Electronic funds transfer system for processing multiple currency transactions
First Claim
1. A method of processing an electronic transfer of funds from a payer account held at a payer financial institution via a financial settlement network to a payee account in a currency that may be the same as or different from the funds in the payer account, which transfer is initiated by a payment instruction transmitted by the payer to a payment gateway associated with the financial settlement network;
- said method including the steps of;
(a) providing at the payment gateway, a mapping between the payer account and at least one credit card account in a currency nominated from those currencies supported by the payer financial institution for settlement purposes;
(b) providing at the payer financial institution, a foreign exchange bridge for determining internally any foreign exchange rates between payer accounts and the mapped credit card accounts;
(c) the payment instruction transmitted by the payer including a payer account number for debiting purposes, a payment amount and a payment currency code;
(d) the payment gateway selecting, in response to the payment instruction, a credit card account wherein;
(i) if a credit card account having the same currency as the payment currency code is mapped to the payer account number, that mapped credit card account;
(ii) otherwise a credit card account in the same currency as the payer account currency;
(e) the payment gateway creating a payment request message, including the payment amount, payment currency code and the selected credit card account details and passing the payment request message to the financial settlement network; and
(f) the financial settlement network routing the payment request message to the payer financial institution wherein;
(i) if the payment currency code is for a currency not supported by the payer financial institution, the financial network effects the foreign exchange conversion externally of the payer financial institution;
or (ii) if the payment currency code is for a currency supported by the payer financial institution, the payer financial institution effects any foreign exchange conversion required via the system bridge.
2 Assignments
0 Petitions
Accused Products
Abstract
Methods of processing electronic transfers of funds from a payer account held at a payer financial institution to a financial settlement network in a currency that may be the same as or different from the funds in the payer account, and transfers from the financial settlement network to a payee account in a currency that, again, may be the same as or different from the funds in the payee account. The transfers are initiated by payment instructions transmitted by the payer to a payment gateway that provides mappings between the payer account and at least one credit card account in a currency nominated from those currencies supported by the payer financial institution for settlement purposes. The payment gateway also provides mappings between a plurality of payment currencies and at least one acquiring account held by a payee in a currency supported by an acquiring financial institution. Foreign exchange conversions involved in the transfers may be effected by the financial institutions, by the financial settlement network, or both as required. The methods optionally provide for transfers to financial institutions that are not members of the financial settlement network by providing agent financial institutions to integrate subsidiary national clearing networks.
169 Citations
20 Claims
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1. A method of processing an electronic transfer of funds from a payer account held at a payer financial institution via a financial settlement network to a payee account in a currency that may be the same as or different from the funds in the payer account, which transfer is initiated by a payment instruction transmitted by the payer to a payment gateway associated with the financial settlement network;
- said method including the steps of;
(a) providing at the payment gateway, a mapping between the payer account and at least one credit card account in a currency nominated from those currencies supported by the payer financial institution for settlement purposes;
(b) providing at the payer financial institution, a foreign exchange bridge for determining internally any foreign exchange rates between payer accounts and the mapped credit card accounts;
(c) the payment instruction transmitted by the payer including a payer account number for debiting purposes, a payment amount and a payment currency code;
(d) the payment gateway selecting, in response to the payment instruction, a credit card account wherein;
(i) if a credit card account having the same currency as the payment currency code is mapped to the payer account number, that mapped credit card account;
(ii) otherwise a credit card account in the same currency as the payer account currency;
(e) the payment gateway creating a payment request message, including the payment amount, payment currency code and the selected credit card account details and passing the payment request message to the financial settlement network; and
(f) the financial settlement network routing the payment request message to the payer financial institution wherein;
(i) if the payment currency code is for a currency not supported by the payer financial institution, the financial network effects the foreign exchange conversion externally of the payer financial institution;
or(ii) if the payment currency code is for a currency supported by the payer financial institution, the payer financial institution effects any foreign exchange conversion required via the system bridge. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
- said method including the steps of;
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10. A method of processing an electronic transfer of funds, from a payer account via a financial settlement network to a payee account held at a payee financial institution in a currency that may be the same or different from finds in the payer account, which transfer occurs in response to a payment instruction transmitted by the payer to a payment gateway associated with the financial settlement network;
- said method including the steps of;
(a) providing at the payment gateway, a mapping between a plurality of payment currencies and at least one acquiring account in a currency supported by acquiring financial institutions;
(b) providing at each acquiring financial institution, a foreign exchange bridge for determining internally any foreign exchange rates between the mapped acquiring accounts and payee accounts;
(c) the payment instruction including a payment amount, payment currency code and acquiring account details identifying the payee financial institution;
(d) the payment gateway selecting, in response to the payment instruction, an acquiring account wherein;
(i) if an acquiring account for the payee is mapped to a payment currency having the same currency as the payment currency code, that acquiring account;
or(ii) if none of the mapped payment currencies corresponds to the payment currency code, generating an error message;
(e) the payment gateway creating a payment request message, including the payment amount, payment currency code and acquiring account details and passing the payment request message to the financial settlement network; and
(f) the financial settlement network routing the payment request message to the acquiring financial institution holding the acquiring account for the payee, wherein;
(i) if the payment currency code is for a currency not supported by the acquiring financial institution, the financial network effects the foreign exchange conversion externally of the acquiring financial institution;
or(ii) if the payment currency code is for a currency supported by the acquiring financial institution, the acquiring financial institution effects any foreign exchange conversion required via the system bridge. - View Dependent Claims (11, 12, 13, 14, 15, 16, 18, 19, 20)
- said method including the steps of;
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17. A method of processing an electronic transfer of funds from a payer account via a financial settlement network to a payee account held at a payee financial institution in a currency that may be the same or different from funds in the payer account, which transfer occurs in response to a payment instruction transmitted by the payer to a payment gateway;
- said method including the steps of;
(a) providing at the payment gateway, a mapping between a plurality of payment currencies and at least one acquiring account in a currency supported by acquiring financial institutions, which acquiring financial institutions include agent financial institutions linked to subsidiary national clearing networks;
(b) providing at each acquiring financial institution, a foreign exchange bridge for determining internally any foreign exchange rates between the mapped acquiring accounts and payee accounts;
(c) the payment instruction including a payment amount, payment currency code and acquiring account details identifying the payee financial institution;
(d) the payment gateway determining whether the payee financial institution is a member of the financial settlement network, wherein;
(i) if the payee financial institution is an acquiring financial institution, the payment gateway selecting, in response to the payment instruction, an acquiring account wherein;
(A) if an acquiring account for the payee is mapped to a payment currency having the same currency as the payment currency code, that acquiring account;
or(B) if none of the mapped payment currencies for the acquiring financial institution corresponds to the payment currency code, generating an error message;
else(ii) if the payee financial institution is a member of a subsidiary national network, the payment gateway selecting in response to the payment instruction, an acquiring account wherein;
(A) if an acquiring account held at an agent financial institution for the subsidiary clearing network has the same currency as the payment currency code, that acquiring account;
or(B) if none of the mapped payment currencies for the agent financial institution corresponds to the payment currency code, generating an error message;
(e) the payment gateway creating a payment request message, including the payment amount, payment currency code and acquiring account details and passing the payment request message to the financial settlement network; and
(f) the financial settlement network routing the payment request message to the acquiring financial institution holding the acquiring account for the payee or subsidiary clearing network, wherein;
(i) if the payment currency code is for a currency not supported by the acquiring financial institution, the financial network effects the foreign exchange conversion externally of the acquiring financial institution;
or(ii) if the payment currency code is for a currency supported by the acquiring financial institution, the acquiring financial institution effects any foreign exchange conversion required via the system bridge.
- said method including the steps of;
Specification