System and Method for Wire Transfers Using Cryptocurrency

• US 20150262173A1
• Filed: 03/17/2014
• Published: 09/17/2015
• Est. Priority Date: 03/17/2014
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ronca, James Gregory, Durbin, Thomas Edward
• Application Number:
  US14/215,473
• Publication Number:
  US 20150262173A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights

Abstract

A system includes a memory and a processor. The processor is coupled to the memory and causes the system to receive an electronic request for a fund transfer and initiate a debit of a first amount of a first currency from a customer account. In response to determining using cryptocurrency is optimal, the processor can transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange and initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange. The processor can transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange and initiate the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange. The processor is further able to initiate the transfer of at least a portion of the resulting currency to a recipient.

Claims

1. A system comprising:

a memory operable to;

store a customer account associated with a customer; and

a processor communicatively coupled to the memory, the memory including executable instructions that upon execution cause the system to;

receive an electronic request for a fund transfer from the customer;

initiate a debit of a first amount of a first currency from the customer account;

determine whether using cryptocurrency is optimal;

in response to determining using cryptocurrency is optimal;

transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange;

initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency;

transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange;

initiate, essentially simultaneously as the initiation of the purchase, the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and

communicate a message to a local automated clearing house, the message requesting a transfer of at least a portion of the second amount of the second currency to a recipient.

2. The system of claim 1, wherein the first currency is associated with a first country and the second currency is associated with a second country.

3. The system of claim 1, wherein the at least a portion of the second amount of the second currency is equivalent to the first amount of the first currency.

4. A system comprising:

a memory operable to;

store a customer account associated with a customer; and

a processor communicatively coupled to the memory, the memory including executable instructions that upon execution cause the system to;

receive an electronic request for a fund transfer from the customer;

initiate a debit of a first amount of a first currency from the customer account;

determine whether using cryptocurrency is optimal;

in response to determining using cryptocurrency is optimal;

transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange;

initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency;

transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange;

initiate the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and

initiate the transfer of at least a portion of the second amount of the second currency to a recipient.

5. The system of claim 4, wherein the first cryptocurrency exchange is located in a first country and the second cryptocurrency exchange is located in a second country.

6. The system of claim 4, wherein the first currency is associated with a first country and the second currency is associated with a second country.

7. The system of claim 4, wherein the customer account is associated with a first country and the recipient is associated with a second country.

8. The system of claim 4, wherein determining whether using cryptocurrency is optimal is based at least in part upon an exchange rate associated with the cryptocurrency.

9. The system of claim 4, wherein determining whether using cryptocurrency is optimal is based at least in part upon a date threshold associated with the electronic request.

10. The system of claim 4, wherein the at least a portion of the second amount of the second currency is equivalent to the first amount of the first currency.

11. The system of claim 4, wherein the memory further including executable instructions that upon execution cause the system to initiate the sale within a time threshold of initiating the purchase.

12. The system of claim 4, wherein the time threshold is essentially simultaneous.

13. A fund transfer method comprising:

storing, using a processor, a customer account associated with a customer;

receiving, at a network interface, an electronic request for a fund transfer from the customer;

initiating, using the processor, a debit of a first amount of a first currency from the customer account;

determining whether using cryptocurrency is optimal;

in response to determining using cryptocurrency is optimal;

transferring the first amount of the first currency into an account associated with a first cryptocurrency exchange;

initiating, using the processor, the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency;

transferring the first quantity of the cryptocurrency to a second cryptocurrency exchange;

initiating, using the processor, the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and

initiating, using the processor, the transfer of at least a portion of the second amount of the second currency to a recipient.

14. The method of claim 13, wherein the first cryptocurrency exchange is located in a first country and the second cryptocurrency exchange is located in a second country.

15. The method of claim 13, wherein the first currency is associated with a first country and the second currency is associated with a second country.

16. The method of claim 13, wherein the customer account is associated with a first country and the recipient is associated with a second country.

17. The method of claim 13, wherein determining whether using cryptocurrency is optimal is based at least in part upon an exchange rate associated with the cryptocurrency.

18. The method of claim 13, wherein determining whether using cryptocurrency is optimal is based at least in part upon a date threshold associated with the electronic request.

19. The method of claim 13, wherein the at least a portion of the second amount of the second currency is equivalent to the first amount of the first currency.

20. The method of claim 13, further comprising initiating the sale within a time threshold of initiating the purchase.

21. The method of claim 20, wherein the time threshold is essentially simultaneous.