Multi currency exchanges between participants

• US 8,712,913 B2
• Filed: 08/06/2012
• Issued: 04/29/2014
• Est. Priority Date: 06/26/2003
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: eBay Inc.
• Inventors: Digrigoli, Giacomo, Lee, George
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US13/567,902
• Publication Number:
  US 20120303529A1
• Time in Patent Office: 631 Days
• Field of Search: 705 4- 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 payment transactions in multiple currencies between participants is provided. In one embodiment, an option is provided to a user to select a currency in which to make a payment. An indication of the selected currency in which to make the payment is received. A determination is made as to whether the selected currency is a primary currency of an account of the user. Based on the selected currency being different from the primary currency of the account of the user, the payment is converted to the selected currency.

Claims

1. A method comprising:

providing options to a user to select a currency in which to make a payment from an account of the user, the options including a primary currency of the account of the user and a currency of a recipient, the primary currency of the account of the user and the currency of the recipient being different;

receiving an indication of the selected currency in which to make the payment from the account of the user;

determining, using a processor of a machine, whether the selected currency is the primary currency of the account of the user or the currency of the recipient;

based on the selected currency being the currency of the recipient;

causing conversion information to be presented to the user along with a request to confirm the payment in the currency of the recipient, and

receiving confirmation from the user to proceed with the payment in the currency of the recipient, and

funding the payment from the account of the user to the recipient in the selected currency, the funding comprising causing conversion of the payment to the selected currency using a current exchange rate, prior to an expiration time of the current exchange rate, based on the selected currency being the currency of the recipient.

2. The method of claim 1, wherein the conversion information to be presented comprises the currency exchange rate between the selected currency and the primary currency of the account.

3. The method of claim 1, further comprising:

calculating an equivalent value in the primary currency of the account, wherein the conversion information to be presented further comprises presenting the equivalent value in the primary currency of the account.

4. The method of claim 1, further comprising causing a conversion of the primary currency within the account of the user to the currency of the recipient.

5. The method of claim 1, further comprising:

receiving an indication of acceptance or denial of the payment; and

communicating the indication to the user.

6. The method of claim 5, further comprising, in response to a denial of the payment, allowing the user to make the payment using a different payment method.

7. The method of claim 1, further comprising:

determining if a balance of the account of the user is sufficient to cover the payment; and

based on the balance not being sufficient, requesting the user to provide an additional source of payment.

8. The method of claim 1, further comprising providing a user interface that facilitates input of the selected currency, the user interface including a list of available currencies.

9. The method of claim 1, wherein the causing the conversion of the payment comprises:

storing one or more payment transactions including the payment;

determining that a determinable time period has expired, the determinable time period set to expire prior to the expiration time of the current exchange rate; and

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

10. The method of claim 1, further comprising assessing a fee in the primary currency based on acceptance of the payment.

11. The method of claim 1, further comprising, based on the selected currency being the primary currency, causing a conversion from the selected currency to the currency of the recipient after the payment is funded from the account of the user.

12. A system comprising:

at least one processor configured to

provide options to a user to select a currency in which to make a payment from an account of the user, the options including a primary currency of the account of the user and a currency of a recipient, the primary currency of the account of the user and the currency of the recipient being different;

receive an indication of the selected currency in which to make the payment from the account of the user;

determine whether the selected currency is the primary currency of an account of the user or the currency of the recipient; and

based on the selected currency being the currency of the recipient;

cause conversion information to be presented to the user along with a request to confirm the payment in the currency of the recipient, and

receive confirmation from the user to proceed with the payment in the currency of the recipient, and

fund the payment from the account of the user to the recipient in the selected currency, the payment being funded by causing conversion of the payment to the selected currency using a current exchange rate, prior to an expiration time of the current exchange rate, based on the selected currency being the currency of the recipient.

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

providing options to a user to select a currency in which to make a payment from an account of the user, the options including a primary currency of the account of the user and a currency of a recipient, the primary currency of the account of the user and the currency of the recipient being different;

receiving an indication of the selected currency in which to make the payment from the account of the user;

determining whether the selected currency is the primary currency of the account of the user or the currency of the recipient; and

based on the selected currency being the currency of the recipient;

causing conversion information to be presented to the user along with a request to confirm the payment in the currency of the recipient, and

receiving confirmation from the user to proceed with the payment in the currency of the recipient, and

funding the payment from the account of the user to the recipient in the selected currency, the funding comprising causing conversion of the payment to the selected currency using a current exchange rate, prior to an expiration time of the current exchange rate, based on the selected currency being the currency of the recipient.

14. The tangible machine-readable storage medium of claim 13, wherein the operations further comprise calculating an equivalent value in the primary currency of the account, wherein the conversion information to be presented further comprises the equivalent value in the primary currency of the account.

15. The tangible machine-readable storage medium of claim 13, wherein the operations further comprise:

determining if a balance of the account of the user is sufficient to cover the payment; and

based on the balance not being sufficient, requesting the user to provide an additional source of payment.

16. The tangible machine-readable storage medium of claim 13, wherein the causing the conversion of the payment comprises:

storing one or more payment transactions including the payment;

determining that a determinable time period has expired, the determinable time period set to expire prior to the expiration date of the current exchange rate; and

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

17. The tangible machine-readable storage medium of claim 13, wherein the operations further comprise assessing a fee in the primary currency based on acceptance of the payment.

18. The tangible machine-readable storage medium of claim 13, wherein the operations further comprise, based on the selected currency being the primary currency, causing a conversion from the selected currency to the currency of the recipient after the payment is funded from the account of the user.