Multi currency exchanges between participants of a networked-based transaction facility

• US 8,249,990 B2
• Filed: 08/18/2011
• Issued: 08/21/2012
• Est. Priority Date: 06/26/2003
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Inventors: Digrigoli, Giacomo, Lee, George
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US13/212,994
• Publication Number:
  US 20110307384A1
• Time in Patent Office: 369 Days
• Field of Search: 705 10- 44
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method and apparatus for facilitating online payment transactions in multiple currencies between participants of a network-based transaction facility are described. In one embodiment, a set of balances in different currencies within a user account of a user is presented. An indication from the user to transfer funds between two balances of the set of balances in the user account is received. A current exchange rate for conversion between currencies of the two balances is provided. An approval from the user to perform the transfer of funds between the two balances is received. In response, the transfer of funds between the two balances is performed.

Claims

1. A method comprising:

presenting a set of balances in different currencies within a user account of a user;

receiving an indication to transfer funds between two balances of the set of balances in the user account;

providing a current exchange rate for conversion between currencies of the two balances;

receiving approval to perform the transfer of funds between the two balances; and

performing, using a processor of a machine, the transfer of funds between the two balances based on the approval.

2. The method of claim 1, further comprising retrieving the exchange rate from a third party system.

3. The method of claim 2, wherein the retrieving occurs at predefined time intervals.

4. The method of claim 2, further comprising applying a set of rules to the retrieved exchange rate to determine if the retrieved exchange rate is correct.

5. The method of claim 4, further comprising updating an exchange rate stored in a database with the retrieved exchange rate if the retrieved exchange rate is correct.

6. The method of claim 1, wherein a currency in the user account is a non-government issued currency.

7. The method of claim 6, wherein the currency is a privately issued token.

8. The method of claim 6, wherein the currency is a private currency.

9. The method of claim 6, wherein the performing of the transfer of funds comprises transferring funds between the non-government issued currency to a government issued currency.

10. The method of claim 6, wherein the performing of the transfer of funds comprises transferring funds between two non-government issued currencies.

11. The method of claim 1, further comprising:

receiving a payment into the user account;

determining if the user account has a balance in a currency of the received payment;

a

based on the determining, creating a new balance in the user account for the received currency.

12. The method of claim 1, further comprising:

receiving a payment into the user account;

determining if the user account has a balance in a currency of the received payment; and

based on the determining, converting the received currency into a currency in which the user has a balance in the user account.

13. The method of claim 1, wherein the receiving of the indication from the user to transfer comprises receiving an input from the user to make a payment in a selected currency, the selected currency not being a primary currency for the user account.

14. A system comprising:

at least one processor configured to

present a set of balances in different currencies within a user account of a user;

receive an indication to transfer funds between two balances of the set of balances in the user account;

provide a current exchange rate for conversion between currencies of the two balances;

receive approval to perform the transfer of funds between the two balances; and

perform the transfer of funds between the two balances based on the approval.

15. The system of claim 14, further comprising a rate controller to retrieve the exchange rate from a third party system.

16. A non-transitory machine-readable medium in communication with at least one processor, the machine-readable storage medium storing instructions which, when executed by the at least one processor of a machine, causes the machine to perform operations comprising:

presenting a set of balances in different currencies within a user account of a user;

receiving an indication to transfer funds between two balances of the set of balances in the user account;

providing a current exchange rate for conversion between currencies of the two balances;

receiving approval to perform the transfer of funds between the two balances; and

performing the transfer of funds between the two balances based on the approval.

17. The non-transitory machine-readable medium of claim 16, wherein a currency in the user account is a non-government issued currency.

18. The non-transitory machine-readable medium of claim 17, wherein the performing of the transfer of funds comprises transferring funds between the non-government issued currency to a government issued currency.

19. The non-transitory machine-readable medium of claim 17, wherein the performing of the transfer of funds comprises transferring funds between two non-government issued currencies.

20. The non-transitory machine-readable medium of claim 17, wherein the currency is a privately issued token or a private currency.