Methods and systems for conducting transactions

Patent metadata

Field	Value
Publication number	US-10002353-B2
Application number	US-201213724628-A
Country	US
Kind code	B2
Filing date	Dec 21, 2012
Priority date	Dec 21, 2012
Publication date	Jun 19, 2018
Grant date	Jun 19, 2018

Abstract

According to some embodiments, a transaction may include receiving a funds transfer request, the funds transfer request specifying a source account associated with a first unit of value, a transaction amount, and a destination account associated with second unit of value, wherein the second unit of value is different than the first unit of value. The transaction may proceed with a response to the funds transfer request which is processed by automatically determining an exchange rate between the first and second units of value, wherein at least one of the first or second units of value is not a governmental currency, and automatically initiating a debit request to debit the transaction amount from the source account and automatically initiating a credit request to credit the transaction amount to the destination account.

First claim

What is claimed is:

1. A computer-implemented method, comprising:
receiving, at a universal platform, a funds transfer request from an electronic device, the funds transfer request specifying a source account at a source account platform associated with a first unit of value, a transaction amount, and a destination account associated with a second unit of value, wherein the second unit of value is of a different type than the first unit of value and wherein the source account and the destination account belong to a single user; and
responding to the funds transfer request by:
automatically determining, by a processor of the universal platform, an exchange rate between the first and second units of value by using a database of exchange rate information, wherein the exchange rate information associating the first and second units of value is stored in one or more secure tables associated with the database at the universal platform, and wherein at least one of the first or second units of value is not a governmental currency,
automatically converting, by the processor, the transaction amount from the first unit of value to the second unit of value based on the exchange rate;
pre-authorizing, by the universal platform, at least one of the source account and the destination account
after pre-authorizing the source account, automatically initiating, by the processor, a debit request to debit the transaction amount from the source account,
after pre-authorizing the destination account, automatically initiating, by the processor, a credit request to credit the converted transaction amount to the destination account.

2. The method of claim 1 , wherein each of the debit request and the credit request are processed using at least one of an API interaction over the Internet and a payment transaction message over a payment network.

3. The method of claim 1 , wherein the first unit of value comprises a governmental currency and the second unit of value is associated with at least one of: (i) a virtual currency, (ii) a social network currency, (iii) a credit account, (iv) a debit account, (v) rewards points, (vi) store credit, (xii) airline reward miles, or (xiii) credit card reward points.

4. The method of claim 1 , wherein the second unit of value comprises a governmental currency and the first unit of value is associated with at least one of: (i) a virtual currency, (ii) a social network currency, (iii) a credit account, (iv) a debit account, (v) rewards points, (vi) store credit, (xii) airline reward miles, or (xiii) credit card reward points.

5. The method of claim 1 , wherein neither the first nor second units of value comprise a governmental currency.

6. The method of claim 1 , wherein the funds transfer request was initiated via a point of sale terminal.

7. The method of claim 6 , wherein the funds transfer request further includes a personal identification number associated with the source account.

8. The method of claim 1 , wherein the funds transfer request was initiated via a request from a user associated with the source account to a vender.

9. The method of claim 8 , wherein, responsive to the initiation by the user, the vendor transmits the funds transfer request to the payment card system.

10. The method of claim 1 , further comprising:
subsequently receiving, at the payment card system, a payment transaction; and
associating the payment transaction with the prior funds transfer request.

11. The method of claim 1 , wherein the funds transfer request specifies a unique personal identifier not including a source account identifier, and further wherein said responding includes:
determining the source account mapped to the unique personal identifier,
initiating the payment transaction to transfer the transaction amount from the source account to a payment card system settlement account that was established by the payment card system with an agent bank, and
issuing an instruction for the agent bank to transfer the transaction amount from the settlement account to the destination bank account.

12. The method of claim 11 , wherein the payment transaction is to be routed to the payment card system settlement account via the payment card system.

13. The method of claim 11 , wherein the source account is a payment card account.

14. The method of claim 1 , wherein at least one of the source or destination accounts is associated with multiple currencies, including at least two of: (i) a virtual currency, (ii) a social network currency, (iii) a credit account, (iv) a debit account, (v) rewards points, (vi) store credit, (xii) airline reward miles, or (xiii) credit card reward points.

15. The method of claim 14 , further comprising:
displaying to a user associated with at least one account a summary display listing balances associated with the multiple currencies.

16. The method of claim 14 , further comprising:
allowing the user to transfer balances between the multiple currencies.

17. A non-transitory, computer-readable medium storing program code executable by a computer to:
receive, at a universal platform, a funds transfer request from an electronic device, the funds transfer request specifying a source account at a source account platform associated with a first unit of value, a transaction amount, and a destination account associated with a second unit of value, wherein the second unit of value is of a different type than the first unit of value, and wherein the source account and the destination account belong to a single user; and
respond to the funds transfer request by:
automatically determining by the universal platform an exchange rate between the first and second units of value by using a database of exchange rate information, wherein the exchange rate information associating with the first and second units of value is stored in one or more secure tables associated with the database at the universal platform, and wherein at least one of the first or second units of value is not a governmental currency,
automatically converting the transaction amount from the first unit of value to the second unit of value based on the exchange rate,
pre-authorizing, by the universal platform, at least one of the source account and the destination account
after pre-authorizing the source account, automatically initiating a debit request to debit the transaction amount from the source account,
after pre-authorizing the destination account, automatically initiating a credit request to credit the converted transaction amount to the destination account.

18. The medium of claim 17 , wherein each of the debit request and the credit request are processed using at least one of an API interaction over the Internet and a payment transaction message over a payment network.

19. The medium of claim 17 , wherein at least one of the first or second units of value comprises: (i) a virtual currency, (ii) a social network currency, (iii) a credit account, (iv) a debit account, (v) rewards points, (vi) store credit, (xii) airline reward miles, or (xiii) credit card reward points.

20. A system, comprising:
a communication port to receive a funds transfer request from an electronic device, the funds transfer request specifying a source account at a source account platform associated with a first unit of value, a transaction amount, and a destination account associated with a second unit of value, wherein the second unit of value is of a different type than the first unit of value, and wherein the source account and the destination a

Assignees

• Kimberg Debbie
• Hagmeier Shawn
• Mastercard International Inc

Inventors

• Kimberg Debbie
• Hagmeier Shawn

Classifications

• G06Q20/381 Primary

  Currency conversion · CPC title

• G06Q20/384

  using social networks · CPC title