"This system was first proposed by me in January 2010 as a reaction to the funding debt crisis of the state of Greece. It was analyzed in a preparation study, Facebook NOTES and TV lectures during 2010. This system involves the creation of electronic mutual accounts that each is jointly owned by the state and a specific economic unit for all economic units in the economy. This system could be based on the current state revenue mechanism that operates with debit accounts of economic units that owe taxes and other payment obligations to state institutions and these accounts could be converted to act as both debit and credit accounts through which the state can make payments that cover its spending, income transfers and service debt obligations. In this proposal the Treasury has the sovereign right to issue/credit electronic currency units to these mutual/joint purpose accounts. The proposed payments system operates external and independently (although in cooperation) to the central bank and the private interbank operating system that could exclusively specialize in extending credit and offering deposits that are used as a store of value and engaged to clear and settle privately based transactions. However, as exists currently, the mutual accounts payment system will be linked to the central bank and private interbank system so that transfer payments could be made between private deposit accounts and the state/private mutual accounts payment mechanism.