Bitcoin Forum

The US Patent & Trademark Office (USPTO) has published a patent filed by US financial services giant Bank of America that seeks to protect a system for wire transfers using cryptocurrency technology. The patent, filed on 17th March, 2014, and published 17th September, seeks to protect a system by which electronic funds could be sent between customer accounts using the underlying blockchain of a given cryptocurrency as the rails for payment.
The system described, for example, would enable customer funds to be converted at a cryptocurrency exchange and then sent to a second cryptocurrency exchange to be converted into a foreign currency before the value is moved to a recipient.
http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/




United States Patent Application   20150262173
Kind Code   A1
Durbin; Thomas Edward ;   et al.   September 17, 2015
System and Method for Wire Transfers Using Cryptocurrency

Abstract
A system includes a memory and a processor. The processor is coupled to the memory and causes the system to receive an electronic request for a fund transfer and initiate a debit of a first amount of a first currency from a customer account. In response to determining using cryptocurrency is optimal, the processor can transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange and initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange. The processor can transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange and initiate the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange. The processor is further able to initiate the transfer of at least a portion of the resulting currency to a recipient.

Inventors:   Durbin; Thomas Edward; (Waynesville, NC) ; Ronca; James Gregory; (Decatur, GA)
Applicant:   
Name   City   State   Country   Type

Bank of America Corporation   
Charlotte   
NC   
US   
Assignee:   Bank of America Corporation
Charlotte
NC

Family ID:   1000000811784
Appl. No.:   14/215473
Filed:   March 17, 2014
Current U.S. Class:   705/64
Current CPC Class:   G06Q 20/38215 20130101
International Class:   G06Q 20/38 20060101 G06Q020/38
Claims


1. A system comprising: a memory operable to: store a customer account associated with a customer; and a processor communicatively coupled to the memory, the memory including executable instructions that upon execution cause the system to: receive an electronic request for a fund transfer from the customer; initiate a debit of a first amount of a first currency from the customer account; determine whether using cryptocurrency is optimal; in response to determining using cryptocurrency is optimal: transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange; initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency; transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange; initiate, essentially simultaneously as the initiation of the purchase, the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and communicate a message to a local automated clearing house, the message requesting a transfer of at least a portion of the second amount of the second currency to a recipient.

2. The system of claim 1, wherein the first currency is associated with a first country and the second currency is associated with a second country.

3. The system of claim 1, wherein the at least a portion of the second amount of the second currency is equivalent to the first amount of the first currency.

4. A system comprising: a memory operable to: store a customer account associated with a customer; and a processor communicatively coupled to the memory, the memory including executable instructions that upon execution cause the system to: receive an electronic request for a fund transfer from the customer; initiate a debit of a first amount of a first currency from the customer account; determine whether using cryptocurrency is optimal; in response to determining using cryptocurrency is optimal: transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange; initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency; transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange; initiate the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and initiate the transfer of at least a portion of the second amount of the second currency to a recipient.

5. The system of claim 4, wherein the first cryptocurrency exchange is located in a first country and the second cryptocurrency exchange is located in a second country.

6. The system of claim 4, wherein the first currency is associated with a first country and the second currency is associated with a second country.

7. The system of claim 4, wherein the customer account is associated with a first country and the recipient is associated with a second country.

8. The system of claim 4, wherein determining whether using cryptocurrency is optimal is based at least in part upon an exchange rate associated with the cryptocurrency.

9. The system of claim 4, wherein determining whether using cryptocurrency is optimal is based at least in part upon a date threshold associated with the electronic request.

10. The system of claim 4, wherein the at least a portion of the second amount of the second currency is equivalent to the first amount of the first currency.

11. The system of claim 4, wherein the memory further including executable instructions that upon execution cause the system to initiate the sale within a time threshold of initiating the purchase.

12. The system of claim 4, wherein the time threshold is essentially simultaneous.

13. A fund transfer method comprising: storing, using a processor, a customer account associated with a customer; receiving, at a network interface, an electronic request for a fund transfer from the customer; initiating, using the processor, a debit of a first amount of a first currency from the customer account; determining whether using cryptocurrency is optimal; in response to determining using cryptocurrency is optimal: transferring the first amount of the first currency into an account associated with a first cryptocurrency exchange; initiating, using the processor, the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency; transferring the first quantity of the cryptocurrency to a second cryptocurrency exchange; initiating, using the processor, the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and initiating, using the processor, the transfer of at least a portion of the second amount of the second currency to a recipient.

14. The method of claim 13, wherein the first cryptocurrency exchange is located in a first country and the second cryptocurrency exchange is located in a second country.

15. The method of claim 13, wherein the first currency is associated with a first country and the second currency is associated with a second country.

16. The method of claim 13, wherein the customer account is associated with a first country and the recipient is associated with a second country.

17. The method of claim 13, wherein determining whether using cryptocurrency is optimal is based at least in part upon an exchange rate associated with the cryptocurrency.

18. The method of claim 13, wherein determining whether using cryptocurrency is optimal is based at least in part upon a date threshold associated with the electronic request.

19. The method of claim 13, wherein the at least a portion of the second amount of the second currency is equivalent to the first amount of the first currency.

20. The method of claim 13, further comprising initiating the sale within a time threshold of initiating the purchase.

21. The method of claim 20, wherein the time threshold is essentially simultaneous.
Description


TECHNICAL FIELD OF THE INVENTION

[0001] This invention relates generally to wire transfers, and more specifically, to a system and method for wire transfers using cryptocurrency.

BACKGROUND OF THE INVENTION

[0002] Enterprises handle a large number of foreign wire transfer requests on a daily basis. As technology advances, foreign transactions have become more common. For some customers, it may be desirable to conduct a foreign wire transfer in less time than what current foreign wire transfer systems allow.

SUMMARY OF THE INVENTION

[0003] According to embodiments of the present disclosure, disadvantages and problems associated with previous wire transfer systems may be reduced or eliminated.

[0004] In certain embodiments, a system includes a memory and a processor. The memory may store a customer account associated with a customer. The processor may be communicatively coupled to the memory and may cause the system to receive an electronic request for a fund transfer from the customer and initiate a debit of a first amount of a first currency from the customer account. The processor may also cause the system to determine whether using cryptocurrency is optimal. In response to determining using cryptocurrency is optimal, the processor may cause the system to transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange and initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency. The processor may also cause the system to transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange and initiate the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency. The processor is further able to initiate the transfer of at least a portion of the second amount of the second currency to a recipient.

[0005] Particular embodiments of the present disclosure may provide some, none, or all of the following technical advantages having specific technical effects. In certain embodiments, components of the system may initiate fund transfers using cryptocurrency bypassing the use of traditional wire services thereby reducing dependency on third party networks and increasing the reliability of fund transfers. In another embodiment, initiating fund transfers using cryptocurrency allows for the technical effect of conducting a foreign fund transfer in less time than a foreign fund transfer currently, as it avoids delays that may be caused by relying on third party systems and services. In some embodiments, fund transfers using cryptocurrency reduces the reliance on third party systems and the transfer of customer data to third party system, thus increasing control and security of customer data.

[0006] Certain embodiments of the present disclosure may include some, all, or none of the above advantages. One or more other technical advantages may be re


http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=7&f=G&l=50&co1=AND&d=PG01&s1=bitcoin&OS=bitcoin&RS=bitcoin

boring wall of text

I read for about 30 seconds and think I developed cancer.

In OP:

The US Patent & Trademark Office (USPTO) has published a patent filed by US financial services giant Bank of America that seeks to protect a system for wire transfers using cryptocurrency technology.

Lol, Now Banks are going to want patent a thing that is open source: Bitcoin and the blockchain technology.

Only is missing that someone try of patent the moon. Lol...........

So that you are the dev of https://bitcointalk.org/index.php?topic=798131.0  and   https://bitcointalk.org/index.php?topic=1074911.0

Some mod delete this thread please

yes, these were  made more to illustrate  where the future of cryptocurrency. But this one.... OMG Bank of America just hand in to me.... irresistible!!!!.

really... look at this from the patent claim (since I have been using it for a little less then a year, it is really good ):

1. A system comprising: a memory operable to: store a customer account associated with a customer; and a processor communicatively coupled to the memory, the memory including executable instructions that upon execution cause the system to: receive an electronic request for a fund transfer from the customer; initiate a debit of a first amount of a first currency from the customer account; determine whether using cryptocurrency is optimal; in response to determining using cryptocurrency is optimal: transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange; initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency; transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange; initiate, essentially simultaneously as the initiation of the purchase, the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and communicate a message to a local automated clearing house, the message requesting a transfer of at least a portion of the second amount of the
second currency to a recipient.  

Best post ever  :D

So if the processor  is used to  determining wich cryptocurrency is optimal: transferring the first amount of the first currency into an account associated with a first cryptocurrency exchange; initiating, using the processor, the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency; transferring the first quantity of the cryptocurrency to a second cryptocurrency exchange; initiating, using the processor, the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and initiating, using the processor, the transfer of at least a portion of the second amount of the second currency to a recipient. Could you mention exchanges on it? How many currencies will be on it? What if the processor fail happens? How much will it cost?  Besides I see many fees also associated like to:
fees due to first exchange to select the purchase of a first quantity of the first cryptocurrency
+ fees by transferring the first quantity of the cryptocurrency to a second cryptocurrency exchange,+ fees by the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange + fees by the transfer of at least a portion of the second amount of the second currency to a recipient + fees of the network of the cryptocurrency + fees by service Bank+ Electronic Device to be used   .   It sounds very expensive.

Who's on first?  (baseball joke)

I am the first.....(maybe)

Why people make Counterwallet party or stuff like that, when there is no interest for that ? No excitement in it

Dude ! Seriously !
It took me like a minute to find these:

https://bitcointalk.org/index.php?topic=798131.msg11555934#msg11555934 (https://bitcointalk.org/index.php?topic=798131.msg11555934#msg11555934)
https://bitcointalk.org/index.php?topic=1074911.0 (https://bitcointalk.org/index.php?topic=1074911.0)


Stop the show already. No one is waiting for this chit.

Oh and one minute later I noticed:


AND



Seriously ?!


ROFL !!!!

what  :o really, all of this just joking?
so you are developer from Coca-Cola coin and Toyota coin?
well, all i want to know is "what about their copyright?"

That's an info
http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/ (http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/)

But my question is What is your relation with BANK OF AMERICA ?
I assume you are at most their customer or clean the bank  ;D

It's rather sobering to see the degree to which people are dominated by casual misperceptions.

The OP's coin is satirical.

 ... it's just a tad unfortunate that the satire is somewhat misdirected.

The patent application makes not one single mention of the blockchain.

All BOA seem to be doing is getting in first, asserting a claim to be able to optionally use their current system to route wire transfers via existing cryptocurrency networks when reliability/time/control factors are an economic factor.

Seems quite a sensible and logical business move. There doesn’t seem anything to satirise, really. Or anything to twist knickers.

I boiled down their graphic, for clarity and imported the key commercial advantages from the text:

https://i.imgur.com/D4X01Po.png (http://imgur.com/D4X01Po)

's just another app that makes calls on the API of a (dynamically-selected) cryptocurrency in order to effect wire transfers of fiat. In the BOA model, the  cryptocurrency simply acts as a carrier for any run-of-the-mill wire transfer, BOA’s system instructs the exchanges on the fiat-to-crypto-and-back conversions and makes the final delivery of fiat to the recipient.

The really valuable take-home is a US retail bank’s sober assessment of the advantages of using cryptocurrency, a useful arrow for the quiver of anyone making a cryptocurrency business pitch.

Cheers

Graham

Why did BOA choose you? What are your credentials?
Why not use the already established altcoin that uses smart contracts? Why use a noname exchange and not one based in United States?

Fuck Bank Of America

I am very impressed Graham
but I think you might be wrong on some point
AS hmc note in our irc conversation on tauchain , BoA try to patent a triangular transaction using crypto.
I think that the fact that we all do it using the crypto exchange networks without patenting it can prevent them to claim this as patent. it has been done now for a long time and they should never be allowed to patent something other created and used  using opensource code.

I can see the benefit of having them realizing crypto as some useful use-case for them , but taking it all the way to patenting is a crime. it is appropriating effort made by an entire community of early adopters who took the risk and invested in it. if anything, Bank of America should be order by curt to pay dividend for each bitcoin holder if the bank start  using crypto at all.

But since this will never happened in our system of governing we can force them to do it by making their coin first.

Potentially if we get into the market of coins using their logo and creating wealth on a cryptocurrancy carrying their name; they will have to buy it eventually. They will not be able to get us off the air any other way.
But  for this to happened this crowed have to realize that and buy the coin
(or create better one under the same name)

Also who ever make a coin using BANK of AMERICA name  and logo have to know that they are not vurnable for getting sue. I have established myself in that regard. and I am protected to some extent.

LOL!!! now that funny chit

I aim at clean the bank from some of its assets. so I hope.

Well I guess that is time to declare this now due to Lack of interest.:


RIP

Yes,  I guess no one really get these things I do, so they end up having no value. or in your words, just rest in peace.
But it might just get a second life and will be celebrated one day.
You know. I actualy truly forgot about making this coin and that thread. It was made as a reaction to that BOA move to patent blockchain tech. I mostly concentrate my effort on the Coca- Cola coin and the Disney Coin but they too are failing in term of value.

Its due to high number of coins launched in the past, Even on the last two month almost  2 coins for day were launched, Considering 2014 and 2015 were a bad stage, A reduction process is now in process, Trend was that a same developer launched many coins moved for the fever, I remember a guy that launched like to 20 coins on another forum basically using  the same  parameters only changing the name and obviously his coins failed quickly . So how to a dev sometimes is better think left some projects to avoid lost time and money , The same must apply to miners, Pools  and some exchanges, Etc that could to participate on that reduction process.

 

The US Patent & Trademark Office (USPTO) published 10 patent applications yesterday that were filed by Bank of America in June of last year.
http://www.coindesk.com/bank-of-america-patents/

I think it is time for us to take over  Bank Of America  IP to show them the power of a decentralized system.
And lets start here. If we will start trading coins named as the Bank Of America and using the official logo of the company it can get really interesting.

http://learnbonds.com/wp-content/uploads/Bank-of-America1.jpg

Where trading market?

Private Blockchains?!!!

Switzerland to hold referendum on banning private banks from creating money
You should all be following this https://www.rt.com/…/327118-switzerland-money-banking-refe…/

and that http://www.swissbanking.org/en/stellungnahme-20151201:

I cant stop LOL. eventually it will be the banks that will save us from them by creating their own coins (or other blockchain based financial instruments). Whether to deal with some future laws like the Swiss sample, or in case the states will not back them up for default like they did in Iceland .

Nice scenario right there. .. .The banks are getting prepared for D day and by doing that they will break the monopoly they hold by law on creating money. once the banks will start issue whatever financial instruments over the blockchain the game is over. and the state monopoly is gone for ever.!!!!!! And so is the credit abuse that is based on that monopoly

Big scam here. I'm out and you all should be too.
Fuck the big banks.