Patent ID: 7778923
Filing Date: 2010-08-17
Classification: G06Q

Abstract:
1. A system for increasing the demand deposit asset base of a banking institution for fractional-reserve banking within the Federal Reserve System, wherein a first and a second demand deposit account, each having a balance, are captive in that banking institution, comprising: (a) a portable “cre-bit” device for encrypted containment of numeric fractional currency amounts linked to the first account at the banking institution and comprising portable transacting means for validating and performing at least one commercial transaction without the use of physical fractional currency and for a specific amount, (b) a node device for encrypted containment of numeric fractional currency amounts linked to the second account at the banking institution and comprising node transacting means for validating and performing said at least one commercial transaction without the use of physical fractional currency and for said specific amount, (c) an encrypted data exchange interface between said portable device and said node device for accurately communicating therebetween said specific amount of said at least one commercial transaction that comprises “cre-bit” data: a credit to one and a debit to the other; (d) upon transacting said at least one commercial transaction the two devices are configured via said respective transacting means to trigger said data exchange interface such that said “cre-bit” data is communicated between said two devices in order for one of the accounts to be debited for said transaction said specific amount and the other device to be credited said specific amount commensurate with said at least one commercial transaction; (e) first communication means for communicating said “cre-bit” data to the banking institution to effect said crediting and debiting of said accounts such that the balance of each respective account therein is respectively properly credited and debited said specific amount in accordance with said at least one commercial transaction; (f) second communication means for communicating within the Federal Reserve System changes in the demand deposit asset base at the banking institution for fractional-reserve banking within the Federal Reserve System; and (g) said portable “cre-bit” device comprises a microprocessor, display means for displaying said balance of said first account and “cre-bit” data, operator interface means for entering, sending and receiving said “cre-bit” data, power, memory, and wireless communication means for communicating with said node device.