CRYPTOCURRENCY ELECTRONIC PAYMENT SYSTEM

• US 20150363778A1
• Filed: 06/16/2014
• Published: 12/17/2015
• Est. Priority Date: 06/16/2014
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ronca, James G., Blackhurst, Jason P., Castinado, Joseph B., Dolan, Heather, Durbin, Thomas E., Thomas, Richard H.
• Application Number:
  US14/306,110
• Publication Number:
  US 20150363778A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/3829 involving key management
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 9/3236 using cryptographic hash functions
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees

Abstract

A system includes a memory and a processor coupled to the memory. The processor may communicate with an electronic payment service, the electronic payment service providing a virtual account associated with the customer and determine that the customer initiated a request for a financial transaction, the financial transaction configured to transfer an amount of currency from the virtual account to a destination. The processor is also able to validate the financial transaction based at least upon data received from the electronic payment service and determine the customer account is associated with the virtual account based at least upon data received from the electronic payment service. The processor also may determine a quantity of cryptocurrency equivalent to the amount of currency (the quantity of cryptocurrency associated with the customer account) and transfer the quantity of cryptocurrency to the electronic payment service.

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;

communicate with an electronic payment service, the electronic payment service providing a virtual account associated with the customer;

determine that the customer initiated a request for a financial transaction, the financial transaction configured to transfer an amount of currency from the virtual account to a destination;

validate the financial transaction based at least upon data received from the electronic payment service;

determine the customer account is associated with the virtual account based at least upon data received from the electronic payment service;

determine a quantity of cryptocurrency equivalent to the amount of currency, the quantity of cryptocurrency associated with the customer account; and

transfer the quantity of cryptocurrency to the electronic payment service.

2. The system of claim 1, wherein the financial transaction is further configured to indicate a type of cryptocurrency.

3. The system of claim 1, wherein the memory further including executable instructions that upon execution cause the system to determine whether the quantity of cryptocurrency exceeds a total quantity of cryptocurrency associated with the customer account.

4. The system of claim 3, wherein the memory further including executable instructions that upon execution cause the system to:

in response to determining that the quantity of cryptocurrency exceeds the total quantity of cryptocurrency associated with the customer account;

determine a deficit quantity of cryptocurrency between the quantity of cryptocurrency and the total quantity of cryptocurrency; and

initiate a purchase of the deficit of cryptocurrency from a cryptocurrency exchange.

5. The system of claim 1, wherein transferring the quantity of cryptocurrency to the electronic payment service comprises transferring the quantity of cryptocurrency from a float account associated with a financial institution to the electronic payment service.

6. The system of claim 1, wherein transferring the quantity of cryptocurrency to the electronic payment service comprises transferring the quantity of cryptocurrency from the customer account to the electronic payment service.

7. The system of claim 6, wherein transferring the quantity of cryptocurrency from the customer account to the electronic payment service comprises communicating a public key associated with the customer account to the electronic payment service.

8. A method comprising:

storing a customer account associated with a customer;

communicating with an electronic payment service, the electronic payment service providing a virtual account associated with the customer;

determining that the customer initiated a request for a financial transaction, the financial transaction configured to transfer an amount of currency from the virtual account to a destination;

validating the financial transaction based at least upon data received from the electronic payment service;

determining that the customer account is associated with the virtual account based at least upon data received from the electronic payment service;

determining a quantity of cryptocurrency equivalent to the amount of currency, the quantity of cryptocurrency associated with the customer account; and

transferring the quantity of cryptocurrency to the electronic payment service.

9. The method of claim 8, wherein the financial transaction is further configured to indicate a type of cryptocurrency.

10. The method of claim 8, further comprising determining whether the quantity of cryptocurrency exceeds a total quantity of cryptocurrency associated with the customer account.

11. The method of claim 10, further comprising:

in response to determining that the quantity of cryptocurrency exceeds the total quantity of cryptocurrency associated with the customer account;

determining a deficit quantity of cryptocurrency between the quantity of cryptocurrency and the total quantity of cryptocurrency; and

initiating a purchase of the deficit of cryptocurrency from a cryptocurrency exchange.

12. The method of claim 8, wherein transferring the quantity of cryptocurrency to the electronic payment service comprises transferring the quantity of cryptocurrency from a float account associated with a financial institution to the electronic payment service.

13. The method of claim 8, wherein transferring the quantity of cryptocurrency to the electronic payment service comprises transferring the quantity of cryptocurrency from the customer account to the electronic payment service.

14. The method of claim 13, wherein transferring the quantity of cryptocurrency from the customer account to the electronic payment service comprises communicating a public key associated with the customer account to the electronic payment service.

15. A system comprising:

one or more processors associated with a financial institution that provides a customer account for a customer; and

a dedicated interface between the financial institution and an electronic payment service external to the financial institution, the electronic payment service provides a virtual account for the customer;

the one or more processors configured to;

communicate with the electronic payment service;

determine that the customer initiated a request for a financial transaction, the financial transaction configured to transfer an amount of currency to the electronic payment service;

validate the financial transaction based at least upon data received from the electronic payment service;

determine that the customer account is associated with the virtual account based at least upon data received from the electronic payment service;

determine a quantity of cryptocurrency equivalent to the amount of currency, the quantity of cryptocurrency associated with the customer account; and

transfer the quantity of cryptocurrency to the electronic payment service.

16. The system of claim 15, wherein the financial transaction is further configured to indicate a type of crypto currency.

17. The system of claim 15, wherein the one or more processors are further configured to determine whether the quantity of cryptocurrency exceeds a total quantity of cryptocurrency associated with the customer account.

18. The system of claim 17, wherein the one or more processors are further configured to:

in response to determining that the quantity of cryptocurrency exceeds the total quantity of cryptocurrency associated with the customer account;

determine a deficit quantity of cryptocurrency between the quantity of cryptocurrency and the total quantity of cryptocurrency; and

initiate a purchase of the deficit of cryptocurrency from a cryptocurrency exchange.

19. The system of claim 15, wherein transferring the quantity of cryptocurrency to the electronic payment service comprises transferring the quantity of cryptocurrency from a float account associated with the financial institution to the electronic payment service.

20. The system of claim 15, wherein transferring the quantity of cryptocurrency to the electronic payment service comprises transferring the quantity of cryptocurrency from the customer account to the electronic payment service.

21. The system of claim 20, wherein transferring the quantity of cryptocurrency from the customer account to the electronic payment service comprises communicating a public key associated with the customer account to the electronic payment service.