FOREIGN EXCHANGE TOKEN

• US 20150254652A1
• Filed: 03/04/2014
• Published: 09/10/2015
• 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.
• Granted Patent: US 9,600,817 B2
• Time in Patent Office: Days
• 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 financial transaction system, whereby the apparatus converts a virtual value token into a local currency to complete a financial transaction, 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 cause the one or more computing processors to;

receive a request for a token having a virtual value, wherein the request includes a funding source for the token and wherein the token may be used to complete a financial transaction;

generate the token having the virtual value, wherein the virtual value is an amount available to use in a financial transaction and wherein the virtual value is funded via a known currency from the funding source;

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

determine a local currency for the transaction;

determine a conversion rate between the local currency and the virtual value;

convert at least a portion of the amount of token into a converted amount in the local currency based at least in part on the conversion rate; and

complete the transaction using the converted amount of the token.

2. The apparatus of claim 1, wherein the virtual value is a defined value comprising an amount used to fund the virtual value and a date that the virtual value was funded.

3. The apparatus of claim 1, wherein the virtual value is a relative value comprising an underlying asset that varies in value.

4. The apparatus of claim 3, wherein the token is denominated in units of the underlying asset.

5. The apparatus of claim 1, wherein converting at least a portion of the relative value 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 token comprises transferring funds to a merchant in the local currency.

7. The apparatus of claim 1, wherein the local currency is determined using a global positioning system to determine a location of the transaction and a database comprising local currencies based on the location.

8. A compute computer program product for use in a token-based financial transaction system, whereby the apparatus converts a virtual value token into a local currency to complete a financial transaction, the computer program product comprising:

a non-transitory computer-readable medium comprising;

an executable portion for causing a computer to receive a request for a token having a virtual value, wherein the request includes a funding source for the token and wherein the token may be used to complete a financial transaction;

an executable portion for causing a computer to generate the token having the virtual value, wherein the virtual value is an amount available to use in a financial transaction and wherein the virtual value is funded via a known currency from the funding source;

an executable portion for causing a computer to determine that a user is initiating a transaction using the token, wherein the apparatus receives the token during the initiation of the transaction but prior to completion of the transaction;

an executable portion for causing a computer to determine a local currency for the transaction;

an executable portion for causing a computer to determine a conversion rate between the local currency and the virtual value;

an executable portion for causing a computer to convert at least a portion of the amount of token into a converted amount in the local currency based at least in part on the conversion rate; and

an executable portion for causing a computer to complete the transaction using the converted amount of the token.

9. The computer program product according to claim 8, wherein the virtual value is a defined value comprising an amount used to fund the virtual value and a date that the virtual value was funded.

10. The computer program product according to claim 8, wherein the virtual value is a relative value comprising an underlying asset that varies in value.

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

12. The computer program product according to claim 8, wherein converting at least a portion of the relative value 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.

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

14. The computer-program product according to claim 8, wherein the local currency is determined using a global positioning system to determine a location of the transaction and a database comprising local currencies based on the location.

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

receiving a request for a token having a virtual value, wherein the request includes a funding source for the token and wherein the token may be used to complete a financial transaction;

generating the token having the virtual value, wherein the virtual value is an amount available to use in a financial transaction and wherein the virtual value is funded via a known currency from the funding source;

determining that a user is initiating a transaction using the token, wherein the apparatus receives the token during the initiation of the transaction but prior to completion of the transaction;

determining a local currency for the transaction;

determining a conversion rate between the local currency and the virtual value;

convert at least a portion of the amount of token into a converted amount in the local currency based at least in part on the conversion rate; and

completing the transaction using the converted amount of the token.

16. The computer-implemented method of claim 15, wherein the virtual value is a defined value comprising an amount used to fund the virtual value and a date that the virtual value was funded.

17. The computer-implemented method of claim 15, wherein the virtual value is a relative value comprising an underlying asset that varies in value.

18. The computer-implemented method of claim 17, wherein the token is denominated in units of the underlying asset.

19. The computer-implemented method of claim 15, wherein converting at least a portion of the relative value 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.

20. The computer-implemented method of claim 19, wherein completing the transaction using the converted amount of the token comprises transferring funds to a merchant in the local currency.