A system for Automatic Value Exchange (SAVE)

The central theme for a System for Automatic Value Exchange (SAVE), from which all other key features of the concept stem, is that the exchange of money and credit can take place independently of documentary instruments such as checks and vouchers. SAVE contemplates substituting an electronic financial clearing process for the major portion of these traditional means of exchange in the consumer economy. The purpose of the system is to provide rapid and paperless financial settlements among the parties in buying-selling and debtor-creditor relationships, thereby achieving the economies and the convenience that centralization of major portions of the credit functions for entire metropolitan areas (and eventually the national economy) would permit. SAVE would integrate the functions of purchase authorization, credit transfer, bill payment, short-term lending, payroll, budget management and related elements.