a smart accounts based payment system would allow the account owner to control both incoming and outgoing payments. The logic is as follows: payments can be made by the payer authorising the payment then either sending it to the payee as a cheque, or through the accounts system as a transfer. payees can set their accounts to accept all, limited or no payments, for example only accept payments with a valid customer reference number, only accept payments of more than 10 grams, only accept payments through the shopping cart interface, only accept payments from enumerated accounts etc. Transfer type payments will reject if the payee's account is set to reject the payment, allowing the payer to know right away of a problem. Cheque type payments could be accepted (deposited), rejected or ignored by the payee. Accepted payments would be cleared or bounce on deposit. Cheques could be reserved against the payer's account balance, e.g. a 10 gram secured cheque would reduce the payer's available balance by 10 grams (this reserving could have an expiry date). Accounts could also set reclaim ability, e.g. a 5 day reclaim availability (this would also reduce the account's available balance).
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