Method of Negotiating Currency Exchanges

• US 20150026031A1
• Filed: 07/17/2014
• Published: 01/22/2015
• Est. Priority Date: 07/17/2013
• Status: Abandoned Application

• Current Assignee: Iii, Joseph Eugene Mullin
• Original Assignee: Iii, Joseph Eugene Mullin
• Inventors: Mullin, Joseph Eugene III
• Application Number:
  US14/334,479
• Publication Number:
  US 20150026031A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method of negotiating currency exchanges is provided as a means of allowing users to search for currency offers and negotiate exchange prices through a currency exchange network. The currency exchange network facilitates currency exchanges by serving as an intermediary that helps users find currency exchange offers near them, negotiate prices for the currency exchange, and rate users following the completion of the currency exchange transaction. The method permits users to search for available currency offers based on location parameters. Additionally, the method allows users to submit currency exchange offers viewable by all users of the network or by select group of trusted users. Furthermore, the method permits users to transfer existing contact groups from partenered social networks to populate their list of trusted contacts.

Claims

1. A method of negotiating physical currency exchange comprises the step of:

providing a currency exchange network comprising a user base, wherein the user base comprises a plurality of user accounts;

creating a new user account for inclusion into the user base;

associating user accounts, from the plurality of user accounts, with contact groups of particular user accounts;

setting visibility parameters for contact groups of a particular user account;

receiving location parameters for a particular user account, wherein the location parameters comprise a starting location and a search range;

generating exchange offers for a particular user account, wherein exchange offers comprise an available currency offer and a desired currency offer;

determining matching exchange offers within the location parameters of at least two user accounts; and

handling communication between the at least two user accounts with matching exchange offers.

2. The step of creating the new user account as claimed in claim 1 comprises the steps of:

creating a user login for a new user account;

receiving user identifying information for the new user account, wherein user identifying information comprises a unique user identifier; and

verifying the unique user identifier through at least one authentication means, wherein the unique user identifier is used to confirm additional information.

3. The step of associating user accounts with contact groups as claimed in claim 1 comprises the steps of:

receiving account identifying information from a particular user account;

searching the user base for a user account with matching account identifying information; and

associating matched user account with a particular contact group of the particular user account.

4. The step of receiving account identifying information as claimed in claim 3 comprises the steps of:

receiving social network relationship parameters, from an external source, for the particular user account, wherein social network relationship parameters comprise account identifying information associated with the particular user account'"'"'s existing social network profile.

5. The step of setting visibility parameters for the contact group as claimed in claim 1 comprises the steps of:

providing linked accounts and unlinked accounts, wherein linked accounts are user accounts carrying association with a contact group of a particular user account while unlinked accounts carry no association with contact groups of the particular user account;

receiving a restriction request from the particular user account; and

restricting visibility of the particular user account to user accounts associated with particular contact groups of said particular user account, wherein said particular user account would be unavailable to unlinked accounts and linked accounts not associated with the particular contact groups of said particular account.

6. The step of receiving location parameters as claimed in claim 1 comprises the steps of:

configuring a starting location for a particular user account, wherein the starting location is a current location or a set location; and

configuring a search range from the starting location of the particular user account, wherein the search range defines a search area from the starting point for finding other user accounts.

7. The step of configuring the starting location as claimed in claim 6, wherein the starting location is a set location that is temporary.

8. The step of configuring the search range as claimed in claim 6, wherein the search range is based on distance travelled.

9. The step of configuring the search range as claimed in claim 6 comprises the steps of:

providing the search range being based on time travelled;

configuring a means of transportation for the particular user account; and

calculating time traveled from the starting location based on the means of transportation.

10. The step of generating exchange offers as claimed in claim 1 comprises the steps of:

providing the user base as a searchable database;

receiving an available currency parameter comprising a currency type and quantity available of said currency type from a particular user account;

generating the available currency offer using the currency type and the quantity available of said currency type from the particular user account;

displaying the available currency offer to the user base as per the visibility parameters of the particular user account;

receiving a desired currency offer comprising a currency type and a quantity desired of said currency type from a particular user account; and

searching the user base using the desired currency offer and the location parameters of the particular user account.

11. The step of determining a matching exchange offer as claimed in claim 1 comprises the steps of:

detecting generation of an exchange offer by a particular user account;

defining a search area based on the search range and the starting location of the particular user account;

identifying available user accounts within the search area based on visibility parameters and starting locations for said user accounts;

comparing exchange offers of the available user accounts to the exchange offer of the particular user account, wherein currency type and quantity desired for a desired currency offer is compared to the currency type and quantity available for an available currency offer; and

notifying an available user account and the particular user account of a matching exchange offer.

12. The step of handling communications between user accounts as claimed in claim 1 comprises the steps of:

providing the at least two users comprise a purchasing user account and a selling user account;

receiving a buy price from the purchasing user account and a sell prices from the selling user account;

transmitting an exchange price to the purchasing user account and the selling user account;

exchanging communication between the purchasing user account and the selling user account; and

updating status of the matched exchange offers and user rating following completion of an exchange transaction.

13. The step of handling communication between user accounts as claimed in claim 12 comprises the step of:

calculating an exchange price from the midpoint value of the buy price and the sell price.

15. The step of receiving account identifying information as claimed in claim 3 comprises the steps of:

receiving social network relationship parameters, from an external source, for the particular user account, wherein social network relationship parameters comprise account identifying information associated with the particular user account'"'"'s existing social network account.

14. A method of negotiating physical currency exchange comprises the step of:

providing a currency exchange network comprising a user base, wherein the user base comprises a plurality of user accounts;

providing the user base as a searchable database;

providing linked accounts and unlinked accounts, wherein linked accounts are user accounts carrying association with a contact group of a particular user account while unlinked accounts carry no association with contact groups of the particular user account;

providing the at least two users comprise a purchasing user account and a selling user account;

creating a user login for a new user account;

receiving user identifying information for the new user account, wherein user identifying information comprises a unique user identifier;

verifying the unique user identifier through at least one authentication means, wherein the unique user identifier is used to confirm additional information;

receiving account identifying information from a particular user account;

searching the user base for a user account with matching account identifying information;

associating matched user account with a particular contact group of the particular user account;

receiving a restriction request from the particular user account; and

restricting visibility of the particular user account to user accounts associated with particular contact groups of said particular user account, wherein said particular user account would be unavailable to unlinked accounts and linked accounts not associated with the particular contact groups of said particular account;

configuring a starting location for a particular user account, wherein the starting location is a current location or a set location;

configuring a search range from the starting location of the particular user account, wherein the search range defines a search area from the starting point for finding other user accounts;

receiving an available currency parameter comprising a currency type and quantity available of said currency type from a particular user account;

generating the available currency offer using the currency type and the quantity available of said currency type from the particular user account;

displaying the available currency offer to the user base as per the visibility parameters of the particular user account;

receiving a desired currency offer comprising a currency type and a quantity desired from a particular user account;

searching the user base using the desired currency offer and the location parameters of the particular user account;

detecting generation of an exchange offer by a particular user account;

defining a search area based on the search range and the starting location of the particular user account;

identifying available user accounts within the search area based on visibility parameters and starting locations for said user accounts;

comparing exchange offers of the available user accounts to the exchange offer of the particular user account, wherein currency type and quantity desired for a desired currency offer is compared to the currency type and quantity available for an available currency offer;

notifying an available user account and the particular user account of a matching exchange offer;

receiving a buy price from the purchasing user account and a sell prices from the selling user account;

transmitting an exchange price to the purchasing user account and the selling user account;

exchanging communication between the purchasing user account and the selling user account; and

updating status of the matched exchange offers and user rating following completion of an exchange transaction.

16. The step of configuring the starting location as claimed in claim 14, wherein the starting location is a set location that is temporary.

17. The step of configuring the search range as claimed in claim 14, wherein the search range is based on distance travelled.

18. The step of configuring the search range as claimed in claim 14 comprises the steps of:

providing the search range being based on time travelled;

configuring a means of transportation for the particular user account; and

calculating time traveled from the starting location based on the means of transportation.

19. The step of handling communication between user accounts as claimed in claim 14 comprises the step of:

calculating an exchange price from the midpoint value of the buy price and the sell price.