MULTI CURRENCY EXCHANGES BETWEEN PARTICIPANTS OF A NETWORK-BASED TRANSACTION FACILITY

• US 20100312695A1
• Filed: 06/18/2010
• Published: 12/09/2010
• Est. Priority Date: 06/26/2003
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: George Lee, Giacomo Digrigoli
• Inventors: Digrigoli, Giacomo, Lee, George
• Granted Patent: US 8,055,582 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• 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, an exchange rate associated with a currency is stored in a database. The exchange rate is received from a third party system and is associated with a rate expiration date. One or more payment transactions conducted in the currency are also stored. A determination is made whether a determinable time period has expired, whereby the determinable time period is set to expire prior to the rate expiration date. In response to the determinable time period expiring, instructions are sent to the third party system to execute trades on the one or more payment transactions using the stored exchange rate.

Claims

1. A method comprising:

storing an exchange rate associated with a currency in a database, the exchange rate being received from a third party system and being associated with a rate expiration date;

storing one or more payment transactions conducted in the currency;

determining, using one or more processors, that a determinable time period has expired, the determinable time period set to expire prior to the rate expiration date; and

in response to the determining that the determinable time period has expired, sending instructions to the third party system to execute trades on the one or more payment transactions using the stored exchange rate.

2. The method of claim 1, further comprising retrieving an updated exchange rate from the 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 the exchange rate stored in the database with the retrieved exchange rate if the retrieved exchange rate is correct.

6. The method of claim 4, further comprising generating an error message if the retrieved exchange rate is incorrect.

7. The method of claim 1, further comprising receiving a summary report from the third party system once the trades are executed by the third party system.

8. The method of claim 1, wherein the payment transaction comprises a payment from a sender in a sender-selected currency to a recipient, the payment transaction requiring a currency exchange into a currency associated with the recipient.

9. The method of claim 1, wherein the exchange rate is one or more of a market exchange rate, a bid exchange rate, or an ask exchange rate.

10. A system comprising:

a database to store an exchange rate associated with a currency in a database, the exchange rate being received from a third party system and being associated with a rate expiration date; and

one or more processors to

store one or more payment transactions conducted in the currency;

determine that a determinable time period has expired, the determinable time period set to expire prior to the rate expiration date; and

in response to the determinable time period expiring, send instructions to the third party system to execute trades on the one or more payment transactions using the stored exchange rate.

11. The system of claim 10, further comprising a rate controller to retrieve an updated exchange rate from the third party system.

12. The system of claim 11, wherein the one or more processors is further to apply a set of rules to the retrieved exchange rate to determine if the retrieved exchange rate is correct.

13. The system of claim 12, wherein the rate controller is further to update the exchange rate stored in the database with the retrieved exchange rate if the retrieved exchange rate is correct.

14. The system of claim 10, wherein the payment transaction comprises a payment from a sender in a sender-selected currency to a recipient, the payment transaction requiring a currency exchange into a currency associated with the recipient.

15. The system of claim 10, wherein the exchange rate is one or more of a market exchange rate, a bid exchange rate, or an ask exchange rate.

16. A non-transitory computer 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, provides a method comprising:

storing an exchange rate associated with a currency in a database, the exchange rate being received from a third party system and being associated with a rate expiration date;

storing one or more payment transactions conducted in the currency;

determining, using one or more processors, that a determinable time period has expired, the determinable time period set to expire prior to the rate expiration date; and

in response to the determining that the determinable time period has expired, sending instructions to the third party system to execute trades on the one or more payment transactions using the stored exchange rate.

17. The non-transitory computer readable medium of claim 16, further comprising retrieving an updated exchange rate from the third party system.

18. The non-transitory computer readable medium of claim 17, further comprising applying a set of rules to the retrieved exchange rate to determine if the retrieved exchange rate is correct, and updating the exchange rate stored in the database with the retrieved exchange rate if the retrieved exchange rate is correct.

19. The non-transitory computer readable medium of claim 16, wherein the payment transaction comprises a payment from a sender in a sender-selected currency to a recipient, the payment transaction requiring a currency exchange into a currency associated with the recipient.

20. The non-transitory computer readable medium of claim 16, wherein the determinable time period is a time period during which the stored currency exchange rate is guaranteed by the third party system.