to replace conventional settlement, which requires the use of a third-party settlement service.
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