MONEY TRANSFER SMART PHONE METHODS AND SYSTEMS

• US 20140207665A1
• Filed: 03/26/2014
• Published: 07/24/2014
• Est. Priority Date: 04/08/2010
• Status: Abandoned Application

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Dunwoody, Kimberly
• Application Number:
  US14/225,450
• Publication Number:
  US 20140207665A1
• 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 20/223 based on the use of peer-to-peer networks
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/3221 Access to banking information through M-devices
• 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 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

Abstract

A mobile device for providing currency exchange, is described. The mobile device includes a computer processor, a memory device having sets of instructions stored thereon, and a camera device configured to photograph an image of currency of a first country'"'"'s currency. The computer processor executes the sets of instructions, which cause the computer processor to: based on the image, determine a first amount and a country of origin of the currency, determine, using location services of the mobile device, a current location of the mobile device, based on the current location, determine a second country'"'"'s currency, determine an exchange rate between the first country'"'"'s currency and the second country'"'"'s currency, and calculate a second amount in the second country'"'"'s currency based on the first amount and the exchange rate.

Claims

1. A mobile device for providing currency exchange, the mobile device comprising:

a computer processor;

a memory device having sets of instructions stored thereon; and

a camera device configured to photograph an image of currency of a first country'"'"'s currency;

wherein the computer processor executes the sets of instructions, which cause the computer processor to;

based on the image, determine a first amount and a country of origin of the currency,

determine, using location services of the mobile device, a current location of the mobile device,

based on the current location, determine a second country'"'"'s currency, determine an exchange rate between the first country'"'"'s currency and the second country'"'"'s currency, and

calculate a second amount in the second country'"'"'s currency based on the first amount and the exchange rate.

2. The mobile device for providing currency exchange as in claim 1, further comprising, based on the location of the mobile device, determining currency exchange provider locations.

3. The mobile device for providing currency exchange as in claim 2, wherein the currency exchange provider locations are determined based, in part, on a distance from the mobile device'"'"'s location.

4. The mobile device for providing currency exchange as in claim 2, further comprising identifying preferred exchange providers.

5. The mobile device for providing currency exchange as in claim 4, further comprising locking the exchange rate for the preferred providers.

6. The mobile device for providing currency exchange as in claim 1, wherein the mobile device comprises a Smartphone.

7. A method of providing currency exchange, the method comprising:

receiving, from a camera device of a mobile device, an image of currency of a first country'"'"'s currency;

based on the image, determining a first amount and a country of origin of the currency;

determining, using location services of the mobile device, a current location of the mobile device;

based on the current location, determining a second country'"'"'s currency;

determining an exchange rate between the first country'"'"'s currency and the second country'"'"'s currency; and

calculating a second amount in the second country'"'"'s currency based on the first amount and the exchange rate.

8. The method of providing currency exchange as in claim 7, further comprising, based on the location of the mobile device, determining currency exchange provider locations.

9. The method of providing currency exchange as in claim 8, wherein the currency exchange provider locations are determined based, in part, on a distance from the mobile device'"'"'s location.

10. The method of providing currency exchange as in claim 8, further comprising identifying preferred exchange providers.

11. The method of providing currency exchange as in claim 10, further comprising locking the exchange rate for the preferred providers.

12. The method of providing currency exchange as in claim 7, wherein the mobile device comprises a Smartphone.

13. A non-transitory computer-readable medium for providing currency exchange having sets of instructions stored thereon which, when executed by a computer, cause the computer to:

receive, from a camera device of a mobile device, an image of currency of a first country'"'"'s currency;

based on the image, determine a first amount and a country of origin of the currency;

determine, using location services of the mobile device, a current location of the mobile device;

based on the current location, determine a second country'"'"'s currency;

determine an exchange rate between the first country'"'"'s currency and the second country'"'"'s currency; and

calculate a second amount in the second country'"'"'s currency based on the first amount and the exchange rate.

14. The non-transitory computer-readable medium of providing currency exchange as in claim 13, wherein the sets of instruction when further executed by the computer, case the computer to, based on the location of the mobile device, determine currency exchange provider locations.

15. The non-transitory computer-readable medium of providing currency exchange as in claim 14, wherein the currency exchange provider locations are determined based, in part, on a distance from the mobile device'"'"'s location.

16. The non-transitory computer-readable medium of providing currency exchange as in claim 14, wherein the sets of instruction when further executed by the computer, case the computer to identify preferred exchange providers.

17. The non-transitory computer-readable medium of providing currency exchange as in claim 16, wherein the sets of instruction when further executed by the computer, case the computer to lock the exchange rate for the preferred providers.

18. The non-transitory computer-readable medium of providing currency exchange as in claim 13, wherein the mobile device comprises a Smartphone.