Transfer system and method for transferring amounts in different local currencies between a plurality of local banking organization

• US 6,269,345 B1
• Filed: 12/02/1997
• Issued: 07/31/2001
• Est. Priority Date: 12/03/1996
• Status: Expired due to Fees

• Current Assignee: European Ventures of America
• Original Assignee: European Ventures of America
• Inventors: Riboud, Jacques
• Primary Examiner(s): Stamber, Eric W.
• Assistant Examiner(s): ALLEN, AKIBA KANELLE
• Application Number:
  US08/982,407
• Time in Patent Office: 1,337 Days
• Field of Search: 705/35, 705/37, 705/39, 706/925, 380/24, 380/25
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: Y10S 706/925 Business

Abstract

To transfer a quantity measured in a first unit used by a first entity to a second entity using a second unit, these units being associated with a respective parameter varying as a function of time, the system according to the invention comprises: a means for determining a first operation taking into account variations in the parameter associated with the first unit, in order to convert the latter into a reference unit associated with a constant parameter; a means for applying the first operation to the quantity to be transferred, and for sending the converted quantity to the second system; a means for determining a second operation for converting the reference unit into the second unit, taking into account the variations of the parameter associated with said second unit; and a means for applying the second operation to the quantity in reference units and for transferring the quantity converted in the second system.

Claims

1. A transfer system for transferring amounts expressed in different local currencies between a plurality of local banking organizations, each local banking organization using a respective local currency having a respective current value in terms of purchasing power varying randomly as a function of time, each local banking organization comprising at least one respective peripheral computer connected to a central computer by means of a transmission network, a peripheral computer of each of said local banking organizations comprising:

a first conversion means for determining a first conversion rate to convert a respective local currency used by said local banking organization into a new reference currency, said first conversion rate being determined so that said reference currency has a constant value in terms of purchasing power in a predetermined zone,

a second conversion means for determining a second conversion rate to convert the reference currency into said local currency, said first and second conversion rates taking into account previous value variations of said local currency with respect to said reference currency,

a first transfer means for transferring to another local banking organization an amount expressed in said local currency, said first transfer means comprising a means for triggering said first conversion means, a means for applying the first conversion rate thus determined by the first conversion means to the amount to be transferred so as to obtain an equivalent amount in said reference currency, and a means for transferring said equivalent amount along with the indication specifying said another local banking organization for which said amount is destined, from said peripheral computer to said central computer via said transmission network, and

a second transfer means for transferring to said local banking organization an amount in reference currency, this means comprising a means for transferring said amount in reference currency from said central computer to said peripheral computer via said transmission network, a means for triggering said second conversion means and a means for applying the second conversion rate thus determined by said second conversion means to said amount in reference currency in order to obtain an equivalent amount in said local currency,

said central computer comprising a means for receiving and storing amounts in reference currency transferred by said peripheral computers of said local banking organizations, and for transferring amounts expressed in reference currency to said peripheral computers.

3. The system as claimed in claim 1, wherein the amounts converted into said reference currency are exchanged between the peripheral computers without being converted into the respective local currencies of the local banking organizations.

7. The system as claimed in claim 1, wherein the amounts expressed in reference currency are used exclusively for exchanges between said local banking organizations.

8. The system as claimed in claim 1, wherein said conversion rates vary as a function of amounts in local currencies respectively put into circulation by said local banking organizations, said peripheral computer of each local banking organization further comprising:

a means for triggering said first transfer means, with said local banking organization as destination, applied to a certain amount in a local currency used by said local banking organization, when the value of said local currency drops abnormally in relation to other local currencies, which has the effect of transferring said amount in said local currency from said peripheral computer of said local banking organization to said central computer, applying the first conversion rate thereto, and transferring in exchange the equivalent amount expressed in reference currency from the central computer to the peripheral computer of said local banking organization, and

a means for triggering the second transfer means applied to a certain amount in reference currency with said local banking organization as destination, when the value of said local currency increases abnormally in relation to other local currencies, which has the effect of applying the second conversion rate to the amount expressed in reference currency, and of transferring in exchange the equivalent amount in said local currency from the central computer to the peripheral computer of said local banking organization.

2. A transfer system for transferring amounts expressed in different local currencies between a plurality of local banking organizations each local banking organization using a respective local currency having a respective current value in terms of purchasing power varying randomly, each local banking organization comprising at least one respective peripheral computer connected to a central computer by means of a transmission network, a peripheral computer of each of said local banking organizations comprising:

a first conversion means for determining a first conversion operation to convert a respective local currency used by said local banking organization into a predetermined reference currency having a constant value in terms of purchasing power in a predetermined zone,

a second conversion means for determining a second conversion operation to convert the reference currency into said local currency, said first and second conversion operations taking into account previous value variations of said local currency,

a first transfer means for transferring to another local banking organization an amount expressed in said local currency, said first transfer means comprising a means for triggering said first conversion means, a means for applying the first conversion operation thus determined by the first conversion means to the amount to be transferred so as to obtain an equivalent amount in said reference currency, and a means for transferring said equivalent amount along with the indication specifying said another local banking organization for which said amount is destined, from said peripheral computer to said central computer via said transmission network, and

a second transfer means for transferring to said local banking organization an amount in reference currency, this means comprising a means for transferring said amount in reference currency from said central computer to said peripheral computer via said transmission network, a means for triggering said second conversion means and a means for applying the second conversion operation thus determined by said second conversion means to said amount in reference currency in order to obtain an equivalent amount in said local currency,

said central computer comprising a means for receiving and storing amounts in reference currency transferred by said peripheral computers of said local banking organizations, and for transferring amounts expressed in reference currency to said peripheral computers, and a means for appraising for each unit of time said amounts in said reference currency according to an interest rate.

4. A transfer system for transferring amounts expressed in different local currencies between a plurality of local banking organizations using respective local currencies having respective current values in terms of purchasing power varying randomly as a function of time, each local banking organization comprising at least one respective peripheral computer connected to a central computer by means of a transmission network, a peripheral computer of each of said local banking organizations comprising:

a first conversion means for determining a first conversion rate to convert a respective local currency used by said local banking organization into a new reference currency,

a second conversion means for determining a second conversion rate to convert the reference currency into said local currency, said first and second conversion rates being determined by taking into account previous value variations of said local currency so that said reference currency has a constant value in terms of purchasing power in a predetermined zone,

a first transfer means for transferring to another local banking organization an amount expressed in said local currency, said first transfer means comprising a means for triggering said first conversion means, a means for applying the first conversion rate thus determined by the first conversion means to the amount to be transferred so as to obtain an equivalent amount in said reference currency, and a means for transferring said equivalent amount along with the indication specifying said another local banking organization for which said amount is destined, from said peripheral computer to said central computer via said transmission network, and

a second transfer means for transferring to said local banking organization an amount in reference currency, this means comprising a means for transferring said amount in reference currency from said central computer to said peripheral computer via said transmission network, a means for triggering said second conversion means and a means for applying the second conversion rate thus determined by said second conversion means to said amount in reference currency in order to obtain an equivalent amount in said local currency,

said central computer comprising a means for receiving and storing amounts in reference currency transferred by said peripheral computers of said local banking organizations, and for transferring amounts expressed in reference currency to said peripheral computers,

one of said local currencies being chosen as base local currency for determining the reference currency, said first conversion rate to convert said base local currency into said reference currency being equal to an inflation index in said predetermined zone which uses said base local currency.

5. The system as claimed in claim 4, wherein said first conversion rate when involving a local currency other than said base local currency is equal to a rate of conversion of said local currency into said base local currency multiplied by said inflation index.

6. A transfer system for transferring amounts expressed in different local currencies between a plurality of local banking organizations, each local banking organization using a respective local currency having a respective current value in terms of purchasing power varying randomly, each local banking organization comprising at least one respective peripheral computer connected to a central computer by means of a transmission network, a peripheral computer of each of said local banking organizations comprising:

a first conversion means for determining a first conversion operation to convert a respective local currency used by said local banking organization into a predetermined reference currency having a constant value in terms of purchasing power in a predetermined zone,

a second conversion means for determining a second conversion operation to convert the reference currency into said local currency, said first and second conversion operations taking into account previous value variations of said local currency,

a first transfer means for transferring to another local banking organization an amount expressed in said local currency, said first transfer means comprising a means for triggering said first conversion means, a means for applying the first conversion operation thus determined by the first conversion means to the amount to be transferred so as to obtain an equivalent amount in said reference currency, and a means for transferring said equivalent amount along with the indication specifying said another local banking organization for which said amount is destined, from said peripheral computer to said central computer via said transmission network, and

a second transfer means for transferring to said local banking organization an amount in reference currency, this means comprising a means for transferring said amount in reference currency from said central computer to said peripheral computer via said transmission network, a means for triggering said second conversion means and a means for applying the second conversion operation thus determined by said second conversion means to said amount in reference currency in order to obtain an equivalent amount in said local currency,

said central computer comprising a means for receiving and storing amounts in reference currency transferred by said peripheral computers of said local banking organizations, and for transferring amounts expressed in reference currency to said peripheral computers, and a control and monitoring mechanism which only authorizes operations transferring amounts in reference currency if they do not entail at the level of each local banking organization a deficit or surplus of reference currency exceeding predetermined thresholds.

9. A transfer method for transferring amounts expressed in different local currencies, between a plurality of local banking organizations, each local banking organization using a respective local currency having a respective value in terms of purchasing power varying randomly as a function of time, said method comprising the steps of:

determining a first conversion rate to convert a first local currency used by a first local banking organization into a new reference currency as a function of previous value variations of said first local currency so that said reference currency has a constant value in terms of purchasing power in a predetermined zone,

applying the first conversion rate to an amount in said local currency to be transferred to a second local banking organization, so as to obtain an equivalent amount in the reference currency,

transferring said equivalent amount in reference currency from said first local banking organization to a central banking organization,

determining a second conversion rate to convert said reference currency having a constant value in terms of purchasing power in said predetermined zone into a second local currency used by said second local banking organization, as a function of previous value variations of said second local currency with respect to said reference currency,

transferring said equivalent amount in said reference currency from said central banking organization to said second local banking organization, and

applying said second conversion rate to said equivalent amount in said reference currency, so as to obtain an equivalent amount in said second local currency.

11. The transfer method as claimed in claim 9, wherein the amounts converted into said reference currency are exchanged between said banking organizations without being converted into the respective local currencies of the local banking organizations.

14. The transfer method as claimed in claim 9, wherein said central banking organization only authorizes operations transferring amounts in reference currency if they do not entail at the level of each local banking organization a deficit or surplus of reference currency exceeding predetermined thresholds.

15. The transfer method as claimed in claim 9, wherein the amounts expressed in reference currency are used exclusively for exchanges between said local banking organizations.

10. A transfer method for transferring amounts expressed in different local currencies, between a plurality of local banking organizations, each local banking organization using a respective local currency having a respective value in terms of purchasing power varying randomly as a function of time, said method comprising the steps of:

determining a first conversion operation to convert a first local currency used by a first local banking organization into a predetermined reference currency as a function of previous value variations of said first local currency so that said reference currency has a constant value in terms of purchasing power in a predetermined zone,

applying the first conversion operation to an amount in said local currency to be transferred to a second local banking organization, so as to obtain an equivalent amount in the reference currency,

transferring said equivalent amount in reference currency from said first local banking organization to a central banking organization,

determining a second conversion operation to convert said reference currency into a second local currency used by said second local banking organization, as a function of previous value variations of said second local currency,

transferring said equivalent amount in said reference currency from said central banking organization to said second local banking organization,

applying said second conversion operation to said equivalent amount in said reference currency, so as to obtain an equivalent amount in said second local currency, and

appraising the amounts converted into said reference currency for each unit of time according to an interest rate.

12. A transfer method for transferring amounts expressed in different local currencies, between a plurality of local banking organizations, each local banking organization using a respective local currency having a respective value in terms of purchasing power varying randomly as a function of time, said method comprising the steps of:

determining a first conversion rate to convert a first local currency used by a first local banking organization into a new reference currency as a function of previous value variations of said first local currency, so that said reference currency has a constant value in terms of purchasing power in a predetermined zone,

applying the first conversion rate to an amount in said local currency to be transferred to a second local banking organization so as to obtain an equivalent amount in the reference currency,

transferring said equivalent amount in reference currency from said first local banking organization to a central banking organization,

determining a second conversion rate to convert said reference currency into a second local currency used by said second local banking organization, as a function of previous value variations of said second local currency,

transferring said equivalent amount in said reference currency from said central banking organization to said second local banking organization,

applying said second conversion rate to said equivalent amount in said reference currency, so as to obtain an equivalent amount in said second local currency, and

one of said first and second local currencies being chosen as base local currency for determining the reference currency, the conversion rate for converting said base local currency into said reference currency being equal to an index of inflation in said predetermined zone which uses said base local currency.

13. The transfer method as claimed in claim 12, wherein said first conversion rate when involving a local currency other than said base local currency is equal to a rate of conversion of said local currency into said base local currency multiplied by said inflation index.

17. The transfer method as claimed in claim 12, wherein said inflation index is a daily inflation index computed by extrapolation by means of the following formula:

16. A method for regulating monetary exchange rates of a plurality of local currencies used by respective local banking organizations, each local currency having a respective value in terms of purchasing power varying as a function of the amounts in local currencies respectively put into circulation by said local banking organizations, said method comprising the steps of:

when the value of a local currency used by a local banking organization drops abnormally in relation to other local currencies, determining a first conversion rate as a function of previous value variations of said local currency to convert said local currency into a new reference currency, said first conversion rate being determined so that said reference currency has a constant value in terms of purchasing power in a predetermined zone, said reference currency being exclusively used for exchanges between local banking organizations, applying the first conversion rate to an amount in said local currency, so as to obtain an equivalent amount in the reference currency, transferring said amount in said local currency from said local banking organization to said a central banking organization, and transferring in exchange said equivalent amount in reference currency from said central banking organization to said local banking organization, and

when the value of said local currency increases abnormally in relation to other local currencies, determining a second conversion rate as a function of previous value variations of said local currency to convert said reference currency into said local currency, said second conversion rate being determined so that said reference currency has a constant value in terms of purchasing power in said predetermined zone, applying said second conversion rate to an amount in said reference currency, so as to obtain an equivalent amount in said local currency, transferring said amount in said reference currency from said local banking organization to said central banking organization, and transferring in exchange the equivalent amount in said local currency from said central banking organization to said local banking organization.