MONEY TRANSFERS USING DIGITAL CASH

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

BRIEF DESCRIPTION OF THE DRAWINGS

A further understanding of the nature and advantages of the present invention may be realized by reference to the remaining portions of the specification and the drawings wherein like reference numerals are used throughout the several drawings to refer to similar components. In some instances, a sublabel is associated with a reference numeral and follows a hyphen to denote one of multiple similar components. When reference is made to a reference numeral without specification to an existing sublabel, it is intended to refer to all such multiple similar components.

FIG. 1 is a flow diagram summarizing methods for generating anonymous digital cash;

FIG. 2 is a schematic illustration of an architecture in which money transfers may be effected using digital cash;

FIG. 3 is a schematic illustration of a money-transfer computer system on which methods of the invention may be embodied;

FIG. 4 is a flow diagram summarizing certain methods for transferring funds where the sender is equipped to provide digital cash;

FIG. 5 is a flow diagram summarizing certain methods for transferring funds where the recipient is equipped to receive digital cash; and

FIG. 6 is a flow diagram summarizing methods for using a funds-transfer arrangement to implement pooled transactions using digital cash.

Claims

1. A method of transferring funds from a sender to a recipient, the method comprising: receiving source funds from the sender;determining an amount of recipient funds from a value of the source funds;generating a transfer identifier associated with the recipient funds;providing the transfer identifier to the sender;receiving the transfer identifier from the recipient; andtransferring control of the recipient funds to the recipient in response to receipt of the transfer identifier from the recipient,wherein 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 having: a currency amount; anda digital signature identifying a financial institution that backs the each such electronic token for the currency amount.

2. The method recited in claim 1 wherein the source funds are in the form of one or more electronic tokens, the method further comprising transmitting the one or more electronic tokens to the financial institution with a request to increase a balance of an identified account by an amount corresponding to a sum of the currency amounts of the one or more electronic tokens.

3. The method recited in claim 2 further comprising: transmitting a challenge to the sender; andreceiving a response to the challenge from the sender, wherein: the response comprises a first portion of a set of information;a combination of the first portion of the set of information with a second portion of the set of information different from the first portion identifies the sender; andselection of the first portion from the set of information is determined by characteristics of the challenge.

4. The method recited in claim 2 wherein: receiving the transfer identifier from the recipient comprises receiving the transfer identifier from the recipient in person at a local office; andtransferring control of the recipient funds to the recipient comprises providing cash or a financial instrument for the amount of the recipient funds to the recipient in person at the local office.

5. The method recited in claim 2 wherein receiving the transfer identifier from the recipient comprises receiving the transfer identifier from the recipient electronically over a public network.

6. The method recited in claim 1 wherein the recipient funds are in the form of one or more electronic tokens, the method further comprising: receiving a challenge from the recipient; andtransmitting a response to the challenge to the recipient, wherein: the response comprises a first portion of a set of information;a combination of the first portion of the set of information with a second portion of the set of information different from the first portion identifies a money-transfer provider transferring control of the recipient funds; andselection of the first portion from the set of information is determined by characteristics of the challenge.

7. The method recited in claim 1 wherein: the recipient funds are in the form of one or more electronic tokens; andreceiving the source funds from the sender comprises receiving cash or a financial instrument for an amount of the source funds from the sender in person at a local office.

8. The method recited in claim 1 further comprising generating the recipient funds as one or more electronic tokens, wherein generating the recipient funds comprises: generating a coin number for each of the one or more electronic tokens;appending a digital signature to the generated coin number for each of the one or more electronic tokens, the digital signature resulting from application of a one-way hash function to the coin number.

9. The method recited in claim 1 wherein determining the amount of the recipient funds comprises reducing an amount of the source funds by an applicable service charge.

10. The method recited in claim 1 wherein the one or more electronic tokens comprise blinded electronic tokens.

11. The method recited in claim 10 wherein the source funds are in the form of one or more blinded electronic tokens and the sender is anonymous.

12. The method recited in claim 1 wherein: the sender comprises a plurality of senders;receiving source funds from the sender comprises receiving a plurality of source-fund contributions from the plurality of senders; anddetermining the amount of the recipient funds comprises determining the amount of the recipient funds from a cumulative value of the plurality of source-fund contributions.

13. The method recited in claim 12 wherein at least one of the source-fund contributions is in the form of one or more electronic tokens.

14. The method recited in claim 12 wherein at least two of the source-fund contributions are in different currencies.

15. A money-transfer system comprising: a storage device;a communications system;a processor in communication with the storage device and the communications system; anda memory coupled with the processor, the memory comprising a computer-readable storage medium having a computer-readable program embodied therein for operating the money-transfer system to transfer funds from a sender to a recipient, the computer-readable program including: instructions to receive source funds from the sender;instructions to determine an amount of recipient funds from a value of the source funds;instructions to generate a transfer identifier associated with the recipient funds;instructions to provide the transfer identifier to the sender;instructions to receive the transfer identifier from the recipient; andinstructions to transfer control of the recipient funds to the recipient in response to receipt of the transfer identifier from the recipient,wherein 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 having: a currency amount; anda digital signature identifying a financial institution that backs the each such electronic token for the currency amount.

16. The money-transfer system recited in claim 15 wherein the source funds are in the form of one or more electronic tokens, the computer-readable program further including instructions to transmit the one or more electronic tokens to the financial institution with a request to increase a balance of an identified account by an amount corresponding to a sum of the currency amounts of the one or more electronic tokens.

17. The money-transfer system recited in claim 16 wherein the computer-readable program further includes: instructions to transmit a challenge to the sender; andinstructions to receive a response to the challenge from the sender, wherein: the response comprises a first portion of a set of information;a combination of the first portion of the set of information with a second portion of the set of information different from the first portion identifies the sender; andselection of the first portion from the set of information is determined by characteristics of the challenge.

18. The money-transfer system recited in claim 16 wherein: the instructions to receive the transfer identifier from the recipient comprise instructions to receive an acknowledgment of receipt of the transfer identifier from the recipient in person at a local office over a money-transfer network interfaced with the local office and with the communications system; andthe instructions to transfer control of the recipient funds to the recipient comprise instructions to provide cash or a financial instrument for the amount of the recipient funds to the recipient in person at the local office.

19. The money-transfer system recited in claim 16 wherein the instructions to receive the transfer identifier from the recipient comprise instructions to receive the transfer identifier from the recipient electronically over a public network interfaced with the communications system.

20. The money-transfer system recited in claim 15 wherein the recipient funds are in the from of one or more electronic tokens, the computer-readable program further including: instructions to receive a challenge from the recipient; andinstructions to transmit a response to the challenge to the recipient, wherein: the response comprises a first portion of a set of information;a combination of the first portion of the set of information with a second portion of the set of information different from the first portion identifies a money-transfer provider operating the money-transfer system; andselection of the first portion from the set of information is determined by characteristics of the challenge.

21. The money-transfer system recited in claim 15 wherein: the recipient funds are in the form of one or more electronic tokens; andthe instructions to receive the source funds from the sender comprise instructions to receive an acknowledgment of receipt of cash or a financial instrument for an amount of the source funds from the sender in person at a local office over a money-transfer network interfaced with the local office and with the communications system.

22. The money-transfer system recited in claim 15 wherein the computer-readable program further includes instructions to generate the recipient funds as one or more electronic tokens, wherein the instructions to generate the recipient funds comprise: instructions to generate a coin number for each of the one or more electronic tokens; andinstructions to append a digital signature to the generated coin number for each of the one or more electronic tokens, the digital signature resulting from application of a one-way hash function to the coin number.

23. The money-transfer system recited in claim 15 wherein the instructions to determine the amount of the recipient funds comprise instructions to reduce an amount of the source funds by an applicable service charge.

24. The money-transfer system recited in claim 15 wherein the one or more electronic tokens comprise blinded electronic tokens.

25. The money-transfer system recited in claim 24 wherein the source funds are in the form of one or more blinded electronic tokens and the sender is anonymous.

26. The money-transfer system recited in claim 15 wherein: the sender comprises a plurality of senders;the instructions to receive source funds from the sender comprise instructions to receive a plurality of source-fund contributions from the plurality of senders; andthe instructions to determine the amount of the recipient funds comprise instructions to determine the amount of the recipient funds from a cumulative value of the plurality of source-fund contributions.

27. The money-transfer system recited in claim 26 wherein at least one of the source-fund contributions is in the form of one or more electronic tokens.

28. The money-transfer system recited in claim 26 wherein at least two of the source-fund contributions are in different currencies.