Foreign cross-issued token

• US 9,600,844 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:
  US14/196,274
• Publication Number:
  US 20150254770A1
• Time in Patent Office: 1,113 Days
• Field of Search: 705/16, 705/41, 705/39, 705/44, 705/64, 705/18, 455/558
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• 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 multi-currency token. The system, method, and computer program product are configured to receive a request for a multi-currency token, wherein the multi-currency token is associated with at least two financial institution partners; determine a value of the multi-currency token; establish currency conversion parameters for the multi-currency token based on at least one of the value of the multi-currency token and a conversion rate between currencies associated with the at least two financial institution partners; determine that a transaction is being performed with the multi-currency token, the transaction associated with a local currency; and complete the transaction with the multi-currency token in the local currency when the local currency is a currency associated with at least one of the financial institution partners.

Claims

1. An apparatus for use in a token-based transaction system, wherein the apparatus provides a multi-currency token for purposes of conducting transactions in a local currency, the apparatus comprising:

a memory;

a computing processor; and

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

present a digital wallet management interface to a mobile device of a user;

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

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, perform the following steps;

deactivate and destroy the original virtual value token;

issue a new multi-currency token having a new set of transaction limitations to the at least one digital wallet, wherein the new multi-currency token is associated with at least two financial institution partners;

determine a virtual value of the new multi-currency token, wherein the virtual value is an amount available to use in transactions, and wherein the virtual value is the market value in the known currency of an underlying asset that varies in value;

establish specific currency conversion rates for the new multi-currency token based on at least one of the virtual value of the new multi-currency token and the conversion rates between local currencies and the known currency associated with the at least two financial institution partners;

determine a plurality of local currency amounts associated with the new multi-currency token based on the virtual value of the new multi-currency token and the specific currency conversion rates;

determine that the user is initiating a transaction comprising a transaction amount using the new multi-currency token, wherein the apparatus receives the new multi-currency 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;

convert at least a portion of the market value comprising the virtual value of the new multi-currency token into a converted amount in the local currency based on the transaction amount in the local currency and the specific currency 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 multi-currency token in the local currency.

2. The apparatus of claim 1, wherein the virtual value of the new multi-currency token is a defined value equal to a certain amount of the known currency on the date the token is requested.

3. A computer program product for use in a token-based transaction system, wherein the computer program product provides a multi-currency token for purposes of conducting transactions in a local currency, 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;

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

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, perform the following steps;

deactivate and destroy the original virtual value token;

issue a new multi-currency token having a new set of transaction limitations to the at least one digital wallet, wherein the new multi-currency token is associated with at least two financial institution partners;

determine a virtual value of the new multi-currency token, wherein the virtual value is an amount available to use in transactions, and wherein the virtual value is the market value in the known currency of an underlying asset that varies in value;

establish specific currency conversion rates for the new multi-currency token based on at least one of the virtual value of the new multi-currency token and the conversion rates between local currencies and the known currency associated with the at least two financial institution partners;

determine a plurality of local currency amounts associated with the new multi-currency token based on the virtual value of the new multi-currency token and the specific currency conversion rates;

determine that the user is initiating a transaction comprising a transaction amount using the new multi-currency token, wherein the apparatus receives the new multi-currency 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;

convert at least a portion of the market value comprising the virtual value of the new multi-currency token into a converted amount in the local currency based on the transaction amount in the local currency and the specific currency 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 multi-currency token in the local currency.

4. The computer program product according to claim 3, wherein the virtual value of the new multi-currency token is a defined value equal to a certain amount of the known currency on the date the token is requested.

5. A computer-implemented method for use in a token-based transaction system, wherein the computer-implemented method provides a multi-currency token for purposes of conducting transactions in a local currency, the method comprising:

presenting a digital wallet management interface to a mobile device of a user;

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

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, performing the following steps;

deactivating and destroying the original virtual value token;

issuing a new multi-currency token having a new set of transaction limitations to the at least one digital wallet, wherein the new multi-currency token is associated with at least two financial institution partners;

determining a virtual value of the new multi-currency token, wherein the virtual value is an amount available to use in transactions, and wherein the virtual value is the market value in the known currency of an underlying asset that varies in value;

establishing specific currency conversion rates for the new multi-currency token based on at least one of the virtual value of the new multi-currency token and the conversion rates between local currencies and the known currency associated with the at least two financial institution partners;

determining a plurality of local currency amounts associated with the new multi-currency token based on the virtual value of the new multi-currency token and the specific currency conversion rates;

determining that the user is initiating a transaction comprising a transaction amount using the new multi-currency token, wherein the apparatus receives the new multi-currency 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;

converting at least a portion of the market value comprising the virtual value of the new multi-currency token into a converted amount in the local currency based on the transaction amount in the local currency and the specific currency 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 multi-currency token in the local currency.

6. The computer-implemented method of claim 5, wherein the virtual value of the new multi-currency token is a defined value equal to a certain amount of the known currency on the date the token is requested.