Multi currency exchanges between participants

• US 10,002,354 B2
• Filed: 04/28/2014
• Issued: 06/19/2018
• Est. Priority Date: 06/26/2003
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Inventors: Digrigoli, Giacomo, Lee, George
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US14/263,874
• Publication Number:
  US 20140236815A1
• Time in Patent Office: 1,513 Days
• Field of Search: 705 3- 44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method and apparatus for facilitating payment transactions in multiple currencies between participants is provided. In one embodiment, an option is provided to a user to select a currency in which to make a payment. An indication of the selected currency in which to make the payment is received. A determination is made as to whether the selected currency is a primary currency of an account of the user. Based on the selected currency being different from the primary currency of the account of the user, the payment is converted to the selected currency.

Claims

1. A computer-implemented method to provide guaranteed exchange rates in online systems, comprising:

accessing, by one or more processors, an exchange rate database storing a plurality of guaranteed exchange rates, each guaranteed exchange rate being associated with an expiration time;

applying, by one or more of the processors, a set of rules to newly received exchange rate data, the newly received exchange rate data being associated with said expiration time;

modifying, by one or more of the processors, the exchange rate database with the newly received exchange rate data based on the applying;

providing, by one or more of the processors via a web application, an option for a user to select a currency in which to make an online payment, the option including a primary currency of the user and a primary currency of a recipient, the primary currency of the user and the currency of the recipient being different;

receiving, by one or more of the processors a selection for the option from the user via the web application, the selection indicating a selected currency for the online payment;

determining, by one or more of the processors, whether the selected currency is the primary currency of the user;

accessing, by one or more of the processors, exchange rate data stored in the exchange rate database based on the selected currency, the primary currency of the user, and a time associated with the online payment based on determining that the selected currency is different from the primary currency of the user;

causing, by one or more of the processors, transitioning of the user interface to display a determined equivalent value for the online payment in the primary currency of the user based on the accessing of the exchange rate data;

determining, by one or more of the processors, whether the selected currency is the primary currency of the recipient; and

causing, by one or more of the processors when the selected currency is the primary currency of the recipient, funding of the online payment to the recipient in the selected currency by converting the online payment to the selected currency based on the accessed exchange rate data from the exchange rate database prior to an expiration time of an associated guaranteed exchange rate.

2. The computer-implemented method of claim 1, further comprising causing unexpired exchange rate information to be presented to the user via the user interface.

3. The computer-implemented method of claim 2, wherein a history of currency conversion from one or more prior payment transactions of the user is provided via the user interface.

4. The computer-implemented method of claim 2, further comprising:

calculating, by one or more of the processors the equivalent value for the online payment in the primary currency of the user.

5. The computer-implemented method of claim 1, further comprising:

requesting, via the user interface, the user to confirm the online payment in the primary currency of the recipient; and

receiving, via the user interface, confirmation to proceed with processing the online payment in the primary currency of the recipient.

6. The computer-implemented method of claim 1, further comprising:

receiving an indication of acceptance or denial of the online payment; and

communicating, via the user interface, the indication of the acceptance or denial to the user.

7. The computer-implemented method of claim 6, further comprising:

in response to receiving a denial of the online payment, allowing the user to make the online payment via the user interface using a different online payment option.

8. The computer-implemented method of claim 1, further comprising:

determining, by the one or more processors, when a balance of an account of the user is sufficient to cover the online payment; and

based on the balance not being sufficient, requesting the user to provide an additional source of payment via the user interface.

9. The computer-implemented method of claim 1, wherein the user interface facilitates input of the selected currency by listing one or more supported currencies.

10. The computer-implemented method of claim 1, further comprising:

when the selected currency is the primary currency of the user, causing, by one or more of the processors, a conversion from the selected currency to the primary currency of the recipient based on exchange rate data stored in the exchange rate database after funds for the online payment are provided from an account of the user.

11. The computer-implemented method of claim 1, further comprising, assessing a fee in the primary currency of the user based on the funding of the online payment.

12. The computer-implemented method of claim 1, wherein the primary currency of the user comprises a privately issued token that can be exchanged for another privately issued token or government script.

13. A computer system to provide guaranteed exchange rates in online systems, comprising:

an exchange rate database storing a plurality of guaranteed exchange rates, each guaranteed exchange rate being associated with an expiration time;

a non-transitory memory storing exchange rate data from the exchange rate database and instructions; and

one or more hardware processors coupled to the non-transitory memory and configured to read the instructions from the non-transitory memory to perform operations comprising;

applying a set of rules to newly received exchange rate data, the newly received exchange rate data being associated with said expiration time;

modifying the exchange rate database with the newly received exchange rate data based on the applying;

providing, via a web application, an option for a user to select a currency in which to make an online payment, the option including a primary currency of the user and a currency of a recipient, the primary currency of the user and the currency of the recipient being different;

receiving a selection for the option from the user via the web application, the selection indicating a selected currency for the online payment;

determining whether the selected currency is the primary currency of the user or the currency of the recipient;

accessing exchange rate data stored in the exchange rate database based on the selected currency, the primary currency of the user, and a time associated with the online payment based on determining that the selected currency is different from the primary currency of the user;

causing transitioning of the user interface to display a determined equivalent value for the online payment in the primary currency of the user based on the accessing; and

causing, when the selected currency is the currency of the recipient, funding of the online payment to the recipient in the selected currency by converting the online payment to the selected currency based on the accessed exchange rate data from the exchange rate database prior to an expiration time of an associated guaranteed exchange rate.

14. A non-transitory machine-readable storage medium having stored thereon machine-readable instructions executable to cause a machine to perform operations comprising:

accessing said exchange rate database storing a plurality of guaranteed exchange rates, each guaranteed exchange rate being associated with an expiration time;

applying a set of rules to newly received exchange rate data, the newly received exchange rate data being associated with an expiration time;

modifying the exchange rate database with the newly received exchange rate data based on the applying;

providing, via a web application, an option for a user to select a currency in which to make an online payment, the option including a primary currency of the user and a currency of a recipient, the primary currency of the user and the currency of the recipient being different;

receiving a selection for the option from the user via the web application, the selection indicating a selected currency for the online payment;

determining whether the selected currency is the primary currency of the user or the currency of the recipient;

accessing exchange rate data stored in the exchange rate database based on the selected currency, the primary currency of the user, and a time associated with the online payment based on determining that the selected currency is different from the primary currency of the user;

causing transitioning of the user interface to display a determined equivalent value for the online payment in the primary currency of the user based on the accessing; and

causing, when the selected currency is the currency of the recipient, funding of the online payment to the recipient in the selected currency by converting the online payment to the selected currency using an exchange rate based on the accessed exchange rate data from the exchange rate database, prior to an expiration time of an associated guaranteed exchange rate.

15. The non-transitory machine-readable storage medium of claim 14, the operations further comprising:

causing unexpired exchange rate information to be presented to the user via the user interface.

16. The non-transitory machine-readable storage medium of claim 15, the operations further comprising:

calculating the equivalent value for the online payment in the primary currency of the user.

17. The non-transitory machine-readable storage medium of claim 14, the operations further comprising:

receiving an indication of acceptance or denial of the online payment; and

communicating, via the user interface, the indication of the acceptance or denial to the user.

18. The non-transitory machine-readable storage medium of claim 17, the operations further comprising:

in response to a denial of the online payment, allowing the user to make the online payment using a different online payment mechanism via the user interface.

19. The non-transitory machine-readable storage medium of claim 14, the operations further comprising:

determining when a balance of an account of the user is sufficient to cover the online payment; and

based on the balance not being sufficient, requesting the user to provide an additional source of payment via the user interface.

20. The non-transitory machine-readable storage medium of claim 14, the operations further comprising:

causing a conversion from the selected currency to the currency of the recipient based on exchange rate data stored in the exchange rate database after funds for the online payment are provided from an account of the user.