System and method for providing and transferring fungible electronic money

FIELD OF THE INVENTION

0001The present invention relates generally to a system and method for providing fungible electronic money in a global “open loop” system instead of the more commonly and currently used “closed loop” system. More particularly, the present invention relates to a system and method for providing fungible electronic money that can be exchanged between parties, nationally and internationally, as freely as banknotes but while providing the appropriate oversight for controlling and regulating its flow. The supervision and control of such a system is preferably undertaken by Central Banks and/or by specific institutions. The present invention relates to the creation of a new government resource and global standard which will not only include the generation of codes at the Central Bank level designed to progressively substitute banknotes (or paper money), but will also incorporate the highest levels of secure encryption and means of transmission, and data compression, leveraging the latest in mobile technology, and which will lead to the establishment of globally issued guidelines and protocols correlated to the issuance of digital money.

BACKGROUND OF THE INVENTION

0002On a daily basis, money is exchanged between parties (i.e., persons and/or entities) for basic necessities such as food, transportation, receiving goods and services, and even newspapers. Over the past decade, such exchanges have been gradually shifting toward electronic payment systems. As a result, the breadth of the types of exchanges that can be effected has also evolved, and it has become common practice to use such exchanges for such things as paying salaries, settling business transactions, and supporting one's family abroad.

0003For the past two decades, most of those transactions have primarily occurred through traditional banking systems and Money Transfer Operators (MTOs), both of which rely on a conventional financial infrastructure and framework to execute those transactions (e.g., the infrastructure and framework of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system). While that conventional financial infrastructure and framework provides an effective system for businesses, travelers, and even students abroad to exchange money, it is not available or accessible everywhere to everyone, such as people in rural communities in developing nations or immigrants in diaspora communities throughout the world.

0004That is because such conventional financial infrastructures and frameworks utilize “closed loop” systems that do not allow transfers outside of that loop. Moreover, some of those “closed loop” systems include structural weaknesses and loopholes that leave them vulnerable to abuses, such as money laundering and financing terrorist activities or illegal immigration.

0005An example of three closed loop systems are MTO systems (e.g., WESTERN UNION and MONEYGRAM brand MTO systems), mobile money systems (e.g., M-PESA and CELPAY brand mobile money systems), and internet payment systems (e.g., the PAYPAL brand internet payment system, the PAYPOINT brand internet payment system, etc.). MTO systems form a closed loop because parties can only send and receive money to and from the various entities (e.g., commercial banks, supermarkets, check cashers, convenience stores, etc.) with which an MTO has an agency relationship. And although a certain degree of success has been achieved by cellular service providers and their customers, mobile money systems also form a closed loop because parties can only send and receive money to and from other customers of the same cellular service provider and the entities (e.g., banks, retailers, agents, local service providers, etc.) that have partnered with that cellular service provider. Similarly, internet payment systems only allow parties to send and receive money when both parties have an account with the provider of that system. Accordingly, the ability to transfer funds via one of those three closed loop systems is limited by the ability of both parties (i.e., the sending party and the receiving party) to access one of the entities within those closed loop systems and/or to establish an account with the provider of those closed loop systems. The virtual currency networks such as BITCOIN and others, also generate e-money in closed loop networks. They, too, are trying to establish a presence in the marketplace but none of the known virtual currencies is transferable outside their respective frameworks, nor are they authenticated by a governing authority or the like.

0006The problem with such closed loop systems is seen most clearly in mobile money systems. In such systems, the sending party must deposit the money to be transferred with his or her cellular service provider. And that deposited money can only be transferred via the cellular service provider to a receiving party that has agreed to receive such transfers (i.e., other customers of the cellular service provider and businesses that have partnered with the cellular service provider). Accordingly, outside of the closed loop of customers and businesses with which the cellular service provider has contracted, the money deposited with the cellular service provider is not fungible. Instead, it exists only as a “pseudo-currency”, or “mobile scrip”, that only has value within that closed loop of customers and businesses, much like the coal mine scrip issued to coal miners in the United States during the 1900s.

0007Because such mobile scrip can only be used within a cellular service provider's closed loop of customers and businesses, its usefulness is not only limited to the entities within that closed loop, it is also limited to the geographic area serviced by that cellular service provided. More specifically, a cellular service provider is unlikely to have customers or partner with businesses outside of the geographic area it services. Accordingly, conventional mobile transfers are ill-suited for transferring money internationally.

0008International money transfers, typically in the form of formal remittances, make up a large portion of the types of money transfers made in developing countries. For example, it is estimated that there are currently over 30 million people from the African diaspora sending nearly $40 billion back to their families and communities by various methods of money transfer, with that number increasing every year. And although MTO systems are well suited for such international transfers, they often are not accessible in such developing countries as they are primarily located in large urban areas and are only occasionally dispersed throughout smaller communities. More specifically, a party in a rural area is not likely to have access to any of the entities in an MTO system where money can be received.

0009Because access to official channels of money transfer is often difficult to obtain, or even non-existent, less than 50% of money transfers, or remittances, occur through official channels. Instead, they occur via informal, unregulated channels such as the criminal organizations and criminal rackets that operate outside the law. Widely popular and frequently used, such systems operate as follows: a customer gives money to a hawala broker or individual in one city that is intended for a recipient in another city; a phone call is made to a broker in the recipient's city to provide disposition instructions in the recipient's city, minus a small commission; the transaction is made entirely based on the honor system without exchanging promissory instruments; a running tally of the amount owed by one broker to another is kept and debts are settled at a later date between those brokers, generally without the actual transfer of money. Out of necessity and due to lack of access to official banking systems, those and other similar informal channels are used by immigrants to provide money to their families at home. The deposited money and commissions are gathered by brokers or centers and accumulate in large, untraceable amounts that circulate underground in-country within the black market. Accordingly, the money being circulated via such channels is not only unregulated, it cannot be tracked or intercepted, which leads to potential abuses, such as money laundering, terrorist financing, drug trafficking, human trafficking, and trafficking of other contraband.

0010Not only are those informal channels of money transfer subject to abuse, so are some of the formal channels, such as MTO systems. MTO systems are subject to abuse because information beyond the details of the transaction is often not required to make such transfers, making them completely anonymous and untraceable. And even when identifying information is obtained by MTOs, there is no way to verify the validity of that information. Accordingly, although money transfers made by MTOs can actually be tracked, it is difficult to identify with any certainty who is sending and who is receiving the money being transferred. An example in which an official channel (i.e., MTO systems) and an unofficial channel were subject to abuse was the financing of the 2006 deadly attacks in Mumbai. As that example illustrates, the unmonitored and uncontrolled flow of money helps fuel criminal enterprises. The identification of the person who is sending money by using informal channels (e.g., the hawala system) is not possible, nor is the identification of the individuals undertaken with great accuracy in existing official money transfer channels thus rendering surveillance ineffective.

0011Additionally, an immigrant who uses informal organizations takes the risk that these organizations may use their profit for financing risky or illegal activities, which may have a direct impact on the economic stability of a country.

0012Because of the limited nature of the closed loop systems currently utilized to transfer money, there is a need to form an “open loop” system that integrates the various closed loop systems so that money can be transferred or transmitted between those systems. More specifically, there is a need for a global system that provides fungible money, rather than scrip, that can be transferred from one entity to another as freely as banknotes. And because many of the systems currently utilized to transfer money are subject to serious abuses, there is also a need for a system that tracks those transfers and who is making them. More specifically, there is a need for a system that provides watchdog functionality for identifying suspect transactions and suspect entities making those transactions. Moreover, there is a need for an open loop system with watchdog functionality that is efficient, reliable, affordable, and accessible so that entities will be encouraged to use that system instead of informal, unregulated channels.

SUMMARY OF THE INVENTION

0013Consequently, an object of the invention is to propose a novel method for generating fungible electronic money and the creation of a worldwide standard in the issuance of digital currency that will act as a replacement or substitute for banknotes or paper money.

0014Another object of the present invention is to furnish a novel system of codes, the highest level of encryption and encoding, a means for systems integration and security at the government and/or Central Bank level for providing fungible electronic money.

0015Additionally, an object of the present invention is to function as a government resource aimed at designing protocols and establishing an architecture that incorporates appropriate hardware, software and encryption technology that functions with any Central Bank in the world.

0016Accordingly, it is also an object of the invention to provide an open loop system and method for transferring fungible electronic money that functions similar to the international banking network. With the international banking network, national payment systems that can be accessed from another country through correspondent banking allow payments and funds to be sent from any bank with cross-border services to any other bank in the world. The current invention operates in much the same way. It is a system and method that includes two or more Central Banks communicating with each other and guaranteeing electronic, fungible money in the financial framework. With that guarantee, or backing, there is protection for the end user in the event of a default by one of the operators in this field and money will still be available to the recipient. In addition, oversight is provided by a various watchdog agencies that, together with the Central Banks, can offer scrutiny and control of the flow of money. Those and other objects, advantages, and features of the present invention will become more readily apparent by the following written description, taken in conjunction with the accompanying drawings and claims.

0017The given objects to the invention are achieved with the help of a method for generating fungible electronic money for an open looped system, comprising the steps of:

0000collecting physical and/or numeric parameters of an existing bank note, <br /> using a first algorithm for generating a first code based on at least some of the collected parameters, <br /> using a numbering algorithm for generating a code number, <br /> combining the first code with the code number and generating a unique second code which integrates data of the collected parameters, <br /> and attributing the second code to an electronic/digital bank note.

0018The fungible electronic money can be used in any existing open loop financial system and can be exchanged in any other existing currency. This digital money would be known as Giori-money and would be an interchangeable or fungible instrument of currency in the general population.

0019Such electronic money will be very useful for immigrants and unbanked populations. In an implementation in accordance with the invention, the method comprises the step of using a first algorithm which generates a random code.

0020The method in accordance with the invention gives foreign workers the possibility to send money within their country and/or abroad, in an extremely secured way and for very low costs.

0021The digital money, called Giori-money can, for instance, be stored on a device such as a mobile phone.

0022In an implementation in accordance with the invention, the method comprises the step of using a numbering algorithm which generates unique and random code number which is combined to the first code.

0023In an implementation in accordance with the invention, the method comprises the step of storing the second code on a readable support within a safe environment.

0024In an implementation in accordance with the invention, the method comprises the step of using the second code for the identification of an electronic/digital bank note and for the authentication of a numeric transfer of electronic money.

0025Any other association or combination of the above mentioned steps may also be envisaged in the frame of the method in accordance with the invention.

0026The given objects to the invention are also achieved with the help of a system for carrying out the method mentioned above, in order to provide fungible electronic money, said system comprising:

0000means for collecting by reading or scanning physical and/or numeric parameters of an existing banknote, a banknote specimen and/or of any numeric data source, <br /> software means in which is stored the first algorithm, <br /> additional software means in which is stored the second algorithm, <br /> and readable safe means for storing the second code.

0027In a preferred embodiment, the collected parameters can either result in a banknote specimen which is used in classical paper banknote production line or in any digital/numeric source such as CAD means. Alternatively, physical parameters can also result of scanning means of paper banknote sheets.

0028Any combination of reading and/or scanning means can also be envisaged within the frame of the invention, in order to collect the needed parameters.

0029In an embodiment in accordance with the invention, the system comprises communication means for establishing data communication between official controlling authorities and electronic transaction systems and/or communication/banking networks, for supervising and controlling any transaction using electronic money.

0030The given objects to the invention are also achieved with the help of an open loop method for transferring fungible electronic money:

0000two or more Central Banks guaranteeing the electronic money within an electronic communications network, the electronic money being an authenticated and fungible currency capable of electronic transfer; <br /> registering a first user within the electronic services network; <br /> registering a second user within the electronic services network; <br /> receiving a request from the first user to transfer at least a portion of the electronic money to the second user; <br /> and electronically transferring the at least a portion of the electronic money to a mobile device belonging to the second user in response to the request received from the first user, the electronic transfer occurring within the electronic communications network.

0031In an implementation in accordance with the invention, the method consists in sending values which are divisible in amounts corresponding to one or more existing banknotes which are in circulation in the country where the money is sent.

0032In an implementation in accordance with the invention, the method comprises the steps of:

0000receiving a request from the second party to convert the at least a portion of the electronic money into banknotes; <br /> sending a message to the mobile device of the second user with a PIN; <br /> and withdrawing the banknotes from an ATM using the PIN.

0033In an implementation in accordance with the invention, the first party and the second party are the same party.

0034In an implementation in accordance with the invention, the method comprises the steps of:

0000validating the request received from the first user; <br /> issuing a voucher to the first user, the voucher containing a PIN; <br /> sending a message from the first user to the mobile device of the second user, the message containing the PIN; <br /> and the second user withdrawing the banknotes from an ATM using the PIN.

0035In an implementation in accordance with the invention, the first party and the second party are the same party.

0036In an implementation in accordance with the invention, two or more Central Banks are in electronic data communication with one another and the electronic communications network so as to track the step of electronically transferring the at least a portion of the electronic money for the purpose of controlling money flow.

0037In an implementation in accordance with the invention, one or more watchdog entities are in electronic data communication with one another and the electronic communications network so as to track the step of electronically transferring the at least a portion of the electronic money for the purpose of preventing abuses.

BRIEF DESCRIPTION OF THE DRAWINGS

0038Many aspects of the present invention can be better understood with reference to the accompanying drawings, which are part of the specification and represent exemplary embodiments of the present invention. The components in the drawings are not necessarily to scale, emphasis instead being placed upon illustrating the principles of the present invention.

0039<figref idref="DRAWINGS">FIG. 1A</figref> is a schematic diagram illustrating an exemplary services network according to a non-limiting embodiment of the present invention;

0040<figref idref="DRAWINGS">FIG. 1B</figref> is a schematic diagram illustrating the open loop manner in which information flows in the services network of <figref idref="DRAWINGS">FIG. 1A</figref>;

0041<figref idref="DRAWINGS">FIG. 2</figref> is a schematic diagram illustrating an exemplary architecture of a central services server according to a non-limiting embodiment of the present invention;

0042<figref idref="DRAWINGS">FIG. 3</figref> is a schematic diagram illustrating an exemplary physical and logical arrangement of various external system adapters of the central services server of <figref idref="DRAWINGS">FIG. 2</figref>;

0043<figref idref="DRAWINGS">FIG. 4</figref> is a schematic diagram illustrating an exemplary physical and logical arrangement of a customer care management system within the services network of <figref idref="DRAWINGS">FIG. 1A</figref>;

0044<figref idref="DRAWINGS">FIG. 5</figref> is a schematic diagram illustrating an exemplary arrangement of the various software modules within the architecture of <figref idref="DRAWINGS">FIG. 2</figref>;

0045<figref idref="DRAWINGS">FIG. 6</figref> is a schematic diagram illustrating the levels of data flow within the services network of <figref idref="DRAWINGS">FIG. 1A</figref>;

0046<figref idref="DRAWINGS">FIG. 7</figref> is a schematic diagram illustrating the flow of data between the various entities/devices within the services network of <figref idref="DRAWINGS">FIG. 1A</figref>;

0047<figref idref="DRAWINGS">FIG. 8</figref> is a flow chart illustrating exemplary steps taken to effectuate electronic money transfers according to a non-limiting embodiment of the present invention; and

0048<figref idref="DRAWINGS">FIG. 9</figref> is a flow chart illustrating an exemplary implementation of the method in accordance with the present invention.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

0049Elements that are structurally and functionally identical, and that are present in more than one distinct figure or illustration, are given the same numeric or alphanumeric reference in each of them.

0050The present invention includes a system and method for providing fungible electronic money that can be exchanged between parties, nationally and internationally, as freely as banknotes. The present invention also includes a system and method for providing the appropriate oversight at the Central Bank level for controlling and regulating the flow of that electronic money. The system and method of the present invention, which also involves the issuance of digital currency by Central Banks to progressively replace banknotes, are implemented via the GLOBAL STANDARD FOR MONEY TECHNOLOGY (GSMT) brand electronic money system, which is named after inventor Roberto Giori. Accordingly, the system and method of the present invention are hereinafter referred to collectively as the “GSMT”. GSMT is a system to be used in a digital transmission environment, which aims to progressively replace the use of classic banknotes (paper currency) with use of a worldwide continually traceable, unique and non-reproducible digital/electronic bank note. GSMT is a system which aims to become a standard worldwide in digital/mobile money. GSMT is a new government resource which will not only include the generation of codes designed to progressively substitute banknotes (or paper money), but will also incorporate the highest levels of secure encryption and means of transmission, data compression, leveraging the latest in mobile technology, and which will lead to the establishment of globally issued guidelines and protocols correlated to the issuance of digital money.

0051In one application of the present invention, the shortcomings of a “closed loop” system are overcome. For example, GSMT provides an “open loop” system and method for transferring or transmitting money that uses principles and security measures similar to those currently employed in banknote printing to transfer money electronically. The GSMT provides an open loop system by integrating existing money transfer systems (e.g., MTO systems, mobile money systems, etc.) with the institutional systems used within the financial framework of commercial banks and Central Banks (e.g., the Federal Reserve Wire Network (FedWire) system, the Clearing House Interbank Payments System (CHIPS), the Clearing House Automated Payment System (CHAPS), the Clearing House Automated Transfer System (CHATS), the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, etc.). And the GSMT provides security measures similar to those currently employed in banknote printing by having Central Banks in the various countries where the GSMT is provided guarantee, or back, the money transferred within the GSMT.

0052In more detail, just as the banknotes (i.e., paper money and coinage) that are utilized in each country are under 100% control of the Central Banks in those countries, the electronic money (i.e., money in the form of electronic data) utilized in the GSMT will be under 100% control of Central Banks. Accordingly, just as Central Banks in each country are responsible for the production and distribution of banknotes in those countries, Central Banks will be responsible for the production and distribution of electronic money in the GSMT. And just as Central Banks delegate certain financial activities to commercial banks and other institutions when printing and distributing banknotes, Central Banks will be able to delegate certain financial activities to commercial banks and other institutions within the GSMT (e.g., post offices, MTOs, cellular service providers, automated teller machine (ATM) operators, etc.), such as issuing electronic money into the GSMT. That electronic money will be encrypted/encoded with serial numbers and electronic watermarks by the issuing parties as required, to prevent counterfeiting and laundering.

0053As an example, specific institutions operating like the COFACE or another ad hoc institution, could guarantee the electronic money utilized within the GSMT (hereinafter “Giori Money”), that Giori Money will be represent a liability of those Central Banks. Accordingly, that Giori Money will be recognized as actual, fungible currency instead of the pseudo-currency, or mobile scrip, currently issued by cellular service providers as part of conventional mobile money transfers. As a result, users of the GSMT will effectively be able to exchange Giori Money with any person and/or entity that has a suitable electronic device (e.g., mobile telephone, personal computing device, etc.), nationally and internationally, which further opens the loop of that open loop system. Finally, there will be no financial risk for the Central Banks. As will become more evident from the disclosure below, such an open loop system not only provides advantages to parties sending and receiving money (e.g., immigrants abroad, the unbanked and unbankable, etc.), it also provides advantages to the parties facilitating those transfers (e.g., MTOs, cellular service providers, ATM operators, etc.). The electronic/digital money or Giori-Money, in accordance with the invention will then be guaranteed like every existing and printed banknote. The amount of money which is put by a Central Bank at the disposal of another Central Bank will be guaranteed in the same way as a bank cheque.

0054Additionally, the GSMT system which entails a new electronic coding method from the birth of “digital money” or Giori Money contains among many elements, the essential codes for government organizations/Central Banks to control the flow of money worldwide. The architecture of this system will greatly facilitate the management of enormous information flows to these institutions as well as the establishment of statistics regarding these financial transactions and flows.

0055As with the traditional banknote that flows in an “open loop”, the advantage of Giori Money is that it, too, operates on the same principle. Giori Money is as internationally recognized as banknotes are and flows between parties as banknotes currently do—in an “open system”. Giori Money, however, has the added benefit of leveraging the latest advancements in technology to be an effective, traceable financial instrument that can be managed as surplus banknotes by Central Banks under the umbrella of one, unique global standard.

0056In addition, the GSMT overcomes the tracking problems of conventional money transfer systems by integrating watchdog functionality into the open loop system. That watchdog facilitates Central Banks' regulation and control of money by actively monitoring the origin, destination, amount, and type of money being transferred using electronic money transfer codes (e.g., Bank Identifier Codes (BICs), International Bank Account Numbers (IBANs), currency codes, Money Transfer Control Numbers (MTCNs), etc.). That watchdog functionality also facilitates anti-money laundering and terrorism prevention efforts by actively identifying suspect transfers based on the origin, destination, amount, and types of money being transferred using government watch lists and international anti-money laundering (AML) and combating-the financing-of-terrorism (CFT) standards developed by various national and international agencies (e.g., Treasury Departments, Central Banks, the Financial Action Task Force (FATF), the Office of Foreign Asset Control (OFAC), the National Anti-Money Laundering Committee (NAMLC), the Federal Financial Institutions Examination Council (FFIEC), the Financial Transactions and Reports Analysis Centre (FINTRAC), etc.). As will become more evident from the disclosure below, such watchdog functionality not only helps regulate the flow of money and prevent abuses of the open loop money transfer system of the GSMT, it also facilitates policy analysis and information-sharing among Central Banks and within the international financial and supervisory community (e.g., the Bank for International Settlements (BIS), the International Monetary Fund (IMF), etc.).

0057Because the GSMT utilizes proven money transfer systems and proven institutional banking systems to effectuate Giori Money transfers, those transfers are both efficient and reliable. Because those systems are integrated into a single, open loop system, many of the steps previously required to effectuate such transfers are either automated or eliminated, thereby eliminating much of the overhead previously associated with such transfers, which makes money transfers more affordable. Integrating all of those systems into a single, open loop system also makes money transfers more accessible. And by providing an efficient, reliable, affordable, and accessible money transfer system, more people will be encouraged to use and become a part of the system, thereby increasing its effectiveness. Moreover, by encouraging more people to use the system, money is removed from unofficial channels, thereby enforcing the strength and relevance of financial institutions. It is the first system designed to drastically eliminate the circulation of money in unofficial channels, and it is particularly suited for international application because of its efficiency, reliability, affordability, and accessibility.

0058In describing the preferred embodiments of the GSMT illustrated in the drawings, specific terminology will be resorted to for the sake of clarity. However, the GSMT is not intended to be limited to the specific terms so selected, and it is to be understood that each specific term includes all technical equivalents that operate in a similar manner to accomplish a similar purpose. For example, the term “mobile money” is generally used to refer to money transfers made to and/or from mobile devices (e.g., mobile telephones, personal digital assistants (PDAs), smart phones, etc.), but it may also be used to refer to money transfers to and/or from other electronic devices (e.g., personal computers, laptops, electronic banking systems, ATMs, etc.).

0059Turning to the drawings, <figref idref="DRAWINGS">FIG. 1A</figref> is a schematic diagram illustrating a services network <b>100</b> according to an exemplary embodiment of the GSMT. As <figref idref="DRAWINGS">FIG. 1A</figref> illustrates, a central services server <b>102</b> is provided at the center of the services network <b>100</b> that is in electronic data communication with two or more Central Banks <b>104</b> and one or more commercial banks <b>106</b>. The central services server <b>102</b> is also in electronic data communication with one or more retail establishments <b>108</b>, one or more payors <b>110</b>, one or more ATMs <b>112</b>, one or more personal computing devices <b>114</b>, one or more mobile network hubs <b>116</b>, and one or more private branch exchange (PBX) hubs <b>118</b>. And the central services server <b>102</b> is in electronic data communication with cellular service providers <b>128</b>, mobile devices <b>130</b>, switched telephones <b>132</b>, fax machines <b>134</b>, etc. via the one or more mobile network hubs <b>116</b> and one or more PBX hubs <b>118</b>. That electronic data communication can be achieved via any suitable network connection, or combination of network connections, between the central services server <b>102</b> and each of those other entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> (e.g., Virtual Private Network (VPN), Dedicated Line, Satellite Network, Public Switched Telephone Network (PSTN), Global System for Mobile Communications (GSM) Public Land Mobile Network (PLMN), etc.). See, e.g., <figref idref="DRAWINGS">FIG. 3</figref>.

0060The central services server <b>102</b> may also be in electronic data communication with one or more other central services servers <b>102</b>′ at different geographic areas (e.g., in different mobile networks, different cities, different states, different countries, etc.) via one or more secured network connections. Each of those other central services servers <b>102</b>′ is in electronic data communication with corresponding entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> in those different geographic areas. And all of those other central services servers <b>102</b>′ are also in electronic data communication with each other, such as through a single central services server <b>102</b> acting as the hub of the services network <b>100</b>. That interconnectivity allows the GSMT to facilitate the transfer of money across an expansive network and, moreover, to track those transfers from a central location as they occur.

0061The central services servers <b>102</b> and <b>102</b>′ are operated and maintained by the providers of the money transfer services of the present invention (hereinafter “MTS Providers”). Those providers may be different entities in different geographic areas or a single, common entity. But each provider should be approved by the Central Bank <b>104</b> responsible for controlling and regulating the distribution of money in that geographic area. To effectuate and track the Giori Money transfers of the present invention, each central services server <b>102</b> and <b>102</b>′ preferably includes virtual wallet, or E-wallet, functionality <b>120</b> configured to automatically keep track of how much Giori Money a specific party possess, watchdog functionality <b>122</b> configured to automatically track Giori Money transfers between parties and identify suspect transactions, and virtual banking functionality <b>124</b> configured to provide electronic banking services. Each central services server <b>102</b> and <b>102</b>′ also includes customer relationship management (CRM) functionality <b>126</b> configured to manage the MTS Providers' interactions with its current and potential Customers. Each of those types of functionality is preferably provided via software applications that are stored on a computer-readable medium (e.g., hard disk drive, optical disk, flash memory, etc.) as instructions that are executed by a processor on the central services servers <b>102</b> and <b>102</b>′.

0062<figref idref="DRAWINGS">FIG. 1B</figref> is a schematic diagram illustrating the open loop manner in which information flows in the services network <b>100</b> of <figref idref="DRAWINGS">FIG. 1A</figref>. As <figref idref="DRAWINGS">FIG. 1B</figref> illustrates, information flows between Central Banks <b>104</b>, commercial banks <b>106</b>, retail establishments <b>108</b>, payors <b>110</b>, ATMs <b>112</b>, personal computing devices <b>114</b>, and mobile devices <b>130</b> in an open loop via the electronic data communication facilitated by the services network <b>100</b>, thereby allowing various money transfer systems (e.g., MTO systems, mobile money systems, banking systems, etc.) to communicate freely with one another so that customers are no longer subject to the limitations of any single money transfer system (e.g., limited access, limited geographic range, limited usefulness of scrip, etc.). At the center of that open loop is the central services server <b>102</b>, which not only helps facilitate some of that data communication, but also monitors and tracks the flow of money within that open loop to support the E-wallet functionality <b>120</b>, watchdog functionality <b>122</b>, virtual banking functionality <b>124</b>, and CRM functionality <b>126</b> of the GSMT.

0063As illustrated in <figref idref="DRAWINGS">FIG. 2</figref>, each central services server <b>102</b> includes “front-end” applications <b>200</b> and “back end” applications <b>202</b> that support the E-wallet functionality <b>120</b>, watchdog functionality <b>122</b>, virtual banking functionality <b>124</b>, and CRM functionality <b>126</b> of the GSMT. The front-end applications <b>200</b> are the applications that Customers and Customer Care Operators interact with directly, such as web applications. Customers and Customer Care Operators interact with those applications via user interfaces, such as personal computing devices <b>114</b> and mobile devices <b>130</b>. Those applications provide the main gateway by which Customers and Customer Care Operators can access the E-wallet functionality <b>120</b>, watchdog functionality <b>122</b>, virtual banking functionality <b>124</b>, and CRM functionality <b>126</b> of the GSMT. And the back-end applications <b>202</b> serve to support the front-end applications by providing all of the procedures, data accesses, and interactions with external systems and networks that are required to control the functionality of the front-end applications <b>200</b>.

0064The central services server <b>102</b> also includes an enterprise database management system (DBMS). The enterprise DBMS collects data and organizes it in a database <b>204</b> so that data can more easily be accessed, managed, and updated by the back-end applications <b>202</b>. In the present invention, the database <b>204</b> contains aggregations of data records, such as sales transactions of money transferred, customer profiles, and other data that is necessary to track and regulate Giori Money transfers in accordance with the requirements of the Central Banks <b>104</b>. Accordingly, the central services server <b>102</b> employs a three-tiered architecture, with the frontend applications <b>200</b> operating as the presentation tier, the back-end applications <b>202</b> operating as the business logic tier, and the database <b>204</b> operating as the data tier. That configuration not only improves the scalability of each central services server <b>102</b>, but also of the entire services network <b>100</b>.

0065The central services server <b>102</b> also includes a firewall <b>206</b>, a router <b>208</b>, and various external systems adapters <b>210</b>. The firewall <b>206</b> is used to prevent unauthorized Internet users from accessing the core structure of the central services server <b>102</b> when it is connected to the services network <b>100</b> via an Internet connection. The router <b>208</b> decides which way to send data, such as information packets, based on its current understanding of the state of the services network <b>100</b>. It connects the back-end applications and front-end applications to external systems and networks at the banks <b>104</b>/<b>106</b>, retail establishments <b>108</b>, payors <b>110</b>, ATMs <b>112</b>, personal computing devices <b>114</b>, mobile network hubs <b>116</b>, and PBX hubs <b>118</b> with which the central services server <b>102</b> is connected. And the external systems adapters <b>210</b> include various modules that are dedicated to interact with those external systems and networks.

0066As <figref idref="DRAWINGS">FIG. 2</figref> also illustrates, the central services server <b>102</b> is in electronic data communication with one or more customer relations management (CRM) systems <b>212</b>. Each CRM system <b>212</b> is built on substantially the same architecture as the central services server <b>102</b> and, therefore, can communicate with the central services server <b>102</b> without the need for any external systems adapters <b>210</b>. Moreover, the work flows of the central services server <b>102</b> can be integrated into the work flows of each CRM system <b>212</b>, and vice versa, without the need for complex interfaces. And it is through those communications and workflows that the central services server <b>102</b> and the CRM system <b>212</b> implement the CRM functionality <b>126</b> of the present invention. See, e.g., <figref idref="DRAWINGS">FIG. 4</figref>.

0067<figref idref="DRAWINGS">FIG. 3</figref> illustrates the physical and logical arrangement of various external system adapters that place the central services server <b>102</b> in electronic data communication with the various external systems and networks at the banks <b>104</b>/<b>106</b> (e.g., FedWire, CHIPS, CHAPS, CHATS, SWIFT, etc.), retail establishments <b>108</b> (e.g., MTO systems, mobile money systems, PAYPAL brand payment systems, PAYPOINT brand payment systems, etc.), payors <b>110</b> (e.g., KRONOS brand payroll systems, SAGE brand payroll systems, AXONWARE brand payroll systems, FIRST DATA brand payroll systems, etc.), ATMs <b>112</b> (e.g., Central Bank ATM networks, commercial bank ATM networks, ATM provider ATM networks, etc.), personal computing devices <b>114</b>, mobile network hubs <b>116</b>, and PBX hubs <b>118</b> with which the central services server <b>102</b> is connected. For example, a Money Transactions Data Adapter <b>300</b>, a Cellular Service Provider SMS Gateway Adapter <b>302</b>, a retailer System Adapter <b>304</b>, and an ATM Data Provisioning System Adapter <b>306</b> are provided as part of the external systems adapters <b>212</b>. A separate External Adapter Router <b>308</b> may also be provided as part of the external systems adapters <b>210</b>. In that configuration, the external adapter router <b>308</b> connects the back-end applications <b>202</b> to the Money Transactions Data Adapter <b>300</b>, the Cellular Service Provider SMS Gateway Adapter <b>302</b>, the Retailer System Adapter <b>304</b>, and the ATM data Provisioning System Adapter <b>306</b>. And the Money Transactions Data Adapter <b>300</b> is connected to electronic banking systems at banks <b>104</b>/<b>106</b>, the Cellular Service Provider SMS Gateway Adapter <b>302</b> is connected to cellular service provider gateways at mobile network hubs <b>116</b>, the Retailer System Adapter <b>304</b> is connected to electronic retailer systems at retail establishments <b>108</b> and payors <b>110</b>, and the ATM Data Provisioning System Adapter <b>306</b> is connected to ATMs <b>112</b> at various geographic areas. In that way, the central services server <b>102</b> can send and receive data to and from each of the entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> in the services network <b>100</b>.

0068<figref idref="DRAWINGS">FIG. 4</figref> illustrates the physical and logical arrangement of a customer care management system <b>212</b> within the services network <b>100</b>. As discussed above, the central services server <b>102</b> and the customer care management system <b>212</b> share integrated CRM functionality <b>126</b>. That CRM functionality <b>126</b> organizes, automates, and synchronizes various business processes to help Customers resolve any issues that may arise when effectuating a Giori Money transfer with the present invention. For example, a Customer can use a mobile device <b>130</b>, a switched phone <b>132</b>, or a fax machine <b>134</b> to connect to a PBX hub <b>118</b> by calling a local or toll-free telephone number provided by the local telephone company. The PBX hub <b>118</b> routes that call to the central services server <b>102</b>, preferably via low cost Internet Protocol (IP) methodologies, such as Voice Over IP (VoIP), to reduce costs for Customers. And the central services server <b>102</b> connects the call to a CRM system <b>212</b>, where a Customer Care Operator will address the issues that form the basis for the Customer's call using web-based applications provided by the CRM functionality <b>126</b>. Such Customer Care Operators may provide support for the overall service network <b>100</b> or for a specific entity <b>104</b>-<b>110</b> and <b>128</b> within the services network <b>100</b> so as to provide a viable chain of communication between the users and suppliers of financial services within the services network <b>100</b>.

0069Because switched phones <b>132</b> and fax machines <b>134</b> are typically provided in the same communications network as a PBX hub <b>118</b>, such as a PSTN, they can make direct connections with the PBX hub <b>118</b> from within that network. Mobile devices <b>130</b>, however, are typically in a different communications network than a PBX hub <b>118</b>, such as a GSM PLMN network (hereinafter “GSM”). Accordingly, mobile devices <b>130</b> must connect to the PBX hub <b>118</b> via a Mobile Telephone Switching Office (MTSO) at a cellular service provider <b>128</b>, which utilizes switching equipment or a Mobile Switching Center (MSC) to re-code the GSM signal format (e.g., Time Division Multiple Access (TDMA), Code Division Multiples Access (CDMA), Frequency Division Multiple Access (FDMA), etc.) into the PSTN signal format (e.g., Dual-Tone Multi-Frequency (DTMF), Pulse-Code Modulation (PCM), Digital Signal 0 (DS0), etc.) so that the data being transmitted from the mobile device <b>130</b> in the GSM network can be understood by the PBX hub <b>118</b> within the PSTN. The cellular network provided by the cellular service provider <b>128</b> can utilize any suitable wireless technology to exchange data with the mobile device <b>130</b> (e.g., fourth generation cellular (4G), Worldwide Interoperability for Microwave Access (WiMAX), Long Term Evolution (LTE), etc.). In that way, the PBX hub <b>118</b> can route calls to the central services server <b>102</b> from different customers in different communications networks. Moreover, such calls can be routed to the central services server <b>102</b> from different PBX hubs <b>118</b> in different countries so as to provide a central access point for connecting to a CRM system <b>212</b>, which can be located as required to further reduce costs for Customers (e.g., it can be outsourced to a geographic area with lower operating costs).

0070At the CRM system <b>212</b>, the Customer Care Operator may be a live person that the Customer can engage in a conversation, or it may be Interactive Voice Response (IVR) technology that the Customer must interact with via voice commands and DTMF keypad inputs. The latter alternative can be used to even further reduce costs for Customers. And as yet another alternative, Customers can access the web-based applications of the CRM functionality <b>126</b> by connecting to the central services server <b>102</b> and/or the CRM system <b>212</b> via a personal computing device <b>114</b> or mobile device <b>130</b>, whereby the Customer can navigate through web pages to identify resolutions to issues. The customer may also engage in a text-based conversation with a Customer Care Operator via Internet messaging tools (e.g., instant messengers, Internet Relay Chat, etc.) that are provided as part of the CRM functionality <b>126</b>.

0071<figref idref="DRAWINGS">FIG. 5</figref> illustrates the logical arrangement of the various software modules of the present invention according to the tiered architecture discussed above. The presentation tier includes Front-End Modules <b>500</b> and Administrative Clients <b>502</b>. And the business logic tier includes Core Modules <b>504</b> and Administrative Modules <b>506</b>. The logical arrangement of various external interfaces <b>508</b>-<b>516</b> for exchanging data with the entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> in the services network <b>100</b> is also illustrated.

0072In the presentation tier, the Front-End Modules <b>500</b> provide a Customer Portal <b>518</b> through which a Customer can access a graphical user interface, such as a web page, via a personal computing device <b>114</b> or mobile device <b>130</b>. Using that user interface, a Customer can become a member of the services network <b>100</b>, control transactions within the services network <b>100</b>, and utilize the E-wallet functionality <b>120</b>, virtual banking functionality <b>124</b>, and CRM functionality <b>126</b> of the present invention. The Front-End Modules <b>500</b> also include a Customer Care Portal &amp; Back-Office Client <b>520</b> through which a Customer Care Operator can access a graphical user interface, such as a web page, via a CRM system <b>212</b>. Using a CRM system <b>212</b>, which may be a personal computing device <b>114</b> with specific accesses to certain Customer data otherwise not available to the Customer, a Customer Care Operator can utilize the CRM functionality <b>126</b> of the present invention to view and manage that Customer data, to view and manage various trouble ticketing items, and to perform various marketing tasks. For example, that CRM functionality <b>126</b> can be used to find, attract, and win new Customers, to nurture and retain existing Customers, and to entice former Customers to rejoin the service network <b>100</b>.

0073In the business logic tier, the activities that can be performed with the two portals of the Front-End Modules <b>500</b> are supported by the Core Modules <b>504</b>. For example, a Customer's Management System <b>522</b> provides functionality for Customers to set personal preferences for Giori Money transfers, including passwords, maximum transfer limits, default bank and/or credit card accounts, scheduled transfers, etc. A Customer Account Manager <b>524</b> provides functionality for a Customer to manage a virtual, or paperless, account so the Customer can keep track of how much fungible currency he or she possess within the services network <b>100</b> and effectuate Giori Money transfers within the services network <b>100</b>. A Transaction Manager <b>526</b> provides functionality for interacting with the various entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> within the services network <b>100</b> to effectuate those Giori Money transfers. And a Code Generation Engine <b>528</b> module generates codes that are unique to each of those transactions so those transactions can be properly authenticated.

0074Together, the functionalities of the Customer's Management System <b>522</b>, Customer Account Manager <b>524</b>, and Transaction Manager <b>526</b> (i.e., the E-wallet functionality <b>120</b>, virtual banking functionality <b>124</b>, and CRM functionality <b>126</b>) operate like a virtual, or branchless, bank. In other words, those functionalities operate like an electronic banking system (e.g., the ING DIRECT brand electronic banking system, the WIZZIT brand electronic banking system, the EASYPAISA brand electronic banking system, etc.) in which a user can set up and maintain a virtual, or paperless, savings accounts and checking accounts in which that user keeps its Giori Money and to/from which Giori Money is transferred. For example, the customer can use the Customer's Management System <b>522</b> to transfer money into one of those virtual accounts from an account at a branched, or brick-and-mortar, commercial bank. The customer can obtain an accounting of those virtual accounts with the Customer Account Manager <b>524</b>. And the customer can write electronic checks and make withdrawals, direct debits, and Giori Money transfers from those virtual accounts with the Transaction Manager <b>526</b>. To make such virtual accounts more accessible to low income individuals, they preferably will not have minimum balance or direct deposit requirements or monthly maintenance fees. And the virtual savings accounts will preferably pay tiered interest rates according to account balance, wherein virtual saving accounts with smaller balances will earn interest based on lower rates than virtual savings accounts with larger balances.

0075The virtual bank supported by the the functionalities of the Customer's Management System <b>522</b>, Customer Account Manager <b>524</b>, and Transaction Manager <b>526</b> will be provided as the PEOPLE′S MOBILE SAVINGS BANK (PMSB) brand virtual bank. The PMSB will be controlled by a holding company made up of various international banks (e.g., the Union Bank of Switzerland (UBS), the Hongkong and Shangai Banking Corporation (HSBC), the Société Génerale, the Bank of China, etc.) that are responsible for supporting the functionality of the PMSB in the geographic area (e.g., community, city, region, country, etc.) in which they are located. Central Banks <b>104</b> may also take an interest in the holding company that controls the PMSB. Together, those banks will not only ensure that the PMSB operates in accordance with the laws and regulations in each of their corresponding geographic areas, they will also provide other banking services (e.g., investment products, asset management, wealth management, etc.) to customers in those geographic areas.

0076The banks that make up the holding company will support the functionality of the PMSB in the geographic area in which they are located by lending their know-how on local laws and regulations and their know-how on money transfers to help define the activities performed in the business logic tier. As discussed above, that know-how is incorporated into the GSMT via the integration of those banks' institutional banking systems into the services network <b>100</b> of the present invention. And the PMSB provides a central access point for accessing the banking services of all of those banks via the Front-End Modules <b>500</b> in the the presentation tier.

0077Also in the presentation tier, the Administrative Clients <b>502</b> provide functionality for the MTS Provider to perform various administrative tasks required to effectuate Giori Money transfers. For example, a Fraud Detection Client <b>530</b>, Business Intelligence Client <b>532</b>, and Accounting Client <b>534</b> are provided for use by the MTS Provider in the form of a graphical user interface, such as a web page, that allows the MTS provider to identify potential frauds and to view and manage various information regarding the Giori Money transfers occurring within the services network <b>100</b> (e.g., intelligence, accountings, reports, etc.).

0078In the business logic tier, the activities that can be performed with the Administrative Clients <b>502</b> are supported by the Administrative Modules <b>506</b>. For example, a Fraud Detection Engine <b>536</b> provides functionality for automatically monitoring each electronic money transfer that occurs within the services network <b>100</b> and automatically identifying any potential abuses of the services network, such as fraudulent transactions, money laundering, and funding terrorism.

0079Money laundering and terrorism funding are identified based on the origin, destination, amount, and type of money being transferred by using government watch lists and AML/CFT standards to identify suspect transactions. And fraudulent transfers are indentified by building a profile of each customer and looking for activity that is outside of the expected range of activity for that customer. Similar functionality is currently used by commercial banks, cellular service providers with mobile money systems, and other electronic payments systems (e.g., the PAYPAL brand payment system), but those conventional systems are not integrated across a single, open loop system, as in the services network <b>100</b> of the present invention. The integration of different money transfer systems in the present invention allows the sharing of data so abuses can be identified more quickly and more accurately, such as if a person were dividing its transactions between different money transfer systems to avoid detection. And because the Giori Money issued into the services network <b>100</b> of the GSMT is encrypted/encoded with serial numbers and electronic watermarks, the Fraud Detection Engine <b>536</b> also identifies potential abuses by authenticating transactions using those serial numbers and electronic watermarks in conjunction with the unique transaction codes generated by the Code Generation Engine <b>528</b>.

0080The watch lists and AML/CFT standards used to detect those abuses are obtained from various national and international agencies (e.g., Treasury Departments, Central Banks <b>104</b>, FATF, OFAC, NAMLC, FFIEC, FINTRAC, etc.) so as to ensure any Giori Money transfer performed within the services network <b>100</b> of the GSMT, nationally or internationally, is being monitored in accordance with the requirements of both the region from which the money is transferred and the region in which the money is received. That information can be manually input into the central services server <b>102</b> by the MTS Provider using the Fraud Detection Client <b>530</b> or, when available electronically, automatically downloaded from the various agencies responsible for maintaining that information. After that information is input or downloaded, it is consumed as rules that are used to automatically identify actual and potential abuses of the services network <b>100</b> based on certain triggering events (e.g., recognition of a name on a watch list, recognition of a pattern of suspect transfer amounts, recognition of an improperly authenticated transaction, etc.).

0081A Business Intelligence &amp; Reporting module <b>538</b>, an Accounting and Reconciliation module <b>540</b>, a Data Warehouse Engine <b>542</b>, and an Archiving &amp; Backup module <b>544</b> are also provided in the business logic tier. The Business Intelligence &amp; Reporting module <b>538</b> provides functionality for automatically identifying, digging-out, and analyzing various business data, such as the number and amount of Giori Money transfers by geographic area, retailer <b>108</b>, payor <b>110</b>, etc., as well as any sales revenues, costs, and incomes associated therewith. The Accounting and Reconcilliation module <b>540</b> provides functionality for automatically comparing multiple sets of data to ensure that the money being sent via each Giori Money transfer matches the amount of money received via each respective Giori Money transfer, which can include making sure the proper exchange rate was applied when a Giori Money transfer is conducted between geographic areas with currencies of different value. The Data Warehouse Engine <b>542</b> provides functionality for automatically collecting transactional data from the various entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> within the services network <b>100</b> into a central data location (e.g., database <b>204</b>) and reporting those data to the MTS Provider and Central Banks <b>104</b>, generally in an aggregated manner. And the Archiving &amp; Backup module <b>544</b> provides functionality for automatically organizing and storing the transactional data collected by the central services server <b>102</b> in a duplacte manner. That functionality helps support the monitoring functionality of the Fraud Detection Engine <b>536</b> and virtual banking functionality <b>124</b> of the Core Modules <b>504</b>.

0082The processes performed by the Core Modules <b>504</b> are integrated with the processes performed by the Administrative Modules <b>506</b> via an Enterprise Service Bus <b>546</b>. The transactions that are effectuated by those processes are supported by various external interfaces that provide data connections (e.g., VPN over IP, Dedicated Line, etc.) to the various entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> within the services network <b>100</b>. For example, a Cellular Service Provider Interface <b>508</b> allows transaction data to be exchanged with mobile devices <b>130</b> via a cellular service provider <b>128</b>. A Bank Interface <b>510</b> allows transaction data to be exchanged with electronic banking systems at banks <b>104</b>/<b>106</b>. And an IVR Interface <b>512</b> allows voice commands and DTMF keypad inputs from a mobile device <b>130</b> or switched telephone <b>132</b> to be received and understood by a CRM system <b>212</b> with IVR functionality.

0083Those external interfaces <b>508</b>-<b>512</b> are particularly suited for exchanging data with entities/devices <b>104</b>-<b>118</b> and <b>128</b>-<b>134</b> that correspond to larger geographic areas, such as banks <b>104</b>, cellular service providers <b>128</b>, and CRM systems <b>212</b>. For example, a Central Bank <b>104</b> is a public institution that issues all of the currency in a specific country. Similarly, a cellular service provider <b>128</b> can provide cellular service across an entire continent. Accordingly, the central services server <b>102</b> may require only a single interface with the communication system of a Central Bank <b>104</b> or cellular service provider <b>128</b> in a certain country for the purpose of effectuating and tracking Giori Money transfers in that country. However, the various retail establishments <b>108</b>, payors <b>110</b>, and ATMs <b>112</b> within a given country are not likely to be under the control of a central entity and, therefore, are likely to utilize disparate communication systems. As a result, different adapters will be needed to interface with each of those different communications systems.

0084To support connectivity with the various retail establishments <b>108</b>, payors <b>110</b>, and ATMs <b>112</b> within a given geographic area, the central services provider also includes “localized” external interfaces <b>514</b> and <b>516</b>. For example, a Retailer/Payor Channel Adapter <b>514</b> allows transaction data to be exchanged with retailer systems and payor systems at retail establishments <b>108</b> and payors <b>110</b>, respectively, in a specific geographic area. And an ATM Channel Adapter <b>516</b> allows transaction data to be exchanged with ATMs <b>112</b>, or ATM clusters, in a specific geographic area. Those ATMs <b>112</b> can be provided by a third party (e.g., a commercial bank <b>106</b>, an ATM operator, etc.), leased to third parties by Central Banks <b>104</b>, or they can be proprietary to the MTS Provider. In the latter instance, the ATMs <b>112</b> may be built on the same architecture as the central services server <b>102</b> so the central services server <b>102</b> can communicate directly with and logically control those ATMs <b>112</b> without the need for an ATM Channel Adapter <b>516</b>.

0085The above-described configurations provide fast integration among software modules with safe data management while enabling the MTS Provider to increase the capacity of the services network <b>100</b> as fast as Customer demand requires. Such an objective is preferably achieved using a combination of open source software technology, such as RED HAT brand open source software technology, and proprietary DBMS software, such as ORACLE brand proprietary DBMS software. For example, the JBOSS brand application server suite made by RED HAT can be used to enhance the number of servers according to transaction growth without software modifications and additional expenses. And the ORACLE brand proprietary DBMS software can manage very large databases without the need for frequent software server upgrades. High availability and disaster recovery policies are key features provided by that platform.

0086That functionality and infrastructure provides an efficient, reliable, affordable, and accessible system and method for transferring. More specifically, the use of highly automated data exchanges to effectuate the Giori Money transfers of the present invention over an existing infrastructure of communications networks makes those Giori Money transfers efficient and reliable. And the integration of various money transfer systems into a single, open loop system allows many of the steps otherwise required to effectuate such transfers to be either automated or eliminated, thereby eliminating much of the overhead previously associated with such transfers, which the makes Giori Money transfers of the present invention more affordable. That integration also makes the Giori Money transfers of the present invention more accessible, allowing one party to make a transfer from one money transfer system (e.g., an MTO system) to a party utilizing what would otherwise be a separate money transfer system (e.g., a mobile money system).

0087The improved access provided by the present invention is best illustrated by its integration of MTO systems with mobile money systems. More specifically, international experiences suggest that money transfer systems thrive in markets where there is low penetration of banking services and there is an important inflow of international remittances. And there are over one billion people in developing countries that have mobile telephones but no access to banking services. That number is expected to rise to 1.7 billion in less than two years. Using Africa as a more specific example, at least 75% of its population of 1.1 billion has no access to formal banking services. But soon, as much as 80% of its population is expected to have mobile telephones. Those numbers stand in stark contrast to the number of people with access to the internet, with Africa being considered the “least wired” continent in the world. Thus, by integrating MTO systems with mobile money systems, the present invention will provide far greater access to low-income parties—in particular, the unbankable and unbanked.

0088The functionality and infrastructure of the present invention also provides an effective way to track money transfers, thereby allowing the appropriate institutions to regulate such transfers and prevent potential abuses. For example, the use of mobile devices <b>130</b> to make Giori Money transfers helps better identify who is sending and receiving that Giori Money. More specifically, cellular service providers in many countries require customers to submit verifying documentation before those customers are provided cellular service. That prevents people from obtaining mobile devices <b>130</b> using false indentifying information. Moreover, that identifying information is associated with the specific customer via the Subscriber Identity Module (SIM) card provided in that customer's mobile device <b>130</b>. Accordingly, a customer's SIM card can be used to facilitate the identification of the person effectuating any Giori Money transfer with a mobile device <b>130</b>. Preferably, however, each person and/or entity that is permitted to effectuate Giori Money transfers within the services network <b>100</b> of the GSMT will be required to register with the MTS provider so that the sending and receiving parties of Giori Money can be more readily identified.

0089The functionality and infrastructure of the present invention also allows Central Banks <b>104</b> to manage and control Giori Money transferred between electronic devices (e.g., personal computing devices <b>114</b>, mobile devices <b>130</b>, servers hosting virtual checking or savings accounts, etc.) in the same way they manage and control banknotes physically transferred between different entities. In other words, the Central Banks <b>104</b> in each country track and control the Giori Money issued in their respective countries in the same way they track and control their the banknotes issued in their respective countries, treating that issued Giori Money as a liability and thereby making it fungible. Accordingly, the Giori Money should be recognized and receivable by anyone with an electronic device capable of receiving/storing it.

0090Because the Central Banks <b>104</b> will regulate and control the Giori Money that is being transferred, they form an integral part of the services network <b>100</b>. And because the Giori Money will be transferred between commercial banks <b>106</b> much in the same manner that banknotes are transferred between those entities, commercial banks <b>106</b> will also form an integral part of the services network <b>100</b>. In fact, the central services network <b>100</b> will preferably include, via integration, the core banking systems already used to distribute and track the money moving between commercial banks <b>106</b>. And by linking those core banking systems across continents, the central services server <b>102</b> of the present invention will also be able to track the money moving between different countries.

0091Although they are generally not part of the core banking system of the services network <b>100</b>, retail establishments <b>108</b>, payors <b>110</b>, and cellular service providers <b>128</b> can register with the MTS Provider to become a part of the services network <b>100</b>. Those entities will be motivated to join such a services network <b>100</b> for similar reasons that they are motivated to join credit card services networks (e.g., elimination of bounced checks, shorter processing times, payments are guaranteed up front, elimination of trips to the bank, lower administrative costs, increased revenue, quicker access to funds, customer convenience, etc.). And as further motivation, the Giori Money transfers of the present invention are more accessible because they do not require a credit card or even a bank account, thereby broadening the potential customer base.

0092In addition, the Global System for Mobile Communications Association (GSMA) has initiated the Mobile Money for the Unbanked (MMU) program to encourage cellular service providers to offer services for mobile transfers in an effort to make money transfers more accessible to low-income parties. And according to “General Principles for International Remittance Services”, a report issued by the Bank for International Settlements in <b>2007</b>, “this industry like any other, is likely to flourish best when the general legal framework in which it operates is sound, predictable, non-discriminatory and proportionate.” As just described, the functionality and infrastructure of the present invention provide just such a legal framework.

0093Accordingly, the present invention will help further the goals of the GSMA's MMU program.

0094The manner in which the present invention achieves each of the benefits described above can be better understood by way of the exemplary Giori Money transfers discussed below with respect to <figref idref="DRAWINGS">FIGS. 6-7</figref>. <figref idref="DRAWINGS">FIG. 6</figref> is a schematic diagram illustrating the levels of data flow within the services network <b>100</b> of the present invention during those exemplary Giori Money transfers. <figref idref="DRAWINGS">FIG. 7</figref> is a schematic diagram illustrating the flow of data between the various entities/devices <b>106</b>-<b>118</b> and <b>128</b>-<b>134</b> within the services network <b>100</b> of the present invention during those exemplary Giori Money transfers. And <figref idref="DRAWINGS">FIG. 8</figref> is a flow chart illustrating the various steps taken to effectuate those Giori Money transfers.

0095Turning to <figref idref="DRAWINGS">FIG. 6</figref>, the upper level <b>600</b> of data flow includes the watchdog functionality <b>122</b> at the central services server <b>102</b>. All data regarding Giori Money transfers between the Central Banks <b>104</b> and entities/devices <b>106</b>-<b>118</b> and <b>130</b> within the services network <b>100</b> flows to the watchdog functionality <b>122</b>. That data includes data on transfers between different Central Banks <b>104</b>, between Central Banks <b>104</b> and commercial banks <b>106</b>, and between the various other entities/devices <b>108</b>-<b>118</b> and <b>130</b> within the GSMT. International governing bodies (e.g., the Bank for International Settlements (BIS), the International Monetary Fund (IMF), etc.) can access that data so they can monitor Giori Money transfers as required to help regulate and control the flow of Giori Money within the GSMT and to develop and maintain financial policy. And the appropriate agencies (e.g., Treasury Departments, Central Banks <b>104</b>, the Financial Action Task Force (FATF), the Office of Foreign Asset Control (OFAC), the National Anti-Money Laundering Committee (NAMLC), the Federal Financial Institutions Examination Council (FFIEC), the Financial Transactions and Reports Analysis Centre (FINTRAC), etc.) can access that data so they can monitor Giori Money transfers as required to prevent abuses of the GSMT.

0096The middle level <b>602</b> of data includes Central Banks <b>104</b>. All data regarding Giori Money transfers between the entities/devices <b>106</b>-<b>118</b> and <b>130</b> within the services network <b>100</b> flows to the Central Banks <b>104</b>. Each individual Central Bank <b>104</b> can access that data so they can monitor Giori Money transfers as required to help regulate and control the flow of their own Giori Money within the GSMT and to develop and maintain their own monetary policies. A Central Bank <b>104</b> can gather all the data for the transfers in its respective region each day and effectuate Giori Money transfers to other Central Banks <b>104</b> and/or commercial banks <b>106</b> to make net positive payments. For example, a commercial bank <b>106</b> in a region covered by a first Central Bank <b>104</b> makes a payment of $<b>25</b>,<b>000</b> to a retail establishment <b>108</b> in a region covered by a second Central Bank <b>104</b>, and the commercial bank <b>106</b> in the region covered by the first Central Bank <b>104</b> receives a payment of $15,000 from a mobile device <b>130</b> in the region covered by the second Central Bank <b>104</b>, the first Central Bank <b>104</b> will of the second Central Bank <b>104</b> $10,000 at the end of the day. Thus, the first Central Bank <b>104</b> will effectuate a single Giori Money transfer in the amount of $10,000 to the second Central Bank <b>104</b> instead of the first Central Bank <b>104</b> making a Giori Money transfer of $25,000 and the second Central Bank <b>104</b> making a Giori Money transfer of $15,000. Such data gathering and payment pooling helps reduce the number of overall Giori Money transfers performed each day, thereby making the GSMT more efficient.

0097In the alternative, Central Banks <b>104</b> can effectuate Giori Money transfers as they occur. The high level of automation provided by the GSMT makes such real-time transfers efficient despite the high volume of Giori Money transfers that will need to be effectuated each day. Any of the other entities/devices <b>106</b>-<b>118</b> and <b>130</b> within the services network <b>100</b> can also use one or both of those techniques to effectuate Giori Money transfers, including mobile devices <b>130</b>.

0098The lower level <b>604</b> of data includes the various entities/devices <b>106</b>-<b>118</b> and <b>130</b> within the services network <b>100</b> where most Giori Money transfers are initiated. Because the Giori Money of the present invention is fungible, those entities/devices <b>106</b>-<b>118</b> and <b>130</b> can make Giori Money transfers directly between each other by exchanging data. For example, when a user is storing Giori Money on its mobile device <b>130</b>, it can transfer that Giori Money to any other entity/device <b>106</b>-<b>118</b> in real time via an electronic communication that includes the actual Giori Money with its encrypted/encoded serial numbers and electronic watermarks. Or when that Giori Money is in a savings or checking account at a commercial bank <b>106</b> or in a virtual savings or checking account, a user can make a Giori Money transfer from that account to any of the entities/devices <b>106</b>-<b>118</b> and <b>130</b> within the GSMT. For example, a user can use a mobile device <b>130</b> to effectuate a Giori Money transfer from its account at a commercial bank <b>106</b> to a retail establishment <b>108</b>, an ATM <b>112</b>, a personal computing device <b>114</b>, or even another mobile device <b>130</b>. And that commercial bank <b>106</b> can gather and pool the data for all such transactions to make net positive payments, just as discussed above with respect to the middle level <b>602</b> of data.

0099At each level <b>600</b>, <b>602</b>, and <b>604</b> of data, more secure data protection techniques (e.g., encryption, tokenization, masking, etc.) will be used according to the sensitivity of the data at each level. For example, the data aggregated by the watchdog functionality <b>122</b> at the upper level <b>600</b> is the most sensitive because it covers all national and international transactions. Accordingly, the upper level <b>600</b> utilizes the most secure data protection techniques. The lower levels <b>602</b> and <b>604</b>, while also employing advanced data protection techniques, need not be as secure as the upper level <b>600</b>. Coupled with that security, the flow of data facilitated within the services network <b>100</b> makes the GSMT a very good platform for international agencies, federal agencies, Central Banks <b>104</b>, and commercial banks <b>106</b> to monitor and effectuate money transfers. Moreover, it facilitates cooperation between those entities.

0100Turning to <figref idref="DRAWINGS">FIGS. 7 and 8</figref>, the first part of making a Giori Money transfer is registering with the MTS Provider during a registration process <b>800</b>. A Customer can register with the MTS Provider by accessing the Customer's Management System <b>522</b> functionality of the central services server <b>102</b> via the Customer Portal <b>518</b>, which provides a graphical user interface that the Customer uses to input the data required to effectuate Giori Money transfers. The Customer can use a personal computing device <b>114</b> or an application on a mobile device <b>130</b> to access the Customer's Management System <b>522</b> functionality and input the required data. In the alternative, the Customer can obtain paper forms (e.g., printing forms from the MTS Provider's web page, receiving forms via ground mail or facsimile, etc.) and register by completing those forms and using ground mail or facsimile to return the completed documents to the MTS Provider. A Customer may also obtain, complete, and/or submit the required forms via e-mail or an application on a mobile device <b>130</b>.

0101Retail establishments <b>108</b> (e.g., supermarkets, clothing stores, convenience stores, private schools, etc.) can register themselves within the services network <b>100</b> so they can send and receive Giori Money in exchange for various goods and services. Payors <b>110</b> (e.g., employers, insurance companies, etc.) can register themselves within the services network <b>100</b> so they can send Giori Money to their payees (e.g., employees, beneficiaries, etc.). And anyone owning a mobile device <b>130</b> can register himself or herself within the services network <b>100</b> so he or she can use his or her mobile device to send and receive Giori Money to and from commercial banks <b>106</b>, retail establishments <b>108</b>, payors <b>110</b>, ATMs <b>112</b>, and other people with mobile devices <b>130</b>.

0102Anyone with a mobile device <b>130</b> can register himself or herself within the services network <b>100</b> because the functionality of the present invention preferably uses a communication service that is available on almost every mobile device <b>130</b>, such as Short Message Service (SMS) and General Packet Radio Service (GPRS). The cellular service provider <b>128</b> need not register itself within the services network <b>100</b> of the GSMT for its customers to utilize the Giori Money transfer functionality of the GSMT, it only needs to support the communication service being utilized. However, cellular service providers <b>128</b> should still be motivated to register themselves within the services network <b>100</b> so they can receive Giori Money in exchange for their services. Moreover, by registering with the MTS Provider, any related services offered by the cellular service providers <b>128</b> can be better integrated into the services network <b>100</b> via that relationship.

0103Depending on who operates them, ATMs <b>112</b> may already be part of the services network <b>100</b> or they may need to be registered with the MTS Provider to become part of the services network <b>100</b>. For example, the MTS Provider can provide the ATMs <b>112</b>, in which case they will already be integrated into the services network <b>100</b>, as discussed above. Or commercial banks can provide the ATMs <b>112</b>, in which case they will be part of the core banking system that is already integrated into the services network <b>100</b>. Or the ATMs <b>112</b> can be privately owned and operated, in which case the owner will have to register with the MTS Provider to have them integrated into the services network <b>100</b>. Each type of ATM <b>112</b> may be present within the services network <b>100</b>. And, preferably, anyone will be able to use the ATMs <b>112</b> within the services network <b>100</b> with no ATM access fees, much like ATMs <b>112</b> in the Global ATM Alliance. But unlike the ATMs in the Global ATM Alliance, a person need not be a customer of a specific bank, or even have a bank account, to use the ATMs in the GSMT.

0104As part of the registration process <b>800</b>, a Customer (i.e., a retail establishment <b>108</b>, payor <b>110</b>, ATM <b>112</b>, cellular service provider <b>128</b>, and/or owner of mobile a device <b>130</b>) inputs its personal data at step <b>802</b>. For example, a retail establishment <b>108</b> or payor <b>110</b> will input its name, physical address, e-mail address, proof of identity (e.g., proof of incorporation), and information for an account into and/or from which Giori Money is to be withdrawn and/or deposited (e.g., bank identification, account number, routing number, etc.). And an owner of a mobile device <b>130</b> will input his or her name, birth date, physical address, e-mail address, proof of identity (e.g., social security number), and information for the mobile device <b>130</b> to and/or from which Giori Money will be sent and/or received (e.g., mobile telephone number).

0105After a Customer has input its personal data at step <b>802</b>, the central services server <b>102</b> generates a password and sends it to that Customer electronically at step <b>804</b>. For example, a retail establishment <b>108</b> or payor <b>110</b> may receive an e-mail at a mobile computing device <b>114</b> using the e-mail address it input. And an owner of a mobile device <b>130</b> may receive an SMS text message, or comparable message (e.g., application-to-person (A2P) message, GPRS message, etc.), at the mobile device <b>130</b> using the mobile telephone number he or she input. The central services server <b>102</b> sends an SMS text message to a mobile device <b>130</b> via its interface with a mobile network hub <b>116</b>, which includes an SMS gateway that transforms the electronic message sent by the central services server <b>102</b> into an SMS text message before routing it to the mobile device <b>130</b> via the appropriate cellular service provider's <b>128</b> cellular network.

0106After the Customer receives its password at step <b>804</b>, it must access the Customer's Management System <b>522</b> functionality again and confirm the password at step <b>806</b>. The Customer can use a personal computing device <b>114</b> or an application on a mobile device <b>130</b> to access the Customer's Management System <b>522</b> functionality and input the password. The Customer will be required to input the password within a short period of time to confirm the Customer's link to the information input at step <b>802</b>. When a mobile device <b>130</b> is to be used to send and receive Giori Money, that link is preferably confirmed via SMS text message to that mobile device. The Customer can also create its own password at that time, replacing the password generated by the central services server <b>102</b> with a password that is personalized by the Customer. As a result, that Customer will be registered within the services network <b>100</b> of the GSMT.

0107In geographic areas where the MTS Provider is required to store paper copies of each Customer's registration information, the appropriate forms can be auto-populated and printed using the data input into the central services server <b>102</b>, or the MTS Provider can require the Customers to submit original signed copies of those forms. And the amount and type of information collected during the registration process <b>800</b> can be varied as required to satisfy local laws in different geographic areas. As a result, a Customer may be required to designate any geographic area where it intends to effectuate Giori Money transfers during the registration process <b>800</b>. Based on those designations, the central services server <b>102</b> will automatically require the Customer to input the appropriate information for each of those geographic areas during the registration process <b>800</b> so as to ensure the legality and security of any Giori Money transfers that may be effectuated in those geographic areas.

0108After a Customer is registered in the services network <b>100</b>, it can send and/or receive Giori Money to and/or from any other Customer that is registered in the services network <b>100</b>. For example, a payor <b>110</b> can transfer Giori Money to a payee that owns a mobile device <b>130</b>, that payee can transfer at least a portion of that Giori Money to a retail establishment <b>108</b>, and/or that payee can transfer at least a portion of that Giori Money to another person who owns a mobile device <b>130</b>. Unlike conventional mobile money transfers, the services network <b>100</b> of the GSMT allows those Giori Money transfers to be effectuated across large geographic areas and between substantially any cellular service providers' <b>128</b> cellular networks. Moreover, because the Giori Money being transferred is guaranteed by Central Banks <b>104</b>, it is fungible across those large geographic areas.

0109But before a Customer can send Giori Money via the services network <b>100</b> of the GSMT, Giori Money must be issued into the services network <b>100</b> by an issuing party at step <b>808</b>. Giori Money is issued into the services network <b>100</b> in a similar manner to that in which banknotes are issued into circulation so that Central Banks <b>104</b> may regulate and control the flow of the Giori Money. For example, a Central Bank <b>104</b> will go to the open market and buy financial assets (e.g., government bonds, gold, etc.) to back any Giori Money issued into the GSMT. It may also be advantageous for a Central Bank <b>104</b> to back Giori Money with banknotes by taking those banknotes out of circulation in exchange for its financial assets. Accordingly, Central Banks <b>108</b> can not only regulate and control the value and flow Giori money, they can also regulate and control the value and flow of banknotes, which allows them to better implement their monetary policies, such as preventing inflation.

0110For ease of use and understanding, Giori Money will preferably be issued into the services network <b>100</b> in the same denominations as the banknotes issued in the country of the Central Bank <b>104</b> guaranteeing the Giori Money (e.g., ¢1, ¢5, ¢10, ¢25, $1, $2, $5, $10, $20, $50, $100, etc. in the Unites States). That Giori Money is issued into the services network <b>100</b> electronically by inputting individually-valued elements of data into the services network <b>100</b>.

0111And to prevent counterfeiting and/or laundering, issuing parties (e.g., Central Banks <b>104</b>, commercial banks <b>106</b>, post offices, MTOs, cellular service providers, etc.) will encrypt/encode each individually-valued element of data (hereinafter “virtual banknote”) with a serial number that is unique to that virtual banknote and an electronic watermark that authenticates that banknote as validly issued tender. Those encrypted/encoded virtual banknotes are what make up Giori Money. And because that encryption/encoding will necessarily be proprietary to each issuing party, it is not discussed in more detail hereinafter.

0112After Giori Money has been issued into the services network at step <b>808</b>, a Customer can begin the remittance process <b>810</b>. A Customer begins the remittance process <b>810</b> at step <b>812</b> by requesting a remittance of a specific amount of Giori Money. For example, a payor <b>110</b> can request a remittance of Giori Money to a payee from the commercial bank <b>106</b> where that payor <b>110</b> maintains an account. And because the Giori Money held and/or issued by that commercial bank <b>106</b> is guaranteed by the pertinent Central Bank <b>104</b>, it is convertible on par with banknotes of the same denomination such that the money in the payor's account can be withdrawn as either banknotes or Giori Money. In other words, the value of money in the payor's account can be represented, and therefore withdrawn, as either banknotes or Giori Money because of the fungible and interchangeable nature of those two forms of nature.

0113A Customer can request a remittance of Giori Money by accessing the Customer Account Manager <b>524</b> functionality of the central services server <b>102</b> via the Customer Portal <b>518</b>, which provides a graphical user interface that the Customer uses to input the amount of Giori Money it wants to transfer. The Customer can use a personal computing device <b>114</b> or an application on a mobile device <b>130</b> to access the Customer Account Manager <b>524</b> functionality and input the required data. And, in the example of a payor <b>110</b>, the Customer can set up his or her Customer Account to automatically request and make Giori Money transfers to specific parties at specific times, such as for automatic payroll dispersements.

0114A Customer can also obtain Giori Money by depositing banknotes with a commercial bank <b>106</b>, retail establishment <b>108</b>, or ATM <b>112</b>. For example, the Customer can go to a retail establishment <b>108</b> (e.g., a post office, a cellular service provider retail outlet, etc.) and exchange banknotes for Giori Money. The Customer can then have that Giori Money transferred to a virtual savings or checking account or to its mobile device <b>130</b> by way of the SIM Card that is unique to the Customer and mobile device <b>130</b>. In that way, a Customer can transfer GSMT

0000Money to its mobile device <b>130</b> in the GSMT in a similar manner that people can credit mobile scrip to their mobile devices <b>130</b> in conventional mobile money systems, except that Giori Money is fungible while mobile scrip can only be exchanged with other customers of the same cellular service provider and the entities (e.g., banks, retailers, agents, local service providers, etc.) that have partnered with that cellular service provider.

0115Depending on a Customer's credit rating, that Customer may also be able to make a Giori Money transfer without placing any of its own Giori Money in the system. For example, the MTS provider can extend the Customer credit to make the transfer, or the Customer can use a credit card to make the transfer. The Customer can subsequently repay the MTS provider or credit card company, with either banknotes or Giori Money.

0116In response to a request for a remittance of Giori Money at step <b>812</b>, the Accounting and Reconciliation module of the central services server <b>102</b> validates the request at step <b>814</b>. For example, the Accounting and Reconciliation module will make sure the requesting Customer is allowed to make Giori Money transfers (i.e., make sure that the Customer has not been black-listed from making such transfers), make sure that Customer has the requested amount of Giori Money to be transferred, and make sure the requested amount of Giori Money to be transferred does not exceed any predetermined upper limits, such as those set by the Customer,

0000the MTS Provider, or a pertinent governing body. The central services server <b>102</b> will also implement its watchdog functionality <b>122</b> and Fraud Detection Engine <b>536</b> to try to identify any potential abuses of the services provided by the GSMT.

0117Upon validating the Customer's request for a remittance at step <b>814</b>, the Customer will input information identifying the recipient of the Giori Money transfer at step <b>816</b>. For example, a payor <b>110</b> can identify a payee that owns a mobile device <b>130</b> as the recipient of the Giori Money transfer by accessing the Transaction Manager <b>526</b> functionality of the central services server <b>102</b> via the Customer Portal <b>518</b>, which provides a graphical user interface that the Customer uses to input the mobile telephone number of that mobile device <b>130</b>. The Customer can use a personal computing device <b>114</b> or an application on a mobile device <b>130</b> to access the Customer's Management System <b>522</b> functionality and input the required data.

0118After the desired recipient of the Giori Money transfer has been identified at step <b>816</b>, the central services server <b>102</b> effectuates the transfer of Giori Money to the recipient via one of its interfaces at step <b>818</b>. For example, the central services server <b>102</b> will transmit the Giori Money to a mobile device <b>130</b> via its Cellular Service Provider Interface <b>508</b>, which allows the central services server <b>102</b> to transmit transactional data to a mobile device <b>130</b> via a mobile network hub <b>116</b> that translates that data into an SMS text message. As the Giori Money transfer is effectuated, the Accounting and Reconciliation functionality records and stores all of the pertinent information regarding that transaction, such as the parties involved, the amount transferred, etc. The recipient of the SMS text message also receives the encryption/encoding information for each virtual banknote that makes up the Giori Money transferred to his or her mobile device <b>130</b>, thereby effectuating the electronic transfer of fungible currency. And although an SMS text message is described as the mechanism for sending such data, other suitable mobile communications services may also be used as required to send the desired type of information (e.g., GPRS, Multimedia Messaging Service (MMS), Wireless Application Protocol (WAP), etc.).

0119A Customer receives a Giori Money transfer at step <b>820</b>. That Customer will receive an electronic notification that it received the Giori Money, such as an e-mail or an SMS text message. When the Giori Money transfer is to a mobile device <b>130</b>, the electronic notification is preferably via SMS text message or other suitable mobile communications service. Because the Giori Money transferred is fungible currency, just like banknotes, the recipient of the Giori Money transfer advantageously does not need a bank account or a credit card to receive or spend that Giori Money. Instead, the recipient's mobile device <b>130</b> serves as a virtual wallet in which he or she carries that fungible currency, which is of particular usefulness to the unbankable and unbanked. But unlike a real wallet, the recipient of the Giori Money can password protect their mobile device <b>130</b> to protect the Giori Money stored therein should he or she inadvertently fall out of possession of his or her mobile device <b>130</b>, which provides yet another advantage over conventional money transfers. In the alternative, the central services server <b>102</b> of the GSMT can utilize its enterprise DBMS in conjunction with the functionality of its Data Warehouse Engine <b>542</b> and Archiving and Backup module <b>544</b> to store and keep track of each Customer's Giori Money in a virtual savings or checking account so it does not need to be stored on a mobile device <b>130</b> and, instead, can be easily retrieved from the central services server <b>102</b> with a mobile device <b>130</b> by withdrawing it from that virtual account using the functionality of the Transaction Manager <b>526</b>.

0120If the Giori Money transfer is sent from a first geographic area <b>700</b> (e.g., somewhere in the United States) at step <b>818</b> and received in a different geographic area <b>702</b> (e.g., Sudan, Africa) and those two geographic areas <b>700</b> and <b>702</b> utilize different types and denominations of currency (e.g., U.S. dollars versus Sudanese pounds), the central services server <b>102</b> will automatically exchange the sender's type and denomination of Giori Money for an equivalent amount of the recipient's type and denomination of Giori Money as part of that transfer. That automatic currency exchange is carried out by effectuating a remittance <b>810</b> of the sender's Giori Money to a commercial bank <b>106</b> or a retail establishment <b>108</b> (e.g., an MTO, foreign currency exchange service, etc.) that provides such services and then making another remittance <b>810</b> of the exchanged Giori Money to the recipient (i.e., step <b>818</b> results in the Giori Money being rerouted to the party providing the exchange service and the party providing the exchange service performs steps <b>812</b>-<b>818</b> again after exchanging the Giori Money to the desired currency). Such commercial banks <b>106</b> and retail establishments <b>108</b> will maintain sufficient amounts of different types and denominations of Giori Money, just as they would different types and denominations of banknotes, and will apply the appropriate exchange rates when providing their exchange services. That functionality of the present invention provides the advantage of eliminating the need for the sender or recipient of Giori Money to physically travel to an establishment that exchanges money in order to send or receive money to or from geographic areas <b>700</b> and <b>702</b> that utilize different types and denominations of currency. Moreover, it allows the recipient to immediately use the received Giori Money in the geographic area in which it was received. For example, the recipient can immediately effectuate a transfer of that mobile to an ATM <b>112</b> and withdraw banknotes of the desired type and denomination (e.g., steps <b>824</b>-<b>828</b>).

0121The automated currency exchange functionality of the present invention is necessary because the Giori Money of the present invention is fungible currency guaranteed by Central Banks <b>104</b>. Accordingly, it represents the liabilities of the Central Bank <b>104</b> that guarantees it such that a Central Bank <b>104</b> in one geographic area <b>702</b> will not be obligated to honor the liabilities of a Central Bank <b>104</b> in another geographic area <b>700</b>. In other words, the Giori Money guaranteed by Central Banks <b>104</b> in different countries will be treated in the same way as banknotes guaranteed by Central Banks <b>104</b> in different countries. But unlike banknotes, the functionality of the present invention fully automates the exchange of different types and denominations of currency so as to eliminate the need to physically exchange the currency.

0122The functionality of the present invention also fully automates the exchange of Giori Money between Central Banks <b>104</b>, thereby allowing those Central Banks <b>104</b> to control international trade flows as required correct positive trade balances and to implement their respective monetary policies, such as preventing inflation. Moreover, it provides functionality for tracking those exchanges and the corresponding transfers so the Central Banks <b>104</b> in different geographic areas <b>700</b> and <b>702</b> can better regulate and control those trade flows. To facilitate that tracking functionality, information on the total amount of Giori Money being transferred within the services network <b>100</b> as well as its origin and destination is preferably aggregated by the central services server <b>102</b> on a daily basis.

0123The automated currency exchange functionality of the present invention is also particularly useful when travelling abroad. For example, the owner of a mobile device <b>130</b> can carry that mobile device from one geographic area <b>700</b> to another <b>702</b> and the E-wallet functionality <b>120</b> of the present invention will automatically recognize the geographic area <b>702</b> in which the mobile device <b>130</b> is now located and display to the owner of that mobile device <b>130</b> exactly how much Giori Money he or she possesses in the currency of that geographic area <b>702</b>. In other words, a currency handover will occur between different types and denominations of currency as a mobile device <b>130</b> is moved from one geographic area <b>700</b> to another <b>702</b> just as a cellular service handover will occur between different cellular service providers <b>128</b> as the mobile device <b>130</b> is moved from one geographic area <b>700</b> to another <b>702</b>. However, that currency handover is symbolic only (i.e., it is only displayed to the owner of the mobile device <b>130</b> via the E-wallet functionality) so that the owner of the mobile device <b>130</b> does not incur fees for exchanging all of the Giori Money in his or her E-wallet every time he or she moves from one geographic area <b>700</b> to another <b>702</b>. Instead, an exchange of his or her Giori Money will only occur as discussed above when he or she makes a Giori Money transfer in that other geographic area <b>700</b>, thereby limiting the actual amount of Giori Money exchanged into a different type and denomination of currency to the actual amount transferred while the owner of the mobile device <b>130</b> is in that other geographic area <b>700</b>.

0124The currency handover of the present invention primarily serves as a convenience for the owner of the mobile device <b>300</b> to quickly and easily determine how much Giori Money of a specific type and denomination he or she is carrying in his or her E-wallet in different geographic areas <b>700</b> and <b>702</b>. It also limits the amount of Giori Money exchanged from one currency to another to the amount actually transferred/spent while he or she is in a different geographic area <b>702</b>. And the automated currency exchange functionality of the present invention serves to actually effectuate an exchange of Giori Money from one currency and denomination to another. Together, that functionality not only allows a Customer to conveniently exchange Giori Money from one currency and denomination to another when making a Giori Money transfer from one geographic <b>700</b> area to another <b>702</b>, it also allows a Customer to conveniently carry Giori Money from one geographic <b>700</b> area to another <b>702</b> on a mobile device <b>130</b> and to exchange it only as it is transferred/spent in that other geographic area <b>702</b>. It is envisioned, however, that the other functionality of the present invention will facilitate the adoption of a unified world currency such that the same type and denomination of currency is adopted throughout the services network <b>100</b>, thereby eventually eliminating the need for the automated currency exchange and currency handover functionality discussed above.

0125It should also be understood that, because the Giori Money is issued in specific denominations (e.g., $5, $10, $20, etc.), a recipient of a Giori Money transfer may need to make a return transfer of any value of Giori Money exceeding the amount intended to be transferred. For example, a retail establishment <b>108</b> may need to make change for a buyer of their goods or services in response to receiving a specific denomination of Giori Money at step

0000<b>820</b>. In that case, the retail establishment <b>108</b> will need to make a remittance <b>810</b> back to a buyer of their goods or services. For example, a buyer may use his or her mobile device <b>130</b> to purchase a good that costs $10.75. If the buyer only has Giori Money in the form of a $20 virtual banknote in his or her E-wallet, the retail establishment <b>108</b> will automatically transfer a $5 virtual banknote, four $1 virtual banknotes, and a ¢25 virtual banknote (i.e., $9.25 in Giori Money) back to the mobile device <b>130</b> in exchange for the $20 virtual banknote. In the alternative, the buyer can use his or her mobile device <b>130</b> to effectuate a transfer from a party that issues Giori money (e.g., Central Bank <b>104</b>, commercial banks <b>106</b>, post offices, MTOs, cellular service providers, etc.) in the exact amount owed. Or, as yet another alternative, the exact amount owed can be deducted from the Giori Money in the buyer's E-wallet with that Giori Money being re-encrypted/re-encoded into the appropriate denominations based on the deduction (e.g., electronically transforming a $20 virtual banknote into $9.25 in Giori Money).

0126Those transactions will be automatically conducted by the central services server <b>102</b> and preferably occur in the background of any operation utilized to effectuate the purchase. In that way, the buyer need only designate the amount of Giori Money he or she wishes to transfer with his or her mobile device <b>130</b> rather than designate specific virtual banknotes to transfer.

0127Moreover, the E-wallet functionality <b>120</b> of the central services provider <b>102</b> need only indicate to the buyer the total amount of Giori Money in his or her E-wallet rather than listing the specific virtual banknotes in his or her E-wallet, thereby making the Giori Money of the present invention much easier to use than actual banknotes. The Giori Money of the present invention must be exchanged in that manner so that the encryption/encoding required prevents counterfeiting and/or laundering and that Giori Money remains intact. It also allows the transfer of that Giori Money to be tracked more accurately by the Central Banks <b>104</b> controlling it.

0128If the recipient of a Giori Money transfer desires banknotes instead of Giori Money, it can utilize a banknote exchange process <b>822</b> to exchange the Giori Money for a corresponding value in banknotes. To begin the exchange process <b>822</b>, the Customer that received that Giori Money transfer requests an exchange of that Giori Money into banknotes at step <b>824</b>. The Customer can request such an exchange by accessing the Customer Account Manager <b>524</b> functionality of the central services server <b>102</b> via the Customer Portal <b>518</b>, which provides a graphical user interface that the Customer uses to input the amount of Giori Money it wants to exchange for banknotes. The Customer can use a personal computing device <b>114</b> or an application on a mobile device <b>130</b> to access the Customer Account Manager <b>524</b> functionality and input the required data.

0129In response to a Customer's request for an exchange of that Giori Money into banknotes at step <b>824</b>, the Code Generation Engine <b>528</b> of the central services server <b>102</b> will automatically generate a one-time transaction code, or Personal Identification Number (PIN), and send it to that Customer electronically at step <b>826</b>. For example, the owner of a mobile device <b>130</b> may receive an e-mail, an SMS text message, or a comparable message (e.g., application-to-person (A2P) message, GPRS message, etc.) at his or her mobile device <b>130</b>. The central services server <b>102</b> sends an SMS text message to that mobile device <b>130</b> via its interface with a mobile network hub <b>116</b>, which includes an SMS gateway that transforms the electronic message sent by the central services server <b>102</b> into an SMS text message before routing it to the mobile device <b>130</b> via the appropriate cellular service provider's <b>128</b> cellular network. The message sent to the mobile device <b>130</b> may also include other information that is relevant to the transaction, such as the amount of Giori Money requested to be exchanged into banknotes, the party requesting the exchange, the time and date of the request, and any other information that may be required to effectuate the request.

0130After the Customer receives the one-time PIN generated at step <b>826</b>, it can go to any ATM <b>112</b> within the services network <b>100</b> and withdraw banknotes at step <b>828</b>. The Customer withdraws the banknotes by entering the one-time PIN, as well as any other required information, into the ATM <b>112</b> within a predetermined period of time. The ATM <b>112</b> communicates with the central services server <b>102</b> via an ATM Channel Adapter <b>516</b> at the central services server <b>102</b>, and the central services server will signal to the ATM <b>112</b> whether or not the withdrawal of banknotes is approved based on the information the Customer inputs into the ATM <b>112</b>. For example, the central services server <b>112</b> will verify that the PIN is correct, that the request for an exchange of Giori Money to banknotes exists, that the amount complies with local laws and/or a Customer's personal settings, and that any information entered into the ATM by the withdrawing party matches the information input into the central services server <b>102</b> by the requesting party. And because the PIN is a “one-time” PIN, it will only be valid for that single banknote withdrawal.

0131In addition, the central services server <b>102</b> will automatically make a remittance <b>810</b> of the Customer's Giori Money to the party operating the ATM <b>112</b> in an amount equivalent to the banknotes withdrawn from the ATM <b>112</b>. If the banknotes are of a different type and denomination of currency than the Giori Money being transferred, the central services server <b>102</b> will also automatically exchange the Giori Money into a type and denomination that corresponds to the banknotes withdrawn from the ATM <b>112</b> using the currency exchange functionality discussed above. In that way, the operator of the ATM <b>112</b> receives Giori Money in an identical type and denomination to the banknotes withdrawn by the Customer, which prevents the operator of the ATM <b>112</b> from having to exchange that Giori Money itself. And that convenience will further encourage the operators of ATMs <b>112</b> to become a part of the services network <b>100</b> of the present invention, if they are not already.

0132To provide greater access to ATMs <b>112</b> for making such transfers and withdrawals, ATMs <b>112</b> may be provided in kiosks in rural communities and integrated into the services network <b>100</b> via wireless data communication (e.g., wireless local area network (WLAN), satellite network, cellular network, etc.). To provide additional access to banking, such ATMs <b>112</b> may also include functionality for interacting with the PMSB or a commercial bank <b>106</b>, whereby a user can open and/or manage a savings account and/or checking account with the PMSB or commercial bank <b>106</b> via those ATMs <b>112</b>. And to provide greater security, use of such ATMs <b>112</b> may require a user to provide a government sponsored national ID card with fingerprint or iris information that must be verified against the user's iris or fingerprint at the ATM <b>112</b> with an iris or fingerprint scanner. Such a requirement should not significantly limit access to such ATMs <b>112</b> because many countries already issue, or are expected to begin issuing, such national ID cards to their citizens on a mandatory basis (e.g., Belgium, Brazil, Czech Republic, Egypt, Germany, South Africa, Turkey, etc.). In fact, the many benefits provided by the present invention will encourage people to obtain such national ID cards, which will help those countries more effectively implement the issuance of such national ID cards to their citizens, particularly in countries where such cards are not mandatory (e.g., France, Sweden, Switzerland, the United States, etc.). In addition to the use of the SIM card of a mobile phone, any biometric identification means can be integrated in the said mobile phone in order to take care that the user of the mobile phone while asking for and/or obtaining the transferred electronic/digital money is its real owner. Any biometric features such as iris, fingerprint or facial recognition may be used depending on the country and on its specific regulations or traditions.

0133As another example of the functionality of the GSMT, a Customer can also request that a party other than itself be able to withdraw banknotes at step <b>828</b>. To do so, the customer designates that other party as the recipient when requesting an exchange of Giori Money into banknotes at step <b>824</b>. Such a designation will initiate a new remittance process <b>810</b>, wherein the request (step <b>812</b>/<b>824</b>) must be validated (step <b>814</b>) and the other party who will withdraw the banknotes must be identified (step <b>816</b>). Then, instead of sending the identified party Giori Money (step <b>818</b>), that Giori Money will be sent to the operator of the ATM <b>112</b> from which the identified party will withdraw an equivalent amount in banknotes at step <b>828</b>. And the identified party will receive the one-time PIN, as well as any other information required to make a withdrawal from the ATM <b>112</b> (e.g., the identity of ATMs <b>112</b> operated by the party that received the equivalent amount of Giori Money) at step <b>826</b>, which will allow him or her to withdraw that equivalent amount in banknotes from the ATM <b>112</b> at step <b>828</b>. The requesting party may also receive a message, such as an e-mail or SMS text message, that informs that party if and when the requested transaction is completed.

0134In a more specific example, a Customer can go to a retail establishment <b>108</b> within the services network <b>100</b> and exchange banknotes for Giori Money. The Customer may also write a check, use a credit card, or use any other method of providing value in exchange for the Giori Money. That Customer can request that the retail establishment transfer the Giori Money to his or her mobile device <b>130</b> or even to another party's mobile device <b>130</b> using the remittance process <b>810</b>. Or the Customer can request that the Giori Money be transferred to the operator of an ATM <b>112</b> using the remittance process <b>810</b> so that the Customer or another party can withdraw banknotes in an equivalent amount to the Giori Money in a banknote exchange process <b>822</b>. In the latter instance, the Customer or the designated other party may receive a voucher with the one-time PIN at step <b>826</b>, which will allow them to withdraw banknotes from an ATM <b>112</b> at step <b>828</b>. And if the Customer requests that another party be able to withdraw the money from an ATM <b>112</b>, the Customer can receive the message with the one-time PIN and forward it to the other party, or the Customer can elect to have the message with the one-time PIN sent directly to that other party with the requesting Customer only receiving a confirmation message that the one-time PIN was sent to the other party.

0135Those processes are particularly useful for transferring money from a Customer in one geographic area <b>700</b> to an unbanked party in another geographic area <b>702</b>. For example, a Customer in the United States <b>700</b> can obtain Giori Money from a retail establishment <b>108</b> or a payor <b>110</b> and request that it be exchanged into banknotes for another party to withdraw from an ATM <b>112</b> in Africa <b>702</b>. All the party in Africa <b>702</b> needs is a mobile device <b>130</b> to withdraw those banknotes from the ATM <b>112</b>. The party in Africa will receive a message with the onetime PIN via an SMS text message and can simply go to the appropriate ATM <b>112</b> and withdraw the banknotes with the information in that SMS message. No bank account or credit card is needed.

0136If party withdrawing banknotes from an ATM <b>112</b> must be authenticated based on the corresponding regulations and/or laws in the geographic area <b>700</b> or <b>702</b> where the banknotes are being withdrawn, the withdrawing party may be asked to send an SMS text message back to central services server <b>102</b> with his registered mobile device <b>130</b> before that party can withdraw banknotes from the ATM <b>112</b>. That return SMS message can occur via the same channels as were used by the central services server <b>102</b> to send an SMS text message to the withdrawing party. If the mobile telephone number of the mobile device <b>130</b> is registered within the services network <b>100</b> and is not black listed, the central services server <b>102</b> will then send an SMS text message back to the withdrawing party containing a one-time PIN. At the ATM <b>112</b>, the withdrawing party will be asked to authenticate the transaction by entering his mobile number and the one-time PIN. If the authentication succeeds, the withdrawing party will then be allowed to proceed with the withdrawal.

0137In its simplest form, the GSMT can be implemented by providing retail establishments <b>108</b> in one geographic area <b>700</b> and proprietary ATMs <b>112</b> in another geographic area <b>702</b>. In that way, a Customer in one country need merely go to one of those retail establishments <b>108</b> and request a remittance to an ATM <b>112</b> in the other geographic area <b>702</b>. Then, the Customer can send any party in that other geographic area <b>702</b> an SMS text message with the one-time PIN required to withdraw banknotes from that ATM <b>112</b> using the authentication techniques discussed above.

0138To facilitate the SMS text messaging that will need to occur from one geographic area <b>700</b> to another <b>702</b>, the mobile network hub <b>116</b> of the GSMT is preferably provided by an international wholesaler to further reduce the costs of the Giori Money transfers of the present invention. And to effectuate and track Giori Money exchanges in those different geographic areas <b>700</b> and <b>702</b>, the central services server <b>102</b> is integrated with and able to remotely manage international transactions with other central services servers <b>102</b>′ located in several countries with a wide range of full-IP communication solutions. The central services server <b>102</b> also supports virtual banking functionality <b>124</b> that not only allows the MTS Provider to track and make an accounting of international money transfers for the purposes of operating the services network <b>100</b> in accordance with the applicable laws and regulations, it also allows Central Banks <b>104</b> to track and make an accounting of international money transfers so they can better control and regulate the flow of money.

0139The virtual banking functionality <b>124</b> and the Accounting and Reconciliation module <b>540</b> of the present invention record and reconcile each of the transactions performed by the present invention so as to keep track of the Giori Money being exchanged within the services network <b>100</b> and to provide an individual accounting to each Customer. Accordingly, each Customer can easily access a record of its transaction via its <b>518</b> for its own accounting purposes. Moreover, Central Banks <b>104</b> can track each transfer of Giori Money so they can more easily regulate and control the flow of that currency.

0140A user's various interactions with the various entities/devices <b>106</b>-<b>118</b> and <b>128</b>-<b>134</b> within the services network <b>100</b> are facilitated, for example, by user interfaces at ATMs <b>112</b>, personal computing devices <b>114</b>, and mobile devices <b>130</b>. Those graphical user interfaces may incorporate pictograms that can be easily understood by illiterate people so as to provide even greater access to the benefits of the present invention.

0141As is evident from the disclosure above, the present invention overcomes the shortcomings of the prior art by providing an efficient, reliable, affordable, and accessible system and method for transferring fungible currency. Moreover it eliminates traditional remittance players and financial institutions, such as banks, credit card issuers, and MTOs, from the remittance process. Eliminating those players and financial institutions greatly reduces the costs typically associated with the remittance process and makes the present invention particularly suited for people who are unbankable or unbanked. Those costs are further reduced by the automation of the present invention, which limits human intervention along the provisioning chain.

0142The present invention provides a low cost alternative to both nationals in their home countries and immigrants living in diaspora communities throughout the world. The present invention reduces the costs of such transactions and makes financial and banking services more readily accessible to the “unbanked” and “unbankable” populations in developing countries. The present invention also provides a platform for Central Banks, commercial banks, and various national and international agencies to monitor money transfers as required to control the flow of money, develop monetary policies, and identify potential abuses.

0143In addition, by implementing the open loop system of the present invention globally, it allows MTOs to function more effectively and encourages MTOs and cellular service providers to communicate and share information between systems to provide money transfer services, just as cellular service providers have done with each other to provide roaming services for mobile telephones. Such cooperation results in a highly flexible open loop system that provides advantages for all of those who participate. Moreover, it provides opportunities for micro-financing low-income people and, therefore, the development of business and industry in developing countries, particularly those where physical cash transfers are difficult.

0144Further still, by forming a holding company made up of international banks and Central Banks <b>104</b> that will control the PMSB of the present invention, the GSMT not only ensures that the appropriate banking laws and regulations are complied with while effectuating Giori Money transfers, it also provides users with various other useful banking services, all of which can be accessed via a vast network of ATMs <b>112</b>. Moreover, banks generally do not like to use their own names when venturing into new areas of banking, such as branchless banking. So forming a holding company allows those banks to provide services within the GSMT without lending their name to the GSMT. Such a holding company may be formed “offshore” to provide financial and legal advantages to its members, and it will also allow banks to engage in certain non-banking activities, as may be required to provide certain services within the GSMT.

0145The know-how contributed by the banks of the holding company, as well as the services they provide, can be sold to commercial banks <b>106</b>, MTOs, and cellular service providers so that those entities can also take advantage of that know-how and those services. Although MTO systems and mobile money systems have proven capable of effectuating money transfers, integrating those MTO systems and mobile money systems with banks in that manner makes such transfers far more accessible, such as by incorporating the vast network of ATMs provided by those banks. Moreover, Central Banks <b>104</b> are more inclined to deal with banks than with MTOs and cellular service providers, so including international banks and commercial banks <b>106</b> in the GSMT as described will further encourage Central Banks <b>104</b> become a part of the services network <b>100</b>. As discussed above, the Central Banks <b>104</b> will also be encouraged to become part of the services network <b>100</b> because the infrastructure of the services network <b>100</b> will allow them to better track and control the flow of money.

0146In summary, one of the functions of the GSMT is designed to be compatible with existing money transfer systems and banking systems to offer unlimited possibilities for making money transfers. Furthermore, it is a globally standardized system that complies with federal and international banking regulations. One or more official government bodies monitor and track the flow of money within the GSMT to prevent potential abuses. And by forming such an open loop system, cellular service providers and MTOs can exchange information freely so that their customers no longer need corresponding carriers to send/receive money. Moreover, whether used in money transfers or everyday transactions, GSMT is a government tool and a globally accepted architecture that also includes the generation of codes which can eventually be used to replace banknotes (paper currency) within the structure, supervision and control of Central Banks.

0147<figref idref="DRAWINGS">FIG. 9</figref> is a flow chart illustrating an exemplary implementation of an implementation of a system and of a method in accordance with the present invention. The method for generating fungible electronic money comprises several specific steps.

0148A step consists in collecting physical and/or numeric parameters of an existing bank note, for instance by using electronic, optical and mechanical system <b>900</b>. This collecting step is for instance based on scanning operations operated by scanning means <b>901</b>.

0149Another step consists in using a first algorithm <b>910</b> for generating a first code based on at least some of the collected parameters.

0150Another step consists in using a numbering algorithm <b>920</b> for generating an unique code number. The numbering algorithm <b>920</b> is advantageously owned and known only by a corresponding central bank.

0151Another step consists in combining the first code with the code number and generating a unique second code which integrates data of the collected parameters. This second code is called for instance G-CODE or GIORI-CODE.

0152This second code is then attributed to an electronic/digital bank note which can be identified without any risk of false identification.

0153In an implementation of the method in accordance with the invention, the first algorithm which generates a random code and the numbering algorithm which generates an unique and random code number is combined to the first code in order to obtain the second code.

0154In an implementation of the method in accordance with the invention, the step of storing the second code on a safe and readable support <b>930</b>, located in a safe environment, for instance a central bank.

0155In an implementation of the method in accordance with the invention, the step of using the second code for the identification of an electronic/digital bank note and for the authentication of a numeric transfer of electronic money.

0156The system <b>900</b> for carrying out the method in accordance to the invention comprises any means for collecting by reading or scanning physical and/or numeric parameters of an existing bank note. The existing bank note may be a physical bank note or stored numeric data defining such an existing bank note. The system <b>900</b> comprises also software means in which is stored the first algorithm <b>910</b>, additional software means in which is stored the second algorithm <b>920</b> and preferably housed by a central bank. The system <b>900</b> comprises also readable and safe means for storing the second code <b>920</b>. This readable and safe means are also housed by a central bank.

0157In an embodiment in accordance with the invention, the system <b>900</b> comprises communication means for establishing data communication between official controlling authorities such as central banks and electronic transaction systems and/or communication/banking networks, for supervising and controlling any transaction using electronic money.

0158The foregoing description and drawings should be considered as illustrative only of the principles of the invention. The invention may be configured in a variety of ways and is not intended to be limited by the preferred embodiment. And numerous applications of the invention will readily occur to those skilled in the art. It is therefore not desired to limit the invention to the specific examples disclosed or the exact construction and operation shown and described. Rather, all suitable modifications and equivalents may be resorted to, falling within the scope of the invention.

0159In the description above, the following abbreviations have been used: <ul id="ul0001" list-style="none"><li id="ul0001-0001" num="0160">ATM: automated teller machine</li><li id="ul0001-0002" num="0161">AML: anti money laudering</li><li id="ul0001-0003" num="0162">BIC: bank indentifier code</li><li id="ul0001-0004" num="0163">BIS: bank for international settlements</li><li id="ul0001-0005" num="0164">CFT: combating financial terrorism</li><li id="ul0001-0006" num="0165">CHAPS: clearing house automated payment system</li><li id="ul0001-0007" num="0166">CHATS: clearing house automated transfer system</li><li id="ul0001-0008" num="0167">CHIPS: Clearing House Interbank Payments System</li><li id="ul0001-0009" num="0168">CRM: customer relationship management</li><li id="ul0001-0010" num="0169">DBMS: database management system</li><li id="ul0001-0011" num="0170">DTMF: dual-tone multi-frequency</li><li id="ul0001-0012" num="0171">FATF: financial action task force</li><li id="ul0001-0013" num="0172">FDMA: frequency division multiple access</li><li id="ul0001-0014" num="0173">FFIEC: federal financial institutions examination council</li><li id="ul0001-0015" num="0174">FINTRAC: financial transactions and reports analysis centre</li><li id="ul0001-0016" num="0175">GPRS: general packet radio service</li><li id="ul0001-0017" num="0176">GSM: global system for mobile communications</li><li id="ul0001-0018" num="0177">GSMA: global system for mobile communications association</li><li id="ul0001-0019" num="0178">GSMT: Giori standard for money transfer or Giori secure money technology</li><li id="ul0001-0020" num="0179">IBAN: international bank account number</li><li id="ul0001-0021" num="0180">IMF: international monetary fund</li><li id="ul0001-0022" num="0181">IVR: interactive voice response</li><li id="ul0001-0023" num="0182">LTE: long term evolution</li><li id="ul0001-0024" num="0183">MMU: mobile money for the unbanked</li><li id="ul0001-0025" num="0184">MMS: multimedia messaging service</li><li id="ul0001-0026" num="0185">MTO: money transfer operator</li><li id="ul0001-0027" num="0186">MST: money transfer services</li><li id="ul0001-0028" num="0187">MTSO: mobile telephone switching office</li><li id="ul0001-0029" num="0188">NAMLC: national anti-money laundering committee</li><li id="ul0001-0030" num="0189">OFAC: office of foreign asset control</li><li id="ul0001-0031" num="0190">PDA: personal digital assistant</li><li id="ul0001-0032" num="0191">PBX: private branch exchange</li><li id="ul0001-0033" num="0192">PCM: pulse-code modulation</li><li id="ul0001-0034" num="0193">PIN: personal identification number</li><li id="ul0001-0035" num="0194">PLMN: public land mobile network</li><li id="ul0001-0036" num="0195">PMSB: people's mobile savings bank</li><li id="ul0001-0037" num="0196">PSTN: public switched telephone network</li><li id="ul0001-0038" num="0197">SIM: subscriber identity module</li><li id="ul0001-0039" num="0198">SMS: short message service</li><li id="ul0001-0040" num="0199">SWIFT: society for worldwide interbank financial telecommunication</li><li id="ul0001-0041" num="0200">VoIP: voice over internet protocol</li><li id="ul0001-0042" num="0201">VPN: virtual private network</li><li id="ul0001-0043" num="0202">WAP: wireless application protocol</li><li id="ul0001-0044" num="0203">WiMAX: worldwide interoperability for microwave access</li></ul>

0204Naturally, the present invention can be subjected to numerous variations as to its implementation. Although several embodiments and implementations are described above, it should readily be understood that it is not conceivable to identify exhaustively all possible variants. It is naturally possible to envisage replacing any of the means described or any of steps described with equivalent means or an equivalent step without going beyond the ambit of the present invention.