Abstract:
A method of transferring asset value between a first storage media for storing and transferring asset value denominated in a first currency and a second storage media for storing and transferring asset value denominated in a second currency. A FOREX system includes a third storage media for storing and transferring asset value denominated in the first currency and a fourth storage media for storing and transferring asset value denominated in the second currency. A first asset value amount, denominated in the second currency, to be transferred to the second storage media is determined. The FOREX system determines a third asset value amount denominated in the first currency, based on a second asset value amount denominated in the second currency. The first storage media transfers the third asset value amount to the third storage media, and the fourth storage media transfers the second asset value amount to the second storage media.

Description:
CROSS-REFERENCE TO RELATED APPLICATIONS 
       [0001]    This application is based on, and claims benefit of, provisional U.S. patent Application No. 61/612,779 filed Mar. 19, 2012, the entire content of which is hereby incorporated herein by reference. 
     
    
     TECHNICAL FIELD 
       [0002]    The present invention relates to a system for making payments by securely moving assets between the stores held by the participants in the system, and in particular to methods and systems implementing an Automated Foreign Exchange (Forex) Function in an asset storage and transfer system. 
       BACKGROUND 
       [0003]    Referring to  FIGS. 1   a  and  1   b , an asset storage and transfer system  2  in accordance with Applicant&#39;s PCT patent publications Nos. WO 2011/032257 and WO 2011/0322717, the entire content of both publications is hereby incorporated herein by reference, comprises at least two storage media  4  configured to exchange messages through a communications medium  6 . Each storage media  4  comprises an input/output (I/O) interface  8  configured to enable the storage media  4  to send and receive messages through the communications medium  6 ; a controller  10  responsive to received messages to record transfers of content to the storage media  4  and to transfer content from the storage media  4 ; and a memory  12  storing a respective unique identifier  14  of the storage media  4 , a private key  16  and a certificate  18  uniquely assigned to the storage media  4 , a log  20  of content transfers to and from the storage media  4 , and a current content (Cur.Val)  22  of the storage media. 
         [0004]    The private key  16  and a certificate  18 , facilitate encryption and digital signature functionality using, for example, well-known Public Key Infrastructure (PKI) techniques. For the purpose, the private key  16  and the certificate  18  will typically be generated by a trusted Issuing Authority, such as, for example, Verisign (™). 
         [0005]    It is anticipated that the storage media  4  may be constructed as a physical device suitable for distribution and use by an individual person. Multiple such devices may be used by a merchant, for example. The storage media  4  may be configured to connect to a user&#39;s communications device  24  for communications through a data network  26 , as shown in  FIG. 1   b . Such a personalized storage media  4  may be manufactured in any suitable form-factor, including, but not limited to, form factors commonly used in smart-cards, USB flash drives or memory cards. The I/O Interface  8  can be provided as any suitable communications link, such as, for example, a Universal Serial Data (USB) or mini-USB connection, a blue-tooth(™) or Infra-red wireless connection. Other connection technologies may be used, as desired. Preferably, the I/O interface  8  is designed to enable the user to easily and reliably connect and disconnect their storage media  4  to and from a communications device  24 , and, when connected, facilitate secure transfer of information between the storage media  4  and the communication device. For this reason, in embodiments in which a wireless interface technology is used, it is preferable that the wireless connection be operative over a very limited distance (e.g. on the order of 10 cm or less), so as to reduce power requirements and enhance security. Various known radio-frequency electromagnetic or magnetic coupling techniques may be used to implement a wireless connection at this distance. 
         [0006]    The communication device  24  may take any suitable form, including, but not limited to, Personal Computers (PCs), note-book PCs, Personal Digital Assistants (PDAs), cell phones, point-of-sale machines etc. 
         [0007]    The controller  10  and memory  12  may, for example, be constructed as a secure module  30  using known Subscriber Identity Module (SIM) techniques. However, this is not essential. Preferably, the storage media  4  is configured in such a manner that the controller  10  and memory  12  cannot be removed from the storage media  4  without destroying the controller  10  and memory  12 . Use of SIM technology for construction of the controller  10  and memory  12  is beneficial, in that it enables the ID  14 , Private Key  16  and certificate  18  to be permanently stored in the storage media  4  in such a manner that it is never destroyed (without destroying the functionality of the entire secure module  30 , which is inconvenient to the user, but maintains security) and it is not practical to “hack” or reverse engineer the storage media  4  to discover the Private Key  16  or modify any of the log  20 , the current content (Cur.Val)  22  or the operation of the storage media  4 . As a result, each user of the system  2  has a good reason to believe that the association between the ID  14 , Private Key  16  and Certificate  18  of any given storage media  4  is unique, and cannot be fraudulently duplicated. 
         [0008]    The system of  FIGS. 1   a - b , enables the secure and reliable transfer of asset value amounts between users, who may comprise individual persons and/or merchants. Thus, for example,  FIG. 2  illustrates a possible scenario in which a point of sale terminal  28  is connected to a data network  26  to enable a user “A” to make on-line purchases, and is further connected to a reader  30  to enable a user “B” to complete in-store purchases. The point of sale terminal  28  may also be connected to a merchant box  32  which is designed to receive one or more storage media  4  owned by the merchant. With this arrangement, users A and B can complete purchase transactions using their respective storage media  4   a ,  4   b  to transfer the appropriate asset value amounts to the merchant&#39;s storage media  4   m.    
         [0009]    A limitation of this approach, however, is that it assumes that the asset value amounts stored in each of the involved storage media  4  (owned by the users “A” and “B” and also the merchant) are denominated in the same currency. In principal, the merchant could use a merchant box to connect multiple different storage media  4   m , each one denominated in a respective different currency. However, this is inconvenient for the merchant, and only provides a partial solution since it is impractical for the merchant to own storage media denominated in every possible currency. 
         [0010]    Techniques for addressing this limitation are desired. 
       SUMMARY 
       [0011]    An aspect of the present invention provides, in a secure asset storage and transfer system comprising a first storage media configured to securely store and transfer asset value denominated in a first currency and a second storage media configured to securely store and transfer asset value denominated in a second currency different from the first currency, a method of enabling secure exchange of asset value from the first storage media to the second storage media. A FOREX system is provided which includes at least a third storage media configured to securely store and transfer asset value denominated in the first currency and a fourth storage media configured to securely store and transfer asset value denominated in the second currency. A first asset value amount, denominated in the second currency, to be transferred to the second storage media is determined. A request is sent to the FOREX system to determine a third asset value amount denominated in the first currency, based on a second asset value amount denominated in the second currency. The first storage media is controlled to transfer the third asset value amount to the third storage media, and the fourth storage media is controlled to transfer the second asset value amount to the second storage media. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0012]    Further features and advantages of the present invention will become apparent from the following detailed description, taken in combination with the appended drawings, in which: 
           [0013]      FIGS. 1   a  and  1   b  are a block diagrams schematically illustrating an asset storage and transfer system; 
           [0014]      FIG. 2  is a block diagram schematically illustrating a merchant environment utilizing the asset storage and transfer system of  FIGS. 1   a  and  1   b;    
           [0015]      FIG. 3  is a block diagram schematically illustrating a merchant environment utilizing an Automated FOREX Function; 
           [0016]      FIGS. 4A and 4B  show a message flow diagram illustrating representative functions of the Automated FOREX Function of  FIG. 3  in accordance with a first scenario; and 
           [0017]      FIGS. 5A and 5B  show a message flow diagram illustrating representative functions of the Automated FOREX Function of  FIG. 3  in accordance with a second scenario. 
       
    
    
       [0018]    It will be noted that throughout the appended drawings, like features are identified by like reference numerals. 
       DETAILED DESCRIPTION 
       [0019]    Referring to  FIG. 3 , a representative asset storage and transfer system utilizing an Automated Foreign Exchange (FOREX) function is illustrated. As may be seen in  FIG. 3 , the Automated FOREX function is provided by a FOREX dealer server  34  connected to the data network  26  and a mass storage media  36  that incorporates or implements a plurality of individual storage media  4   d . In this case, the storage media  4   d  implemented by the mass storage media  36  may take the form of physical devices connected to the server  34  via a suitable connections, or virtual devices of the type described in Applicant&#39;s PCT patent publications Nos. WO 2011/032257 and WO 2011/0322717. 
         [0020]    In order to manage the transfer of asset value amounts in the environment of  FIG. 3 , each storage media  4  (whether owned by individual users “A” and “B”, the merchant, or the FOREX dealer) differs from those of  FIGS. 1-2  in that the memory  12  contains an additional field which is used to indicate the currency in which Curr.Val  22  is denominated. Thus, in the example of  FIG. 3 : the POS terminal has storage medium  4   m  ID=6677 and denominated in Yen; User “A” is connected to the data network  26  for online transactions with the POS terminal  28 , but has a storage media  4   a  denominated in dollars; User “B” has a storage media  4   b  denominated in Yen, and may complete in-store purchases. The FOREX dealer has a plurality of storage media  4   d , including: storage medium ID=1234 denominated in Yen; storage medium ID=2345 denominated in Euros; storage medium ID=3456 denominated in Pounds; and storage medium ID=4567 denominated in Dollars. 
         [0021]    In the example of  FIG. 3 , user “B”s storage media  4   b  is denominated in the same currency as the merchant&#39;s storage media, and so user “B” can complete purchases with the merchant&#39;s POS terminal  28  in the manner described in Applicant&#39;s PCT patent publications Nos. WO 2011/032257 and WO 2011/0322717. 
         [0022]      FIGS. 4A-B  show a message flow diagram of a representative process by which user “A” may complete transactions with the merchant using the automated FOREX Function enabled by the FOREX dealer. 
         [0023]    Referring to  FIG. 4A , at a first step (S 40 ), user A uses their communication device  24   a  to engage in an e-commerce session with the merchant system to select items they wish to purchase. At the end of the session, the merchant system sends (at step S 42 ) a request for payment, including the asset value to be transferred (Val), the ID (6677) of the merchant storage medium  4   m , and the denomination (¥) of the asset value requested. However, User “A”s storage medium  4   a  is denominated in dollars. Accordingly, upon processing the request message, User “A”s storage medium  4   a  returns (at step S 44 ) a “fail” message, indicating that it can only make payment in dollars. Upon receipt of the “fail” message, the merchant system sends (at step S 46 ) a request message to the FOREX dealer. This message includes the asset value (Val) to be transferred to the merchant, the ID (6677) of the merchant storage medium  4   m , the denomination of the asset value requested (¥), and the denomination ($) in which payment can be made by user “A”s storage medium  4   a.    
         [0024]    Upon receipt of the request message, the FOREX dealer uses the requested asset value (Val) and denomination (¥) to compute a corresponding asset value (Val 2 ) in the denomination ($) in which payment can be made, and sends (at step S 48 ) a request message with this information (along with the ID “4567” of the appropriate dealer storage medium  4   d ), to the merchant system. At step S 50 , the merchant system forwards this request message to User “A”s communication device  24   a . User “A”s storage medium  4   a  responds (at Step S 52 ) to the request message by executing a Transfer-Out process, and so generates (at Step S 54 ) a value transfer message containing: the requested value (VAL 2 ) to be transferred; the denomination ($) of the amount being transferred, the ID of User “A”s storage medium  4   a ; the ID (4567) of the storage medium to which the amount is being transferred; and a nonce and Certificate for security purposes. At step S 56 , the merchant system forwards this value transfer message to the FOREX dealer&#39;s server  34 , which in turn triggers a Transfer-In process (at step S 58 ) in dealer storage medium ID:4567 to receive and record the value (VAL 2 ) being transferred in the appropriate denomination ($). Upon successful completion of the Transfer-In process (at step S 58 ), the dealer storage medium ID:4567 returns (at step S 60 ) a “Success” message to the FOREX dealer&#39;s server  34 . 
         [0025]    Continuing on  FIG. 4B , upon receipt of the “Success” message from dealer storage medium ID:4567, the FOREX dealer&#39;s server  34  issues a request message (at step S 62 ) to trigger a Transfer-Out process (at step S 64 ) from dealer storage medium ID:1234 to generate a value transfer message containing: the asset value (Val) requested by the merchant; the denomination (¥) of the amount being requested, the ID (1234) of the involved dealer&#39;s storage medium; the ID (6677) of the merchant&#39;s storage medium to which the amount is being transferred; and a nonce and Certificate for security purposes. This value transfer message is then sent (at step S 66 ) to the merchant system  28 , which triggers a Transfer-In process (at step S 68 ) in the merchant&#39;s storage medium  4   m  to receive and record the value (Val) being transferred in the appropriate denomination (¥). Upon successful completion of the Transfer-In process (at step S 68 ), the merchant&#39;s storage medium  4   m  may return a “Success” message, which can be forwarded to User “A”s communication device  24   a  and the FOREX dealers server  34  to complete the transaction. 
         [0026]      FIGS. 5A-B  illustrate a second scenario, with differs from that of  FIGS. 4A-B , in that it enables the Merchant to charge the customer a fee for accepting payment via the FOREX function. In addition, the scenario of  FIGS. 5A-B  permits the exchange rate to be either fixed for the duration of the transaction or to float, as desired (or as negotiated between the merchant and the FOREX dealer, for example. 
         [0027]    Referring to  FIG. 5A , at a first step (S 40 ), user A uses their communication device  24   a  to engage in an e-commerce session with the merchant system to select items they wish to purchase. At the end of the session, the merchant system sends (at step S 42 ) a request for payment, including the asset value to be transferred (Val), the ID (6677) of the merchant storage medium  4   m , and the denomination (¥) of the asset value requested. However, User “A”s storage medium  4   a  is denominated in dollars. Accordingly, upon processing the request message, User “A”s storage medium  4   a  returns (at step S 44 ) a “fail” message, indicating that it can only make payment in dollars. Upon receipt of the “fail” message, the merchant system sends (at step S 46 ) a request message to the FOREX dealer. This message includes the asset value (Val+) that the merchant wishes to receive (which includes the original value Val requested from User “A” plus a “FOREX fee”, the ID (6677) of the merchant storage medium  4   m , the denomination of the asset value requested (¥), and the denomination ($) in which payment can be made by User “A”. 
         [0028]    Upon receipt of the request message, the FOREX dealer assigns a nonce as a transaction identifier and an exchange rate R for the transaction (in a case where the exchange rate is fixed for the duration of the transaction). The FOREX dealer then uses the requested asset value (Val+) and the exchange rate R to compute a corresponding asset value (Val 2 ) in the denomination ($) in which payment can be made, and sends (at step S 72 ) a request message with this information (along with the ID “4567” of the appropriate dealer storage medium, and the nonce), to the merchant system  28 . At step S 74 , the merchant system forwards this request message to User “A”s communication device  24   a . User “A”s storage medium  4   a  responds (at Step S 76 ) to the request message by executing a Transfer-Out process, and so generates (at Step S 78 ) a value transfer message containing: the requested value (VAL 2 ) to be transferred; the denomination ($) of the amount being transferred, the ID of User “A”s storage medium  4   a ; the ID (4567) of the storage medium to which the amount is being transferred; the nonce (transaction ID assigned by the FOREX dealer) and a Certificate for security purposes. At step S 80 , the merchant system forwards this value transfer message to the FOREX dealer&#39;s server  34 . Upon receipt of the value transfer message, the FOREX dealer&#39;s server  34  uses the nonce to validate (at step S 82 ) the value transfer message and associate it with the transaction initiated by the merchant at step S 48 . Upon successful validation, the FOREX dealer&#39;s server  34  triggers a Transfer-In process (at step S 84 ,  FIG. 5B ) in dealer storage medium 4567 to receive and record the value (VAL 2 ) being transferred in the appropriate denomination ($). 
         [0029]    Continuing on  FIG. 5B , upon successful completion of the Transfer-In process (at step S 84 ), the dealer storage medium  4567  returns (at step S 86 ) a “Success” message to the FOREX dealer&#39;s server  34 . Upon receipt of the “Success” message from dealer storage medium  4567 , the FOREX dealer&#39;s server  34  may use the exchange rate R assigned to the transaction at step S 70  to compute (at step S 88 ) the amount (Val 3 ) to be transferred to the merchant, in the appropriate denomination (¥). In cases where the exchange rate R is fixed for the duration of the transaction, Val 3  will be equal to Val+requested by the merchant at step S 46 . On the other hand, where the exchange rate R is permitted to float during the transaction, Val 3  may be different from Val+requested by the merchant at step S 46 . In either case, the FOREX dealer&#39;s server  34  then triggers a Transfer-Out process (at step S 90 ) from dealer storage medium  1234  to generate a value transfer message containing: the asset value (Val 3 ) to be transferred to the merchant; the denomination (¥) of the amount being transferred, the ID (1234) of the involved dealer&#39;s storage medium; the ID (6677) of the merchant&#39;s storage medium to which the amount is being transferred; the nonce (transaction ID) and a Certificate for security purposes. This value transfer message is then sent (at step S 92 ) to the merchant system  28 , which triggers a Transfer-In process (at step S 94 ) to in the merchant&#39;s storage medium  4   m  to receive and record the value (Val 3 ) being transferred in the appropriate denomination (¥). Upon successful completion of the Transfer-In process (at step S 94 ), the merchant&#39;s storage medium  4   m  may return a “Success” message, which can be forwarded to User “A”s communication device  24   a  and the FOREX dealers server  34  to complete the transaction. 
         [0030]    As may be appreciated, in both of the above scenarios, if desired, the merchant may insert its own security features (e.g. a nonce) into the request messages sent at S 42 , S 46  or S 74 ) to keep track of the transaction and/or to enable validation of the value transfer messages received from either (or both) of User “A” or the FOREX dealer. 
         [0031]    The embodiments described above are based on a scenario in which a merchant wishes to receive payment in a currency different from that in which a customer&#39;s storage media  4  is capable of making payment. In these scenarios, the merchant&#39;s system  28  communicates with the FOREX server  34  to execute the currency exchange. It will be appreciated, however, that the techniques described above are not limited to such scenarios, but rather may equally be applied to any scenario in which it is desired to securely execute an automated exchange of value amounts denominated in different currencies. 
         [0032]    The embodiment(s) of the invention described above is(are) intended to be exemplary only. The scope of the invention is therefore intended to be limited solely by the scope of the appended claims.