Foreign exchange token

• US 9,600,817 B2
• Filed: 03/04/2014
• Issued: 03/21/2017
• Est. Priority Date: 03/04/2014
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Bondesen, Laura Corinne, Blackhurst, Jason P., Harkey, Scott Lee, Belchee, William Blakely, Brunswig, Tammy L.
• Primary Examiner(s): Kalinowski, Alexander
• Assistant Examiner(s): Lickteig, Blane
• Application Number:
  US14/196,257
• Publication Number:
  US 20150254652A1
• Time in Patent Office: 1,113 Days
• Field of Search: 705/16, 705/41, 705/39, 705/49, 705/64, 705/17
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Embodiments disclosed herein relate to systems, methods, and computer program products for a system for providing a virtual value token. The system, method, and computer program product are configured to receive a request for a token associated with a virtual value; generate the token associated with the virtual value, wherein the virtual value is funded via a known currency; determine that a user is initiating a transaction using the token; determine a local currency for the transaction; convert, using a computing device processor, at least a portion of the virtual value into a converted amount in the local currency; and complete the transaction using the converted amount of the token. The virtual value may be based on a defined value, such as a known amount on a specific day, or a relative value, such as the current value of an underlying asset.

Claims

1. An apparatus for use in a token-based transaction system, wherein the apparatus converts a virtual value token into a local currency to complete transactions, the apparatus comprising:

a memory;

a computing processor; and

a module stored in the memory, said module comprising instruction code executable by one or more computing processors, and configured to;

present a digital wallet management interface to a mobile device of a user, the mobile device of the user comprising a global positioning system, and the digital wallet management interface configured to;

present at least one original virtual value token having a set of transaction limitations and at least one digital wallet associated with the original virtual value token; and

present a travel toggle switch configured for graphical manipulation by the user between at least a first position and a second position, wherein the first position corresponds to the user not traveling and the second position corresponds to the user traveling;

in response to the travel toggle switch moving from the first position to the second position, deactivate and destroy the original virtual value token;

in response to the travel toggle switch moving from the first position to the second position, issue a new virtual value token having a new set of transaction limitations to the at least one digital wallet, wherein the virtual value of the new virtual value token is an amount available to use in the transactions, and wherein the virtual value is a market value of an underlying asset that varies in value;

determine that the user is initiating a transaction comprising a transaction amount using the new virtual value token, wherein the apparatus receives the new virtual value token during initiation of the transaction but prior to completion of the transaction;

receive a geographical location of the mobile device of the user from the global positioning system of the mobile device of the user;

determine a local currency for the transaction based on a comparison of the geographical location of the mobile device of the user and a database comprising local currencies associated with geographical locations, wherein the local currency is different from the known currency;

determine a conversion rate between the local currency and the known currency;

convert at least a portion of the market value comprising the virtual value of the new virtual value token into a converted amount in the local currency based on the transaction amount in the local currency and the conversion rate, wherein the converted amount is at least as much as the transaction amount; and

complete the transaction using the converted amount of the new payment token in the local currency.

2. The apparatus of claim 1, wherein the virtual value of the original virtual value token is a defined amount of a specific currency used to fund the virtual value token on a certain date.

3. The apparatus of claim 1, wherein the virtual value of the new virtual value token is a market value of an investment account in a known currency, wherein the investment account comprises a plurality of shares of stock.

4. The apparatus of claim 1, wherein the virtual value of the new virtual value token is denominated in units of the underlying asset.

5. The apparatus of claim 1, wherein converting at least a portion of the virtual value of the virtual value token into a converted amount in the local currency comprises:

determining a total amount of the transaction;

determining that the virtual value is greater than or equal to the total amount of the transaction; and

converting an amount of the virtual value equivalent to the total amount of the transaction into the local currency.

6. The apparatus of claim 5, wherein completing the transaction using the converted amount of the new payment token comprises transferring funds to a merchant in the local currency.

7. A computer program product for use in a token-based transaction system, wherein the apparatus converts a virtual value token into a local currency to complete transactions, the computer program product comprising:

a non-transitory computer-readable medium storing programmed instructions that when executed by the processor performs the steps of;

present a digital wallet management interface to a mobile device of a user, the mobile device of the user comprising a global positioning system, and the digital wallet management interface configured to;

present at least one original virtual value token having a set of transaction limitations and at least one digital wallet associated with the original virtual value token; and

present a travel toggle switch configured for graphical manipulation by the user between at least a first position and a second position, wherein the first position corresponds to the user not traveling and the second position corresponds to the user traveling;

in response to the travel toggle switch moving from the first position to the second position, deactivate and destroy the original virtual value token;

in response to the travel toggle switch moving from the first position to the second position, issue a new virtual value token having a new set of transaction limitations to the at least one digital wallet, wherein the virtual value of the new virtual value token is an amount available to use in the transactions, and wherein the virtual value is a market value of an underlying asset that varies in value;

determine that the user is initiating a transaction comprising a transaction amount using the new virtual value token, wherein the apparatus receives the new virtual value token during initiation of the transaction but prior to completion of the transaction;

receive a geographical location of the mobile device of the user from the global positioning system of the mobile device of the user;

determine a local currency for the transaction based on a comparison of the geographical location of the mobile device of the user and a database comprising local currencies associated with geographical locations, wherein the local currency is different from the known currency;

determine a conversion rate between the local currency and the known currency;

convert at least a portion of the market value comprising the virtual value of the new virtual value token into a converted amount in the local currency based on the transaction amount in the local currency and the conversion rate, wherein the converted amount is at least as much as the transaction amount; and

complete the transaction using the converted amount of the new payment token in the local currency.

8. The computer program product according to claim 7, wherein the virtual value of the original virtual value token is a defined amount of a specific currency used to fund the virtual value token on a certain date.

9. The computer program product according to claim 7, wherein the virtual value of the new virtual value token is a market value of an investment account in a known currency, wherein the investment account comprises a plurality of shares of stock.

10. The computer program product according to claim 7, wherein the virtual value of the new virtual value token is denominated in units of the underlying asset.

11. The computer program product according to claim 7, wherein converting at least a portion of the virtual value of the virtual value token into a converted amount in the local currency comprises:

determining a total amount of the transaction;

determining that the virtual value is greater than or equal to the total amount of the transaction; and

converting an amount of the virtual value equivalent to the total amount of the transaction into the local currency.

12. The computer program product according to claim 11, wherein completing the transaction using the converted amount of the new payment token comprises transferring funds to a merchant in the local currency.

13. A computer-implemented method for use in a token-based transaction system, wherein the apparatus converts a virtual value token into a local currency to complete transactions, the method comprising:

presenting a digital wallet management interface to a mobile device of a user, the mobile device of the user comprising a global positioning system, and the digital wallet management interface configured for;

presenting at least one original virtual value token having a set of transaction limitations and at least one digital wallet associated with the original virtual value token; and

presenting a travel toggle switch configured for graphical manipulation by the user between at least a first position and a second position, wherein the first position corresponds to the user not traveling and the second position corresponds to the user traveling;

in response to the travel toggle switch moving from the first position to the second position, deactivating and destroying the original virtual value token;

in response to the travel toggle switch moving from the first position to the second position, issuing a new virtual value token having a new set of transaction limitations to the at least one digital wallet, wherein the virtual value of the new virtual value token is an amount available to use in the transactions, and wherein the virtual value is a market value of an underlying asset that varies in value;

determining that the user is initiating a transaction comprising a transaction amount using the new virtual value token, wherein the apparatus receives the new-virtual value token during initiation of the transaction but prior to completion of the transaction;

receiving a geographical location of the mobile device of the user from the global positioning system of the mobile device of the user;

determining a local currency for the transaction based on a comparison of the geographical location of the mobile device of the user and a database comprising local currencies associated with geographical locations, wherein the local currency is different from the known currency;

determining a conversion rate between the local currency and the known currency;

converting at least a portion of the market value comprising the virtual value of the new virtual value token into a converted amount in the local currency based on the transaction amount in the local currency and the conversion rate, wherein the converted amount is at least as much as the transaction amount; and

completing the transaction using the converted amount of the new payment token in the local currency.

14. The computer-implemented method of claim 13, wherein the virtual value of the original virtual value token is a defined amount of a specific currency used to fund the virtual value token on a certain date.

15. The computer-implemented method of claim 13, wherein the virtual value of the new virtual value token is a market value of an investment account in a known currency, wherein the investment account comprises a plurality of shares of stock.

16. The computer-implemented method of claim 13, wherein the virtual value of the new virtual value token is denominated in units of the underlying asset.

17. The computer-implemented method of claim 13, wherein converting at least a portion of the virtual value of the virtual value token into a converted amount in the local currency comprises:

determining a total amount of the transaction;

determining that the virtual value is greater than or equal to the total amount of the transaction; and

converting an amount of the virtual value equivalent to the total amount of the transaction into the local currency.

18. The computer-implemented method of claim 17, wherein completing the transaction using the converted amount of the new payment token comprises transferring funds to a merchant in the local currency.