Method of executing payment and exchange of a first currency for a second currency by a subscribing customer in an electronic monetary system and system for carrying out the same

摘要

The complete electronic monetary system has electronic money that is interchangeable with conventional money and comprises (1) issuing banks or financial institutions that are coupled to a money generator to subscribing customers (2) correspondent banks that accept and distribute (3) money transaction apparatus that are used by customers to use the one-line system. (4) automatic tellers associated with the issuing banks for process handling and interfacing and (5) a clearing bank for balancing the electronic money accounts of the different issuing banks. The system provides for transactions utilising electronic money including electronic currency backed by demand deposits in lieu of cash transactions, and electronic credit authorisation. The electronic currency is interchangeable with conventional money.