Space efficient method of redeeming electronic payments

US5857023A · kind A · utility

Assignee

• Xerox Corporation · US

Inventors

• Alan J. Demers · Ramona, US
• Daniel H. Greene · Sunnyvale, US
• Bridget A. Spitznagel · Pittsburgh, US
• Roy Want · Los Altos, US

Key dates

• Filing date: Nov 25, 1996
• Grant date: Jan 5, 1999
• Expiry date: Nov 25, 2016

Classification

• Technology area (CPC G): Physics
• CPC primary: G07F7/1016
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method of redeeming for a seller electronic payments generated by and received from a customer using a master key unknown to the seller. In anticipation of making electronic payments, a customer sends a bank the master key that he will use to generate electronic payments. The bank stores the master key. Later, the bank receives from the seller a redemption request including a seller identifier, a first value of a payment index, and an electronic payment associated with the first value of the payment index. The bank authenticates the electronic payment by comparing the electronic payment to a hash of a string including the master key, the seller identifier, and the first value of the payment index. If the electronic payment is authenticated, the bank determines an amount due to the seller and credits that amount to the seller.