Method and system for effecting financial transactions over a public network without submission of sensitive information

摘要

A method and system for effecting a financial transaction over a public network without the submission of sensitive information. The system comprises a common controller in data communication with at least one public network. The common controller includes a processor for generating digital tokens wherein each digital token represents a particular monetary value and contains a particular digital signature and alterable digital token status data indicating ownership of the digital token. The system includes a plurality of user data communication interfaces in data communication with the public network. The processor of the common controller includes data bases for storing user account information such as user identification and PIN, and account values and for authenticating the user identification and PIN to determine whether access to the common controller is permitted. The common controller generates an application level secure communication channel through which all data communication is to be effected and transmits data representing a template of an automated teller machine to the user data communication interface of a first user whose identification PIN was previously authenticated. Financial transactions between the first user and a second user are initiated by using the automated teller machine to transmit a request to the common controller to effect a transfer of a monetary sum to a destination account. The common controller generates a temporary account identified by an account number for temporarily storing the transferred monetary sum and also generates multiple digital tokens having a value equal to the monetary sum in the temporary account and data defining a unique digital signature and a digital token status. The temporary account number is encrypted.