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A system includes a memory and a processor. The processor is coupled to the memory and causes the cryptsy dogecoin pending patents 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. This invention relates generally to wire transfers, and more specifically, to a system and method for wire transfers using cryptocurrency. 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. According to embodiments of the present disclosure, disadvantages and problems associated with previous wire transfer systems may be reduced or eliminated.
Cryptsy dogecoin pending patents 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 cryptsy dogecoin pending patents portion of the cryptsy dogecoin pending patents amount of the second currency to a recipient. 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. Certain embodiments of cryptsy dogecoin pending patents present disclosure may include some, all, or none of the above advantages. One or more other technical advantages may be readily apparent to those skilled in the art from the figures, descriptions, and claims included herein.
For a more complete understanding of the present disclosure and its advantages, reference is made to the following descriptions, taken in conjunction with the accompanying drawings in which:. Certain embodiments of the present disclosure provide techniques for performing a wire transfer using cryptocurrency. In general, wire transfers are used by enterprises, such as financial institutions, to transfer funds from one customer account to another customer account.
Some wire transfers may move funds from a customer account in one country to a customer account in another country. In response, the enterprise may decide to use a cryptocurrency to transfer the funds. A cryptocurrency is typically a peer-to-peer, decentralized, digital currency whose implementation relies on the principles of cryptography to validate transactions and generate the currency itself.
Some examples of cryptocurrencies are: Bitcoin, Litecoin, Ripple, Peercoin, and Dogecoin. In some instances, a cryptocurrency, such as MintChip, cryptsy dogecoin pending patents be backed by a government e.
To transfer funds using cryptocurrency, an enterprise may receive payment from a customer and purchase a cryptsy dogecoin pending patents of a chosen cryptocurrency, at a local cryptocurrency exchange, in an amount equivalent to the received payment. Essentially simultaneously or shortly thereafter, the enterprise may sell the quantity of the chosen cryptocurrency at a foreign cryptocurrency exchange, resulting in a foreign cryptsy dogecoin pending patents that is used by the country in which the recipient account is located.
The enterprise may also transfer the quantity of the chosen cryptocurrency from the local cryptocurrency exchange to the foreign cryptocurrency exchange. In particular, cryptocurrency wire transfer environment cryptsy dogecoin pending patents customer devicenetworkwire transfer serverlocal exchange serverforeign exchange serverand foreign financial institution server Customer device is cryptsy dogecoin pending patents device customer may use to request a fund transfer by an enterprise.
In some embodiments, customer device may be operated by customer In other embodiments, customer device may be operated by an employee of an enterprise on the behalf of customer Customer device is a device operable to communicate with networkwire transfer serveror any other suitable components of cryptocurrency wire transfer environment For example, customer device may be a laptop computer, personal digital assistant PDAcellular phone, tablet, portable media player, smart device, or any other device capable of wireless or wired communication.
In certain embodiments, customer device may include one or cryptsy dogecoin pending patents processorsone or more memoriesone or more displays, one or more interfaces, one or more components capable of inputting data, one or more components capable of outputting data, one or more components capable of communicating with any other component of cryptocurrency wire transfer environmentor any other component suitable for a particular purpose.
Processor may include one or more microprocessors, controllers, or any other suitable computing devices or resources. Processor may work, either alone or with components of cryptocurrency wire transfer environmentto provide a portion or all of the functionality of cryptocurrency wire transfer environment described herein. Processor communicatively couples to memory Memory may take the form of volatile or non-volatile memory including, without limitation, magnetic media, optical cryptsy dogecoin pending patents, Random Access Memory RAMRead Only Memory ROMremovable media, or any other suitable memory component.
In certain embodiments, a portion or all of memory may store one or more database data structures, such as one or more structured query language SQL servers or relational databases. In certain embodiments, memory may be internal or external to processor and may include one or more instruction caches or one or more data caches. Instructions in the instruction caches may be copies of instructions in memoryand the instruction caches may speed up retrieval of those instructions by processor The data caches may speed up read or write operations by processor In some embodiments, customer device also may comprise graphical user interface GUI GUI is generally cryptsy dogecoin pending patents to tailor and filter data presented to customer GUI may provide customer with an efficient and user-friendly presentation of information regarding the functionality of customer device GUI may comprise a plurality of displays having interactive fields, pull-down lists, and buttons operated by customer GUI may include multiple levels of abstraction including groups and boundaries.
In certain embodiments, GUI may comprise a web browser. In another embodiment, GUI may comprise a graphical representation of a mobile application. Customer device may communicate with any other cryptsy dogecoin pending patents of cryptocurrency wire transfer environment over network This disclosure contemplates any suitable network Network may include one or more networks For example, one network may be utilized for transferring funds via cryptocurrency, while another network may be a network local to wire transfer serverwhile yet another network may be local to foreign financial institution server The current disclosure contemplates any number cryptsy dogecoin pending patents networks suitable for a particular purpose.
Any component of cryptocurrency wire transfer environment cryptsy dogecoin pending patents communicate to another component of cryptocurrency wire transfer environment via cryptsy dogecoin pending patents In some embodiments, components of cryptocurrency wire transfer environment may be configured to communicate over links Links may connect components of cryptocurrency wire transfer environment to network or to each other.
This disclosure contemplates any suitable links Links need not necessarily be the same throughout cryptocurrency wire transfer environment One or more first links may differ in one or more respects from one or more second links Customer device may communicate over network with wire transfer server Generally, wire transfer server may be used by an enterprise to initiate and execute actions and transactions that allow the enterprise to complete a fund transfer request.
More specifically, wire transfer server may include processormemoryuser accountstransaction moduleand transfer module Memory may take the form of volatile or non-volatile memory including, without limitation, magnetic media, optical media, RAM, ROM, removable media, or any other suitable memory component.
Data in the data caches may include any suitable combination of copies of data in memory for instructions executing at processor to operate on, the results of previous instructions executed at processor for access by subsequent instructions executing at processoror for writing to memoryand other suitable data. Wire transfer server may store and retrieve customer information from customer accounts For example, wire transfer server may use a unique identifier of customer to retrieve a particular customer account In certain embodiments, customer accounts may be stored in memory According cryptsy dogecoin pending patents some embodiments, customer accounts may be stored in one or more text files, tables in a relational database, or any other suitable data structure capable of storing information.
Each cryptsy dogecoin pending patents account may be associated with a customer In certain embodiments, customer account may include information that can be used by wire transfer server to perform a wire transfer. For example, customer account may include information such as an account number, account balance, routing number, location cryptsy dogecoin pending patents, or any other information suitable for a particular purpose associated with one or more accounts that customer may have associated with a particular enterprise.
Wire transfer server may also include transaction module Generally, transaction module may initiate cryptsy dogecoin pending patents execution of transactions that facilitate a wire transfer using cryptocurrency such as purchasing or selling certain quantities of cryptocurrency according to any one of a variety of embodiments suitable for a particular purpose.
More specifically, transaction module may be any software, hardware, firmware, or combination thereof capable of initiating or performing a transaction to facilitate a wire transfer using cryptocurrency.
Cryptsy dogecoin pending patents to some embodiments, transaction module may be a set of instructions stored in memory that may be executed by processor Using information received over linkstransaction module may perform various transactions. According to some embodiments, transaction module may initiate the debit of funds from a particular customer account associated with customer For example, customer may request the transfer of a certain amount of funds from a particular customer account in a certain currency.
In response to the request, transaction module may debit the particular customer account in cryptsy dogecoin pending patents certain amount as well as any fees and other costs in the certain currency. Transaction module may also determine the optimal method for performing a requested wire transfer.
In certain embodiments, transaction module may consider time factors, price factors associated with particular currencies, price factors associated with particular cryptocurrencies, fees charged by third parties, volatility of particular currencies, volatility of particular cryptocurrencies, cryptsy dogecoin pending patents risk factors, currency exchange rates, or any other information that may facilitate determining one method of transfer is should be used over another method.
For example, customer may request that a fund transfer be completed within a time threshold. Transaction module may determine that performing a fund transfer using cryptocurrency is optimal compared to using a traditional wire transfer service such as the Federal Reserve Wire Network FedwireClearing House Interbank Payments System CHIPSor Society for Worldwide Interbank Financial Telecommunication SWIFT because a fund transfer may be executed within the time threshold using cryptocurrency but would exceed the time threshold using traditional wire transfer services.
As another example, transaction module may determine that using cryptocurrency for a fund transfer is optimal based on financial advantages that may be gained by the enterprise as compared with using a traditional wire transfer service. In addition to determining whether using cryptocurrency is optimal, transaction module may also determine which particular cryptocurrency should be used to execute the fund transfer. In certain embodiments, transaction module may determine which cryptocurrency to use based on cryptocurrency price, volatility of the cryptocurrency, popularity of the cryptocurrency, availability of the cryptocurrency at a local cryptocurrency exchange, availability of the cryptocurrency at a foreign cryptocurrency exchange, or any potential risk factor that may be associated with a particular cryptocurrency.
Using similar factors, transaction module may also determine which cryptocurrency exchange to use. For example, transaction module may choose a particular cryptocurrency exchange because the cryptocurrency is priced favorably e. Transaction module may also initiate the purchase of a certain quantity of a certain cryptocurrency. In certain embodiments, transaction module may communicate a cryptsy dogecoin pending patents over links requesting the purchase of a certain quantity of a certain cryptocurrency.
