BOACC
Introducing the first original crypto-currency by BANK OF AMERICA [BOACC]
issued on Counterwallet http://counterparty.io/
22.000000 coins were issued on Sep. 22nd 2015
Trade * on the counterwallet p2p exchange platform will open on December 24th at 9:00am EST 1 [BOACC] = 0.0001 BTC
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
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