online magstripe stored-value cards in the US use financial institution to load/purchase the card .... but the actual uses of the card at the merchant don't involved financial institution transactions.
echeck/ach x9.59-like transactions with the entity receiving the funds being identified with something like their public key could be done. The receiving entity then has an account at their financial institution with their registered public key. The transaction is "deposited" by signing it again ... and then the financial institution can settle thru standard ACH network like a normal check. something like the NACHA aads trials http://www.garlic.com/~lynn/index.html#aadsnacha related http://internetcouncil.nacha.org/ http://pubs.nacha.org/internet.html also internet-payments mailing list is hosted by FSTC that originated the echeck project http://www.echeck.org/ note in above that echeck/fstc have patents now on digitally signed payment authorization also: http://www.fstc.org/projects/echeck/pressrelease.cfm fstc web site: http://www.fstc.org/ universal value exchange launched 2/15/2003 of possibly some interest: http://fstc-uvx.org/ -- Internet trivia, 20th anv: http://www.garlic.com/~lynn/rfcietff.htm [EMAIL PROTECTED] on 2/23/2003 5:43 pm wrote: At 09:12 AM 2/23/2003, [EMAIL PROTECTED] wrote: >note that the industry has somewhat addressed that with the stored value >cards (that you find at video stores, coffee houses, department stores, >book stores, grocery stores, drug stores, etc). The same POS terminals now >process debit cards, credit cards, and stored value cards . I have great respect for those accomplishments but note that they invariably, provide no capability for their owners to pay anything to anybody other than thru banks. Where is there a stored value system that has a P2P interface, even if it relies on physical presence? Where is there even a stored value system that allows a merchant to aggregate balances, without posting each one to transaction logs at the bank? Perhaps they exist and I am ignorant, Thanks Todd
