System and Method for Wire Transfers Using Cryptocurrency
First Claim
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.
1 Assignment
0 Petitions
Accused Products
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.
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Citations
21 Claims
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1. A system comprising:
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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. - View Dependent Claims (2, 3)
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4. A system comprising:
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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. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12)
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13. A fund transfer method comprising:
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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. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21)
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Specification