Welcome to the Secure Accounts web site!
We are excited about our new software product, SAXAS (Secure Accounts eXchange Arbitration System), which is nearly ready for release. Secure Accounts is dedicated to providing the most powerful financial software on the market. Our software integrates with the Internet so that many financial tranasctions, even between parties thousands of miles apart, can be handled in seconds.

SAXAS Financial Infrastructure
Simplicity, Generality, Confidentiality and Security

SAXAS is Software Each party has its own computer running SAXAS and also a database recording account transactions and balances. SAXAS is written in Java and can run on most computers. However, for maximum security, it should run on a dedicated processor with a good firewall, such as Windows NT or Linux.

All messages between servers can be sent over the public Internet because they are encrypted with the public key of the recipient. This is much cheaper than building a private network, and much more secure. Wherever possible, public standards are used, such as X509 Digital Certificates, TCP/IP for transport, Java for portable programming, JDBC for database portability, etc. Public Standards

Digital Certificates Each party can be identified uniquely by a Digital Certificate, which is a public key signed by a trusted authority. This allows SAXAS to know that you actually authorized a transaction.

Each person's account balance is denominated in a specific accounting unit, sort of like a "virtual currency". The conversion of the accounting unit into the real world is provided by a "Backer" (eg. receipts for US Dollar deposits, Magellan Fund shares, Hours of Professional Time, Communication Minutes, CPU Cycles, Promotional Coupons, McDonalds Gift Certificates, Casino tokens, etc). Account Balances

Secure Accounting SAXAS maintains the account balances in a distributed double-entry system and manages movements of balances from one account to another. Through encryption and digital identification, it makes the entire accounting system secure, private, robust and verifiable. Every transaction is stored on at least two servers for redundance.

All transactions are structured as contracts between the parties involved. The contract can both be read by the human parties and "read" by the SAXAS server and unambiguously executed. For example, if Mr. B wants to exchange some Microsoft PromoDollars for an Office Plug-In that Ms. A makes, he writes a contract between them and specifies the amount to be moved from his account at Microsoft to her account. The "text" portion of the contract specifies that he will receive Ms. A's Office Plug-In in return.

Contracts as Transactions

Digital Signatures All contracts are signed by the impacted parties using their Public Keys. This makes the contracts binding in many legal jurisdictions and hard to repudiate. Once the last party signs, the SAXAS software executes the contract instantly, the account balances are transferred among the SAXAS servers, and an encrypted copy of the final contract is sent to each party.

Some simple applications could be fielded using just the SAXAS server and its user interface. However, most applications will require supporting web pages, interfaces to legacy databases and systems, etc. SAXAS has a gateway interface which allows you to execute external code when events occur within SAXAS. For example, when a contract is executed, the details can be passed to an external program that "delivers the product" (eg. gives you access to a particular website). External Linkages

Market Creation Since SAXAS allows you to create an accounting unit that you want people to accept and use, it also allows you to create a market for that unit. This can help to improve the liquidity of your unit and its reputation. If desired, the software will automatically match up client buy and sell orders than convert that unit into others. For example, an accounting unit backed by shares in a mutual fund could be traded for one backed by deposits of government currency. In this way, public prices can be established for all accounting units.

Usage of the SAXAS infrastructure in a financial application is very cost effective. For end-users (low-volume personal usage), the software is free. For commercial users, the price per executed contract is never more than 1 US cent. Low Cost

Please watch this web page for announcements. We will be doing beta testing within the next month. For more information, send email to info@secureaccounts.com -

Secure Accounts Ltd.
949 Old Ta
The Valley, Anguilla
British West Indies
(264) 497-3255

Last updated 19 May 1998
Copyright 1998 - All Rights Reserved, Secure Accounts Ltd.
SAXAS is a trademark of Secure Accounts Ltd.