US20150262173A1 — System and Method for Wire Transfers Using Cryptocurrency
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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
US 20150262173A1
(19) United States
(12) Patent Application Publication (10) Pub. No.: US 2015/0262.173 A1
Durbin et al. (43) Pub. Date: Sep. 17, 2015
(54) SYSTEMAND METHOD FOR WIRE (52) U.S. Cl.
TRANSFERSUSING CRYPTOCURRENCY CPC ................................ G06O20/38215 (2013.01)
(71) Applicant: Bank of America Corporation, (57) ABSTRACT
Charlotte, NC (US)
A system includes a memory and a processor. The processor
(72) Inventors: Thomas Edward Durbin, Waynesville, is coupled to the memory and causes the system to receive an
NC (US); James Gregory Ronca, electronic request for a fund transfer and initiate a debit of a
Decatur, GA (US) first amount of a first currency from a customer account. In
response to determining using cryptocurrency is optimal, the
(73) Assignee: Bank of America Corporation, E. Ca E. E. E. of i. R currency
Charlotte, NC (US) into an account associated with a first cryptocurrency
(21) Appl. No.: 14/215,473 exchange and initiate the purchase of a first quantity of a
cryptocurrency from the first cryptocurrency exchange. The
(22) Filed: Mar 17, 2014 processor can transfer the first quantity of the cryptocurrency
to a second cryptocurrency exchange and initiate the sale of
Publication Classification the first quantity of the cryptocurrency at the second cryp
tocurrency exchange. The processor is furtherable to initiate
(51) Int. Cl. the transfer of at least a portion of the resulting currency to a
G06O20/38 (2006.01) recipient.
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US 2015/0262.173 A1 Sep. 17, 2015
SYSTEMAND METHOD FORWIRE BRIEF DESCRIPTION OF THE DRAWINGS
TRANSFERSUSING CRYPTOCURRENCY
0007 For a more complete understanding of the present
TECHNICAL FIELD OF THE INVENTION disclosure and its advantages, reference is made to the fol
lowing descriptions, taken in conjunction with the accompa
0001. This invention relates generally to wire transfers, nying drawings in which:
and more specifically, to a system and method for wire trans 0008 FIG. 1 illustrates an example cryptocurrency wire
fers using cryptocurrency. transfer environment;
BACKGROUND OF THE INVENTION
0009 FIG. 2 illustrates an example method for cryptocur
rency wire transfers, which may be performed by the example
0002 Enterprises handle a large number of foreign wire system of FIG. 1 to complete a wire transfer using cryptocur
transfer requests on a daily basis. AS technology advances, rency, according to certain embodiments of the present dis
foreign transactions have become more common. For some closure; and
customers, it may be desirable to conduct a foreign wire 0010 FIG. 3 illustrates an example computer system.
transfer in less time than what current foreign wire transfer
systems allow. DETAILED DESCRIPTION OF THE INVENTION
SUMMARY OF THE INVENTION 0011 Certain embodiments of the present disclosure pro
vide techniques for performing a wire transfer using cryp
0003. According to embodiments of the present disclo tocurrency. FIGS. 1 through 3 below illustrate systems and
Sure, disadvantages and problems associated with previous methods for performing a wire transfer using cryptocurrency.
wire transfer systems may be reduced or eliminated. 0012 FIG. 1 illustrates an example cryptocurrency wire
0004. In certain embodiments, a system includes a transfer environment 100 according to certain embodiments.
memory and a processor. The memory may store a customer In general, wire transfers are used by enterprises, such as
account associated with a customer. The processor may be financial institutions, to transfer funds from one customer
communicatively coupled to the memory and may cause the account to another customer account. Some wire transfers
system to receive an electronic request for a fund transfer may move funds from a customer account in one country to a
from the customer and initiate a debit of a first amount of a customer account in another country. In response, the enter
first currency from the customer account. The processor may prise may decide to use a cryptocurrency to transfer the funds.
also cause the system to determine whether using cryptocur A cryptocurrency is typically a peer-to-peer, decentralized,
rency is optimal. In response to determining using cryptocur digital currency whose implementation relies on the prin
rency is optimal, the processor may cause the system to trans ciples of cryptography to validate transactions and generate
fer the first amount of the first currency into an account the currency itself. Some examples of cryptocurrencies are:
associated with a first cryptocurrency exchange and initiate Bitcoin, Litecoin, Ripple, Peercoin, and Dogecoin. In some
the purchase of a first quantity of a cryptocurrency from the instances, a cryptocurrency, such as MintChip, may be
first cryptocurrency exchange, wherein the first quantity of backed by a government (e.g., Canada). To transfer funds
cryptocurrency is equivalent to the first amount of the first using cryptocurrency, an enterprise may receive payment
currency. The processor may also cause the system to transfer from a customer and purchase a quantity of a chosen cryp
the first quantity of the cryptocurrency to a second cryptocur tocurrency, at a local cryptocurrency exchange, in an amount
rency exchange and initiate the sale of the first quantity of the equivalent to the received payment. Essentially simulta
cryptocurrency at the second cryptocurrency exchange, neously or shortly thereafter, the enterprise may sell the quan
wherein the sale of the first quantity of cryptocurrency results tity of the chosen cryptocurrency at a foreign cryptocurrency
in a second amount of a second currency. The processor is exchange, resulting in a foreign currency that is used by the
further able to initiate the transfer of at least a portion of the country in which the recipient account is located. The enter
second amount of the second currency to a recipient. prise may also transfer the quantity of the chosen cryptocur
0005 Particular embodiments of the present disclosure rency from the local cryptocurrency exchange to the foreign
may provide Some, none, or all of the following technical cryptocurrency exchange.
advantages having specific technical effects. In certain 0013. In particular, cryptocurrency wire transfer environ
embodiments, components of the system may initiate fund ment 100 comprises customer device 110, network 120, wire
transfers using cryptocurrency bypassing the use of tradi transfer server 130, local exchange server 140, foreign
tional wire services thereby reducing dependency on third exchange server 150, and foreign financial institution server
party networks and increasing the reliability of fund transfers. 160. Customer device 110 is any device customer 102 may
In another embodiment, initiating fund transfers using cryp use to request a fund transfer by an enterprise. In some
tocurrency allows for the technical effect of conducting a embodiments, customer device 110 may be operated by cus
foreign fund transfer in less time than a foreign fund transfer tomer 102. In other embodiments, customer device 110 may
currently, as it avoids delays that may be caused by relying on be operated by an employee of an enterprise on the behalf of
third party systems and services. In some embodiments, fund customer 102. Customer device 110 is a device operable to
transfers using cryptocurrency reduces the reliance on third communicate with network 120, wire transfer server 130, or
party systems and the transfer of customer data to third party any other Suitable components of cryptocurrency wire trans
system, thus increasing control and security of customer data. fer environment 100. For example, customer device 110 may
0006 Certain embodiments of the present disclosure may be a laptop computer, personal digital assistant (PDA), cellu
include Some, all, or none of the above advantages. One or lar phone, tablet, portable media player, Smart device, or any
more other technical advantages may be readily apparent to other device capable of wireless or wired communication. In
those skilled in the art from the figures, descriptions, and certain embodiments, customer device 110 may include one
claims included herein. or more processors 111, one or more memories 112, one or
US 2015/0262.173 A1 Sep. 17, 2015
more displays, one or more interfaces, one or more compo disclosure contemplates any number of networks 120 suitable
nents capable of inputting data, one or more components for a particular purpose. Any component of cryptocurrency
capable of outputting data, one or more components capable wire transfer environment 100 may communicate to another
of communicating with any other component of cryptocur component of cryptocurrency wire transfer environment 100
rency wire transfer environment 100, or any other component via network 120.
Suitable for a particular purpose. 0019. In some embodiments, components of cryptocur
0014 Processor 111 may include one or more micropro rency wire transfer environment 100 may be configured to
cessors, controllers, or any other Suitable computing devices communicate over links 116. Communication over links 116
or resources. Processor 111 may work, either alone or with may request and/or send information about any suitable com
components of cryptocurrency wire transfer environment ponent of cryptocurrency wire transfer environment 100.
100, to provide a portion or all of the functionality of cryp LinkS 116 may connect components of cryptocurrency wire
tocurrency wire transfer environment 100 described herein. transfer environment 100 to network 120 or to each other.
00.15 Processor 111 communicatively couples to memory This disclosure contemplates any suitable links 116. In par
112. Memory 112 may take the form of volatile or non ticular embodiments, one or more links 116 include one or
Volatile memory including, without limitation, magnetic more wireline (such as for example Digital Subscriber Line
media, optical media, Random Access Memory (RAM), (DSL) or Data Over Cable Service Interface Specification
Read Only Memory (ROM), removable media, or any other (DOCSIS)), wireless (such as for example Wi-Fi or World
Suitable memory component. In certain embodiments, a por wide Interoperability for Microwave Access (WiMAX)), or
tion orall of memory 112 may store one or more database data optical (such as for example Synchronous Optical Network
structures, such as one or more structured query language (SONET) or Synchronous Digital Hierarchy (SDH)) links. In
(SQL) servers or relational databases. particular embodiments, one or more links 116 each include
0016. In certain embodiments, memory 112 may be inter an ad hoc network, an intranet, an extranet, a VPN, a LAN, a
nal or external to processor 111 and may include one or more WLAN, a WAN, a WWAN, a MAN, a portion of the Internet,
instruction caches or one or more data caches. Instructions in a portion of the PSTN, a cellular technology-based network,
the instruction caches may be copies of instructions in a satellite communications technology-based network,
memory 112, and the instruction caches may speed up another link 116, or a combination of two or more such links
retrieval of those instructions by processor 111. Data in the 116. Links 116 need not necessarily be the same throughout
data caches may include any Suitable combination of copies cryptocurrency wire transfer environment 100. One or more
of data in memory 112 for instructions executing at processor first links 116 may differ in one or more respects from one or
111 to operate on, the results of previous instructions more second links 116.
executed at processor 111 for access by Subsequent instruc 0020 Customer device 110 may communicate over net
tions executing at processor 111, or for writing to memory work 120 with wire transfer server 130. Generally, wire trans
112, and/or any other suitable data. The data caches may fer server 130 may be used by an enterprise to initiate and
speed up read or write operations by processor 111. execute actions and transactions that allow the enterprise to
0017. In some embodiments, customer device 110 also complete a fund transfer request. More specifically, wire
may comprise graphical user interface (GUI) 114. GUI 114 is transfer server 130 may include processor 131, memory 132,
generally operable to tailor and filter data presented to cus user accounts 134, transaction module 136, and transfer mod
tomer 102. GUI 114 may provide customer 102 with an ule 138. Processor 131 may include one or more micropro
efficient and user-friendly presentation of information cessors, controllers, or any other Suitable computing devices
regarding the functionality of customer device 110. GUI 114 or resources. Processor 131 may work, either alone or with
may comprise a plurality of displays having interactive fields, components of cryptocurrency wire transfer environment
pull-down lists, and buttons operated by customer 102. GUI 100, to provide a portion or all of the functionality of cryp
114 may include multiple levels of abstraction including tocurrency wire transfer environment 100 described herein.
groups and boundaries. In certain embodiments, GUI 114 Processor 131 communicatively couples to memory 132.
may comprise a web browser. In another embodiment, GUI Memory 132 may take the form of volatile or non-volatile
114 may comprise a graphical representation of a mobile memory including, without limitation, magnetic media, opti
application. cal media, RAM, ROM, removable media, or any other suit
0018 Customer device 110 may communicate with any able memory component.
other component of cryptocurrency wire transfer environ 0021. In certain embodiments, memory 132 may be inter
ment 100 over network 120.This disclosure contemplates any nal or external to processor 131 and may include one or more
suitable network 120. As an example and not by way of instruction caches or one or more data caches. Instructions in
limitation, one or more portions of network 120 may include the instruction caches may be copies of instructions in
an ad hoc network, an intranet, an extranet, a virtual private memory 132, and the instruction caches may speed up
network (VPN), a local area network (LAN), a wireless LAN retrieval of those instructions by processor 131. Data in the
(WLAN), a wide area network (WAN), a wireless WAN data caches may include any Suitable combination of copies
(WWAN), a metropolitan area network (MAN), a portion of of data in memory 132 for instructions executing at processor
the Internet, a portion of the Public Switched TelephoneNet 131 to operate on, the results of previous instructions
work (PSTN), a cellular telephone network, or a combination executed at processor 131 for access by Subsequent instruc
of two or more of these. Network 120 may include one or tions executing at processor 131, or for writing to memory
more networks 120. For example, one network 120 may be 132, and other suitable data. The data caches may speed up
utilized for transferring funds via cryptocurrency, while read or write operations by processor 131.
another network 120 may be a network 120 local to wire 0022 Wire transfer server 130 may store and retrieve cus
transfer server 130, while yet another network 120 may be tomer information from customer accounts 134. For example,
local to foreign financial institution server 160. The current wire transfer server 130 may use a unique identifier of cus
US 2015/0262.173 A1 Sep. 17, 2015
tomer 102 to retrieve a particular customer account 134. In rency for a fund transfer will generate a financial advantage
certain embodiments, customer accounts 134 may be stored for the enterprise as compared to a traditional wire transfer
in memory 132. According to some embodiments, customer service.
accounts 134 may be stored in one or more text files, tables in 0026. In addition to determining whether using cryptocur
a relational database, or any other Suitable data structure rency is optimal, transaction module 136 may also determine
capable of storing information. Each customer account 134 which particular cryptocurrency should be used to execute the
may be associated with a customer 102. In certain embodi fund transfer. In certain embodiments, transaction module
ments, customer account 134 may include information that 136 may determine which cryptocurrency to use based on
can be used by wire transfer server 130 to perform a wire cryptocurrency price, Volatility of the cryptocurrency, popu
transfer. For example, customer account 134 may include larity of the cryptocurrency, availability of the cryptocurrency
information Such as an account number, account balance, at a local cryptocurrency exchange, availability of the cryp
routing number, location information, or any other informa tocurrency at a foreign cryptocurrency exchange, or any
tion Suitable for a particular purpose associated with one or potential risk factor that may be associated with a particular
more accounts that customer 102 may have associated with a cryptocurrency. Using similar factors, transaction module
particular enterprise. 136 may also determine which cryptocurrency exchange to
0023 Wire transfer server 130 may also include transac use. For example, transaction module 136 may choose a
tion module 136. Generally, transaction module 136 may particular cryptocurrency exchange because the cryptocur
initiate the execution of transactions that facilitate a wire rency is priced favorably (e.g., cheap if purchasing, expensive
transfer using cryptocurrency Such as purchasing or selling if selling) or because the cryptocurrency exchange has a rela
certain quantities of cryptocurrency according to any one of a tionship with the enterprise.
variety of embodiments suitable for a particular purpose. 0027 Transaction module 136 may also initiate the pur
More specifically, transaction module 136 may be any soft chase of a certain quantity of a certain cryptocurrency. In
ware, hardware, firmware, or combination thereof capable of certain embodiments, transaction module 136 may commu
initiating or performing a transaction to facilitate a wire trans nicate a message over links 116 requesting the purchase of a
fer using cryptocurrency. According to some embodiments, certain quantity of a certain cryptocurrency. For example, the
transaction module 136 may be a set of instructions stored in message may request the purchase of a quantity of cryptocur
memory 132 that may be executed by processor 131. rency equivalent to the amount of currency requested to be
0024. Using information received over links 116, transac transferred by customer 102. In other words, if customer 102
tion module 136 may perform various transactions. Accord requests the transfer of X dollars from customer account 134,
ing to Some embodiments, transaction module 136 may ini then transaction module 136 may request the purchase of a
tiate the debit of funds from aparticular customer account 134 quantity of cryptocurrency worth approximately X dollars at
associated with customer 102. For example, customer 102 a particular cryptocurrency exchange.
may request the transfer of a certain amount of funds from a 0028. Similarly, transaction module 136 may also initiate
particular customer account 134 in a certain currency. In the sale of a certain quantity of a certain cryptocurrency. In
response to the request, transaction module 136 may debit the certain embodiments, transaction module 136 may commu
particular customer account 134 in the certain amount (as nicate a message over links 116 requesting the sale of a certain
well as any fees and other costs) in the certain currency. quantity of a certain cryptocurrency. According to some
0025 Transaction module 136 may also determine the embodiments, the quantity of cryptocurrency requested to be
optimal method for performing a requested wire transfer. In sold at a cryptocurrency exchange may be equivalent to the
certain embodiments, transaction module 136 may consider quantity of cryptocurrency requested to be purchased at
time factors, price factors associated with particular curren another cryptocurrency exchange. In some embodiments, the
cies, price factors associated with particular cryptocurren quantity of cryptocurrency to be sold at a cryptocurrency
cies, fees charged by third parties, Volatility of particular exchange may by a quantity equivalent to the amount of
currencies, Volatility of particular cryptocurrencies, eco currency requested to be transferred by customer 102. Trans
nomic risk factors, currency exchange rates, or any other action module 136, according to certain embodiments, may
information that may facilitate determining one method of delay the sale of the certain quantity of the cryptocurrency
transfer is should be used over another method. For example, after a particular duration of time (e.g., seconds, minutes,
customer 102 may request that a fund transfer be completed hours, days, etc.) after the purchase of the certain quantity of
within a time threshold. Transaction module 136 may deter the cryptocurrency. In certain embodiments, transaction
mine that performing a fund transfer using cryptocurrency is module 136 may initiate the sale of the certain amount of
optimal compared to using a traditional wire transfer service cryptocurrency essentially simultaneously as the purchase of
such as the Federal Reserve Wire Network (Fedwire), Clear the certain amount of cryptocurrency in an attempt to avoid
ing House Interbank Payments System (CHIPS), or Society fluctuating prices in the cryptocurrency market.
for Worldwide Interbank Financial Telecommunication (0029 Wire transfer server 130 may use transfer module
(SWIFT) because a fund transfer may be executed within the 138 to transfer funds from one location (physical or logical) to
time threshold using cryptocurrency but would exceed the another location according to any one of a variety of embodi
time threshold using traditional wire transfer services. As ments suitable for a particular purpose. More specifically,
another example, transaction module 136 may determine that transfer module 138 may be any software, hardware, firm
using cryptocurrency for a fund transfer is optimal based on ware, or combination thereof capable of initiating or perform
financial advantages that may be gained by the enterprise as ing a transfer of funds to facilitate a wire transfer using
compared with using a traditional wire transfer service. In this cryptocurrency. According to some embodiments, transfer
example, transaction module 136 may consider financial fac module 138 may be a set of instructions stored in memory 132
tors such as currency exchange rates, transaction fees, and/or that may be executed by processor 131. Transfer module 138
cryptocurrency prices and determine that using cryptocur may facilitate the transfer of funds from a particular customer
US 2015/0262.173 A1 Sep. 17, 2015
account 134 to another account. For example, transfer module exchange server 140 to purchase, sell, or transfer cryptocur
138 may transfer funds from a particular customer account rency or transfer currency to and from local exchange server
134 to an account that may be associated with a particular 140. For example, local account 144 may include information
cryptocurrency exchange. Transfer module 138 may transfer Such as an account number, currency account balance (in one
the funds to another account over links 116 directly or may or more currencies), cryptocurrency account balance (in one
communicate a request over links 116 to an automated clear or more cryptocurrencies), routing information, location
ing house to complete the transfer of funds or using any other information, or any other information Suitable for a particular
method of transfer as Suitable for a particular purpose. In purpose associated with one or more accounts that an enter
certain embodiments, transfer module 138 may transfer funds prise may have associated with a particular cryptocurrency
from an account associated with a cryptocurrency exchange exchange. An enterprise may maintain repositories of curren
to an account to an account associated with a financial insti cies and cryptocurrencies associated with a particular local
tution (e.g. a bank). In some embodiments, transfer module account 144 allowing transaction module 136 to initiate the
138 may transfer cryptocurrency from one cryptocurrency purchases and sales of cryptocurrencies in an efficient manner
exchange to another cryptocurrency exchange. Furthermore, with minimal delay.
transfer module 138 may transfer funds from an account 0033 Local exchange server 140 may receive requests to
associated with one financial institution to an account asso purchase, sell, or transfer cryptocurrency or to transfer funds
ciated with another financial institution. Transaction module via links 116. Local exchange server 140 may fulfill such
138 may transfer any funds and/or cryptocurrency directly requests either directly to any other component of cryptocur
over links 116 from one location to another location or via a rency wire transfer environment 100 via links 116, or utilize
request over links 116 to an automated clearing house to an automated clearing house to fulfill such requests, or utilize
complete the transfer or using any other method of transferas any other method to fulfill such requests as suitable for a
Suitable for a particular purpose. particular purpose. Although a single local exchange server
0030 Transfer module 138 may transfer funds to local 140 is depicted in FIG. 1, this disclosure contemplates any
exchange server 140. Generally, local exchange server 140 number of local exchange servers 140 interacting with wire
may be associated with any cryptocurrency exchange that transfer server 130 via links 116 or any other component of
allows for the purchasing, selling, or transferring of cryp cryptocurrency wire transfer environment 100.
tocurrency. Cryptocurrencies may be sold or purchased for 0034) Transfer module 138 may transfer cryptocurrency
other currencies or cryptocurrencies at a cryptocurrency from local exchange server 140 to foreign exchange server
exchange. Examples of cryptocurrency exchanges are 150 via links 116. Generally, foreign exchange server 150
OKCoin, BitStamp, BTCChina, Cryptsy, CoinMarket, Just may be associated with any cryptocurrency exchange that
coin. This disclosure contemplates any cryptocurrency allows for the purchasing, selling, or transferring of cryp
exchange can be associated with local exchange server 140 as tocurrency. Cryptocurrencies may be sold or purchased for
Suitable for a particular purpose. In certain embodiments, other currencies or cryptocurrencies at a cryptocurrency
local exchange server 140 may be operated by an enterprise exchange. Examples of cryptocurrency exchanges are
that also operates wire transfer server 130. The local cryp OKCoin, BitStamp, BTCChina, Cryptsy, CoinMarket, and
tocurrency exchange that is associated with local exchange Justcoin. This disclosure contemplates any cryptocurrency
server 140 may be associated with the same jurisdiction (e.g., exchange can be associated with foreign exchange server 150
country, economic union, political union, etc.) with which a as Suitable for a particular purpose. In certain embodiments,
particular customer account 134 may be associated or con foreign exchange server 150 may be operated by an enterprise
ducts transactions in a currency associated with the jurisdic that also operates wire transfer server 130. The foreign cryp
tion associated with a particular customer account 134. As an tocurrency exchange that is associated with foreign exchange
example, customer account 134 may be associated with the server 150 may be associated with a jurisdiction (e.g., coun
United States of America, and, thus, local exchange server try, economic union, political union, etc.) foreign to the juris
140 may be associated with a cryptocurrency exchange asso diction associated with a particular customer account 134 or
ciated with the United States or conducts transactions in U.S. conducts transactions in a currency associated with a juris
dollars. diction foreign to the jurisdiction associated with a particular
0031 More specifically, local exchange server 140 may customer account 134. The foreign exchange may be associ
include processor 141, memory 142, and local accounts 144. ated with a jurisdiction or currency associated with a recipient
Processor 141 may generally be similar in structure and func of the intended wire transfer. As an example, customer
tionality as to processor 131 and memory 142 may generally account 134 may be associated with the United States of
be similar in structure and functionality as to memory 132. America, the recipient may be associated with Germany, and,
0032 Local exchange server 140 may store and retrieve thus, foreign exchange server 150 may be associated with a
enterprise information to and from local accounts 144. For cryptocurrency exchange associated with Germany or the
example, local exchange server 140 may use a unique iden European Union or that conducts transactions in euros.
tifier for an enterprise to retrieve a particular local account 0035 More specifically, foreign exchange server 150 may
144. In certain embodiments, local accounts 144 may be include processor 151, memory 152, and foreign accounts
stored in memory 142. According to some embodiments, 154. Processor 151 may generally be similar in structure and
local accounts 144 may be stored in one or more text files, functionality as to processor 131 and memory 152 may gen
tables in a relational database, or any other Suitable data erally be similar in structure and functionality as to memory
structure capable of storing information. Each local account 132.
144 may be associated with an enterprise, financial institu 0036. Foreign exchange server 150 may store and retrieve
tion, or any other entity that may have an account at a cryp enterprise information to and from foreign accounts 154. For
tocurrency exchange. In certain embodiments, local account example, foreign exchange server 150 may use a unique
144 may include information that can be used by local identifier for an enterprise to retrieve a particular foreign
US 2015/0262.173 A1 Sep. 17, 2015
account 154. In certain embodiments, foreign accounts 154 tion that can be used by foreign financial institution server
may be stored in memory 152. According to some embodi 160 to deposit, debit, or otherwise transfer an amount of
ments, foreign accounts 154 may be stored in one or more text currency to or from enterprise account 164. For example,
files, tables in a relational database, or any other suitable data enterprise account 164 may include information Such as an
structure capable of storing information. Each foreign account number, currency account balance (in one or more
account 154 may be associated with an enterprise, financial currencies), routing information, location information, or any
institution, or any other entity that may have an account at a other information Suitable for a particular purpose associated
cryptocurrency exchange. In certain embodiments, foreign with one or more accounts that an enterprise may have asso
account 154 may include information that can be used by ciated with a particular foreign financial institution.
foreign exchange server 150 to purchase, sell, or transfer 0041. Foreign financial institution server 160 may also
cryptocurrency or transfer currency to and from foreign store and retrieve recipient information to and from recipient
exchange server 150. For example, foreign account 154 may accounts 166. For example, foreign financial institution
include information Such as an account number, currency server 160 may use a unique identifier for a recipient to
account balance (in one or more currencies), cryptocurrency retrieve a particular recipient account 166. In certain embodi
account balance (in one or more cryptocurrencies), routing ments, recipient accounts 166 may be stored in memory 162.
information, location information, or any other information According to some embodiments, recipient accounts 166
Suitable for a particular purpose associated with one or more may be stored in one or more text files, tables in a relational
accounts that an enterprise may have associated with a par database, or any other suitable data structure capable of Stor
ticular cryptocurrency exchange. An enterprise may maintain ing information. Each recipient account 166 may be associ
repositories of currencies and cryptocurrencies associated ated with a recipient, or any other entity that may have an
with a particular foreign account 154 allowing transaction account at a financial institution (e.g. a bank) that is in a
module 136 to initiate the purchases and sales of cryptocur jurisdiction foreign to the jurisdiction associated with cus
rencies in an efficient manner with minimal delay. tomer account 134 of customer 102. In certain embodiments,
0037 Foreign exchange server 150 may receive requests recipient account 166 may include information that can be
to purchase, sell, or transfer cryptocurrency or to transfer used by foreign financial institution server 160 to deposit,
funds via links 116. Foreign exchange server 150 may fulfill debit, or otherwise transfer an amount of currency to or from
Such requests either directly to any other component of cryp recipient account 166. For example, recipient account 166
tocurrency wire transfer environment 100 via links 116, or may include information Such as an account number, cur
utilize an automated clearing house to fulfill such requests, or rency account balance (in one or more currencies), routing
utilize any other method to fulfill such requests as suitable for information, location information, or any other information
a particular purpose. Although a single foreign exchange Suitable for a particular purpose associated with one or more
server 150 is depicted in FIG. 1, this disclosure contemplates accounts that a recipient may have associated with a particu
any number of foreign exchange servers 150 interacting with lar foreign financial institution. Although recipient account
wire transfer server 130 via links 116 or any other component 166 is depicted as being a part of the same foreign financial
of cryptocurrency wire transfer environment 100. institution server 160 as enterprise account 164, this disclo
0038 Transfer module 136 may also facilitate the transfer Sure contemplates the transfer of currency from a particular
of currency from foreign exchange server 150 to foreign enterprise account 164 at a particular foreign financial insti
financial institution server 160. For example, an enterprise tution server 160 to a particular recipient account 166 at any
may facilitate the sale of a cryptocurrency at a foreign cryp other foreign financial institution server 160. In such embodi
tocurrency exchange. As a result of the sale, the enterprise ments, a local automated clearing house may be requested to
may have an amount of foreign currency in a foreign account transfer funds from one foreign financial institution server
154 associated with the enterprise. Transfer module 138 may 160 to another foreign financial institution server 160.
be used to initiate the transfer of at least a portion of the 0042. The operation of cryptocurrency wire transfer envi
amount of foreign currency into an account, associated with ronment 100 will now be discussed. Generally, customer 102
the enterprise, that may be at a foreign financial institute. may use the services provided by cryptocurrency wire trans
0039 More specifically, foreign financial institution fer environment 100 to transfer funds from a local account to
server 160 may include processor 161, memory 162, enter an account in a foreign jurisdiction. More specifically, cus
prise accounts 164, and recipient accounts 166. Processor 161 tomer 102 may use customer device 110 to request a transfer
may generally be similar in structure and functionality as to of an amount of currency from customer account 134 associ
processor 131 and memory 162 may generally be similar in ated with an institution operated by an enterprise to a recipient
structure and functionality as to memory 132. account 166 which may be associated with a foreignjurisdic
0040. Foreign financial institution server 160 may store tion. As a result, an amount of currency associated with the
and retrieve enterprise information from enterprise accounts foreign jurisdiction may be deposited into recipient account
164. For example, foreign financial institution server 160 may 166. Customer device 110 may communicate this request to
use a unique identifier for an enterprise to retrieve a particular wire transfer server 130 over network 120 via links 116. In
enterprise account 164. In certain embodiments, enterprise response to receiving the request for a fund transfer of a
accounts 164 may be stored in memory 162. According to certain amount, wire transfer server 130 may debit the certain
Some embodiments, enterprise accounts 164 may be stored in amount from the particular customer account associated with
one or more text files, tables in a relational database, or any customer 102. The debited amount may be in a currency local
other Suitable data structure capable of storing information. to the jurisdiction associated with customer account 134.
Each enterprise account 164 may be associated with an enter After debiting customer account 134, wire transfer server 130
prise, financial institution, or any other entity that may have may determine whether using cryptocurrency is optimal. For
an account at financial institution (e.g. a bank). In certain example, if customer 102 requests that the fund transfer be
embodiments, enterprise account 164 may include informa performed in less than a day, it may be optimal to use cryp
US 2015/0262.173 A1 Sep. 17, 2015
tocurrency for the transfer rather than a traditional wire ser be determined by a foreign currency exchange rate at the time
Vice that may experience a delay of one day or greater. As of any transaction facilitated by wire transfer server 130 to
another example, the enterprise may determine that higher complete the fund transfer. At least a portion of the amount of
revenue may be generated by using cryptocurrency instead of foreign currency may also be determined after the deduction
a traditional wire service. If wire transfer server 130 deter of any fees or charges by the enterprise or any other third
mines that using cryptocurrency is not optimal, it may initiate party. At least a portion of the amount of foreign currency may
the transfer of funds using a traditional wire service. Other also equal the amount of foreign currency received in the sale
wise, wire transfer server 130 may determine which cryp of the cryptocurrency. Wire transfer server 130 may initiate
tocurrency to use. the transfer of at least a portion of the amount of foreign
0043. After determining which cryptocurrency to use, currency by using transfer module 138 to communicate a
wire transfer server 130 may initiate the transfer of the certain request over network 120 via links 116 to transfer at least a
amount of the local currency into local account 144 associ portion of the amount of foreign currency from enterprise
ated with the enterprise and local exchange server 140. For account 164 to recipient account 166, which may or may not
example, transfer module 138 may initiate the transfer of the be associated with the same foreign financial institution
certain amount over network 120 via links 116. Wire transfer server 160 as enterprise account 164. In some embodiments,
server 130 may then initiate the purchase of a quantity of this transfer may be done directly from enterprise account
cryptocurrency from the cryptocurrency exchange that may 164 to recipient account 166 or it may involve a foreign
be associated with local exchange server 140. For example, automated clearing house.
the quantity of cryptocurrency may be equivalent to the cer 0046 Certain embodiments of the present disclosure may
tain amount of the local currency (i.e., the quantity of cryp provide some, none, or all of the following technical advan
tocurrency that can be purchased at the local exchange for the tages having specific technical effects. In certain embodi
certain amount of the local currency). Transaction module ments, components of cryptocurrency wire transfer environ
136 may do this by communicating a request over network ment 100 may initiate fund transfers using cryptocurrency
120 via links 116 to local exchange server 140 to purchase the bypassing the use of traditional wire services thereby reduc
quantity of cryptocurrency. Payment for the purchase may be ing dependency on third party networks and increasing the
made by deducting the appropriate funds from the local reliability of fund transfers. Initiating fund transfers using
account 144 associated with the enterprise. cryptocurrency also allows for the technical effect of con
0044. After purchasing the quantity of cryptocurrency, ducting a foreign fund transfer as quickly as transferring
wire transfer server 130 may then initiate the transfer of the funds from one account to another account as it avoids delays
quantity of cryptocurrency to a foreign exchange server 150 that may be caused by relying on third party systems and
associated with a particular foreign cryptocurrency exchange. services. Additionally, fund transfers using cryptocurrency
Wire transfer server 130 may do this by using transfer module reduces the reliance on third party systems and the transfer of
138 to request the transfer of the quantity of cryptocurrency customer data to third party system, thus increasing security
over network 120 via links 116. Wire transfer server 130 may of customer data.
also initiate the sale of the quantity of cryptocurrency at the 0047 FIG. 2 illustrates an example method for cryptocur
foreign cryptocurrency exchange. For example, wire transfer rency wire transfers, which may be performed by the example
server 130 may use transaction module 136 to communicate system of FIG. 1 to complete a wire transfer using cryptocur
a request to foreign exchange server 150 over network 120 via rency, according to certain embodiments of the present dis
links 116 to sell the quantity of cryptocurrency in exchange closure.
for foreign currency that may be deposited into foreign 0048 Example method 200 may begin at step 204 where
account 154 associated with the enterprise. The sale of the customer 102 may use customer device 110 to request a
cryptocurrency may result in an amount of foreign currency transfer of an amount of currency from customer account 134
that may or may not be equivalent to the amount of local associated with an institution operated by an enterprise to a
currency requested to be transferred. In certain embodiments, recipient account 166 which may be associated with a foreign
the sale of the cryptocurrency may occur after a time duration jurisdiction. As a result, an amount of currency associated
after the purchase of the cryptocurrency or it may occur with the foreign jurisdiction may be deposited into recipient
essentially simultaneously as the purchase. account 166. Customer device 110 may communicate this
0045. After the cryptocurrency is sold and the foreign request to wire transfer server 130 over network 120 via links
currency deposited into foreign account 154, wire transfer 116. At step 208, in response to receiving the request for a
server 130 may request for the transfer of the foreign currency fund transfer of a certain amount, wire transfer server 130
into an enterprise account 164 associated with the enterprise. may debit the certain amount from the particular customer
More specifically, wire transfer 130 may use transfer module account associated with customer 102. The debited amount
138 to communicate a request over network 120 via links for may be in a currency local to the jurisdiction associated with
the transfer of the foreign currency into enterprise account customer account 134.
164. The transfer may be done directly from the foreign 0049. After debiting customer account 134, wire transfer
exchange server 150 to foreign financial institution server 160 server 130 may determine, at step 212, whether using cryp
or it may be done via a foreign automated clearing house. tocurrency is optimal. For example, if customer 102 requests
Once the foreign currency is deposited into the particular that the fund transfer be performed in less than a day, it may
enterprise account 164, at least a portion of the amount of be optimal to use cryptocurrency for the transfer rather than a
foreign currency deposited into the particular enterprise traditional wire service that may experience a delay of one
account 164 may be transferred to a recipient. As an example, day or greater. As another example, the enterprise may deter
at least a portion of the amount of foreign currency may be an mine that higher revenue may be generated by using cryp
amount equivalent to the amount of the local currency that tocurrency instead of a traditional wire service. If wire trans
was originally requested to be transferred. Equivalence may fer server 130 determines that using cryptocurrency is not
US 2015/0262.173 A1 Sep. 17, 2015
optimal, it may initiate the transfer of funds using a traditional portion of the amount of foreign currency may also be deter
wire service and proceed to step 232. Otherwise, proceed to mined after the deduction of any fees or charges by the enter
step 216 where wire transfer server 130 may determine which prise or any other third party. At least a portion of the amount
cryptocurrency to use. of foreign currency may also equal the amount of foreign
0050. After determining which cryptocurrency to use, at currency received in the sale of the cryptocurrency. Wire
step 218, wire transfer server 130 may initiate the transfer of transfer server 130 may initiate the transfer of at least a
the certain amount of the local currency into local account portion of the amount of foreign currency by using transfer
144 associated with the enterprise and local exchange server module 138 to communicate a request over network 120 via
140. For example, transfer module 138 may initiate the trans links 116 to transfer at least a portion of the amount of foreign
fer of the certain amount over network 120 via links 116. currency from enterprise account 164 to recipient account
Next, at step 220, wire transfer server 130 may then initiate 166, which may or may not be associated with the same
the purchase of a quantity of cryptocurrency from the cryp foreign financial institution server 160 as enterprise account
tocurrency exchange that may be associated with local 164. In some embodiments, this transfer may be done directly
exchange server 140. For example, the quantity of cryptocur from enterprise account 164 to recipient account 166 or it may
rency may be equivalent to the certain amount of the local involve a foreign automated clearing house. If at step 212,
currency (i.e., the quantity of cryptocurrency that can be wire transfer server 130 determined that using a traditional
purchased at the local exchange for the certain amount of the wire service was optimal, then a traditional wire service may
local currency). Transaction module 136 may do this by com be used instead to transfer the funds into recipient account
municating a request over network 120 via links 116 to local 166.
exchange server 140 to purchase the quantity of cryptocur 0053 FIG. 3 illustrates an example computer system 300.
rency. Payment for the purchase may be made by deducting In particular embodiments, one or more computer systems
the appropriate funds from the local account 144 associated 300 perform one or more steps of one or more methods
with the enterprise. Example method 200 may proceed to step described or illustrated herein. In particular embodiments,
224. one or more computer systems 300 provide functionality
0051. At step 224, after purchasing the quantity of cryp described or illustrated herein. In particular embodiments,
tocurrency, wire transfer server 130 may initiate the transfer Software running on one or more computer systems 300 per
of the quantity of cryptocurrency to a foreign exchange server forms one or more steps of one or more methods described or
150 associated with a particular foreign cryptocurrency illustrated herein or provides functionality described or illus
exchange. Wire transfer server 130 may do this by using trated herein. Particular embodiments include one or more
transfer module 138 to request the transfer of the quantity of portions of one or more computer systems 300. Herein, ref
cryptocurrency over network 120 via links 116. At step 228, erence to a computer system may encompass a computing
wire transfer server 130 may initiate the sale of the quantity of device, and vice versa, where appropriate. Moreover, refer
cryptocurrency at the foreign cryptocurrency exchange. For ence to a computer system may encompass one or more
example, wire transfer server 130 may use transaction mod computer systems, where appropriate.
ule 136 to communicate a request to foreign exchange server 0054. This disclosure contemplates any suitable number
150 over network 120 via links 116 to sell the quantity of of computer systems 300. This disclosure contemplates com
cryptocurrency in exchange for foreign currency that may be puter system 300 taking any suitable physical form. As
deposited into foreign account 154 associated with the enter example and not by way of limitation, computer system 300
prise. The sale of the cryptocurrency may result in an amount may be an embedded computer system, a system-on-chip
of foreign currency that may or may not be equivalent to the (SOC), a single-board computer system (SBC) (such as, for
amount of local currency requested to be transferred. In cer example, a computer-on-module (COM) or system-on-mod
tain embodiments, the sale of the cryptocurrency may occur ule (SOM)), a desktop computer system, a laptop or notebook
after a time duration after the purchase of the cryptocurrency computer system, an interactive kiosk, a mainframe, a mesh
or it may occur essentially simultaneously as the purchase. of computer systems, a mobile telephone, a personal digital
0052. After the cryptocurrency is sold and the foreign assistant (PDA), a server, a tablet computer system, or a
currency deposited into foreign account 154, wire transfer combination of two or more of these. Where appropriate,
server 130 may request for the transfer of the foreign currency computer system 300 may include one or more computer
into an enterprise account 164 associated with the enterprise. systems 300; be unitary or distributed; span multiple loca
More specifically, wire transfer 130 may use transfer module tions; span multiple machines; span multiple data centers; or
138 to communicate a request over network 120 via links for reside in a cloud, which may include one or more cloud
the transfer of the foreign currency into enterprise account components in one or more networks. Where appropriate, one
164. The transfer may be done directly from the foreign or more computer systems 300 may perform without substan
exchange server 150 to foreign financial institution server 160 tial spatial or temporal limitation one or more steps of one or
or it may be done via a foreign automated clearing house. more methods described or illustrated herein. As an example
Once the foreign currency is deposited into the particular and not by way of limitation, one or more computer systems
enterprise account 164, at step 232, at least a portion of the 300 may perform in real time or in batch mode one or more
amount of foreign currency deposited into the particular steps of one or more methods described or illustrated herein.
enterprise account 164 may be transferred to a recipient. As One or more computer systems 300 may perform at different
an example, at least a portion of the amount of foreign cur times or at different locations one or more steps of one or
rency may be an amount equivalent to the amount of the local more methods described or illustrated herein, where appro
currency that was originally requested to be transferred. priate.
Equivalence may be determined by a foreign currency 0055. In particular embodiments, computer system 300
exchange rate at the time of any transaction facilitated by wire includes a processor 302, memory 304, storage 306, an input/
transfer server 130 to complete the fund transfer. At least a output (I/O) interface 308, a communication interface 310,
US 2015/0262.173 A1 Sep. 17, 2015
and a bus 312. Although this disclosure describes and illus may include one or more memory buses, as described below.
trates a particular computer system having a particular num In particular embodiments, one or more memory manage
ber of particular components in a particular arrangement, this ment units (MMUs) reside between processor 302 and
disclosure contemplates any Suitable computer system hav memory 304 and facilitate accesses to memory 304 requested
ing any suitable number of any Suitable components in any by processor 302. In particular embodiments, memory 304
Suitable arrangement. includes random access memory (RAM). This RAM may be
0056. In particular embodiments, processor 302 includes volatile memory, where appropriate Where appropriate, this
hardware for executing instructions, such as those making up RAM may be dynamic RAM (DRAM) or static RAM
a computer program. As an example and not by way of limi (SRAM). Moreover, where appropriate, this RAM may be
tation, to execute instructions, processor 302 may retrieve (or single-ported or multi-ported RAM. This disclosure contem
fetch) the instructions from an internal register, an internal plates any suitable RAM. Memory 304 may include one or
cache, memory 304, or storage 306; decode and execute more memories 304, where appropriate. Although this dis
them; and then write one or more results to an internal regis closure describes and illustrates particular memory, this dis
ter, an internal cache, memory 304, or storage 306. In par closure contemplates any suitable memory.
ticular embodiments, processor 302 may include one or more 0058. In particular embodiments, storage 306 includes
internal caches for data, instructions, or addresses. This dis mass storage for data or instructions. As an example and not
closure contemplates processor 302 including any Suitable by way of limitation, storage 306 may include a hard disk
number of any suitable internal caches, where appropriate. As drive (HDD), a floppy disk drive, flash memory, an optical
an example and not by way of limitation, processor 302 may disc, a magneto-optical disc, magnetic tape, or a Universal
include one or more instruction caches, one or more data Serial Bus (USB) drive or a combination of two or more of
caches, and one or more translation lookaside buffers (TLBs). these. Storage 306 may include removable or non-removable
Instructions in the instruction caches may be copies of (or fixed) media, where appropriate. Storage 306 may be
instructions in memory 304 or storage 306, and the instruc internal or external to computer system 300, where appropri
tion caches may speed up retrieval of those instructions by ate. In particular embodiments, storage 306 is non-volatile,
processor 302. Data in the data caches may be copies of data Solid-state memory. In particular embodiments, storage 306
in memory 304 or storage 306 for instructions executing at includes read-only memory (ROM). Where appropriate, this
processor 302 to operate on; the results of previous instruc ROM may be mask-programmed ROM, programmable ROM
tions executed at processor 302 for access by Subsequent (PROM), erasable PROM (EPROM), electrically erasable
instructions executing at processor 302 or for writing to PROM (EEPROM), electrically alterable ROM (EAROM),
memory 304 or storage 306; or other suitable data. The data or flash memory or a combination of two or more of these.
caches may speed up read or write operations by processor This disclosure contemplates mass storage 306 taking any
302. The TLBs may speed up virtual-address translation for suitable physical form. Storage 306 may include one or more
processor 302. In particularembodiments, processor 302 may storage control units facilitating communication between
include one or more internal registers for data, instructions, or processor 302 and storage 306, where appropriate. Where
addresses. This disclosure contemplates processor 302 appropriate, storage 306 may include one or more storages
including any suitable number of any Suitable internal regis 306. Although this disclosure describes and illustrates par
ters, where appropriate. Where appropriate, processor 302 ticular storage, this disclosure contemplates any Suitable Stor
may include one or more arithmetic logic units (ALUs); be a age.
multi-core processor, or include one or more processors 302. 0059. In particular embodiments, I/O interface 308
Although this disclosure describes and illustrates a particular includes hardware, Software, or both, providing one or more
processor, this disclosure contemplates any suitable proces interfaces for communication between computer system 300
SO. and one or more I/O devices. Computer system 300 may
0057. In particular embodiments, memory 304 includes include one or more of these I/O devices, where appropriate.
main memory for storing instructions for processor 302 to One or more of these I/O devices may enable communication
execute or data for processor 302 to operate on. As an between a person and computer system 300. As an example
example and not by way of limitation, computer system 300 and not by way of limitation, an I/O device may include a
may load instructions from storage 306 or another source keyboard, keypad, microphone, monitor, mouse, printer,
(such as, for example, another computer system 300) to scanner, speaker, still camera, stylus, tablet, touch screen,
memory 304. Processor 302 may then load the instructions trackball, video camera, another suitable I/O device or a
from memory 304 to an internal register or internal cache. To combination of two or more of these. An I/O device may
execute the instructions, processor 302 may retrieve the include one or more sensors. This disclosure contemplates
instructions from the internal register or internal cache and any suitable I/O devices and any suitable I/O interfaces 308
decode them. During or after execution of the instructions, for them. Where appropriate, I/O interface 308 may include
processor 302 may write one or more results (which may be one or more device or Software drivers enabling processor
intermediate or final results) to the internal register or internal 302 to drive one or more of these I/O devices. I/O interface
cache. Processor 302 may then write one or more of those 308 may include one or more I/O interfaces 308, where
results to memory 304. In particular embodiments, processor appropriate. Although this disclosure describes and illustrates
302 executes only instructions in one or more internal regis a particular I/O interface, this disclosure contemplates any
ters or internal caches or in memory 304 (as opposed to suitable I/O interface.
storage 306 or elsewhere) and operates only on data in one or 0060. In particular embodiments, communication inter
more internal registers or internal caches or in memory 304 face 310 includes hardware, software, or both providing one
(as opposed to storage 306 or elsewhere). One or more or more interfaces for communication (such as, for example,
memory buses (which may each include an address bus and a packet-based communication) between computer system 300
data bus) may couple processor 302 to memory 304. Bus 312 and one or more other computer systems 300 or one or more
US 2015/0262.173 A1 Sep. 17, 2015
networks. As an example and not by way of limitation, com text. Therefore, herein, “A and B’ means “A and B, jointly or
munication interface 310 may include a network interface severally, unless expressly indicated otherwise or indicated
controller (NIC) or network adapter for communicating with otherwise by context.
an Ethernet or other wire-based network or a wireless NIC 0064. The scope of this disclosure encompasses all
(WNIC) or wireless adapter for communicating with a wire changes, Substitutions, variations, alterations, and modifica
less network, such as a WI-FI network. This disclosure con tions to the example embodiments described or illustrated
templates any Suitable network and any Suitable communica herein that a person having ordinary skill in the art would
tion interface 310 for it. As an example and not by way of comprehend. The scope of this disclosure is not limited to the
limitation, computer system 300 may communicate with an example embodiments described or illustrated herein. More
ad hoc network, a personal area network (PAN), a local area over, although this disclosure describes and illustrates respec
network (LAN), a wide area network (WAN), a metropolitan tive embodiments hereinas including particular components,
area network (MAN), or one or more portions of the Internet elements, feature, functions, operations, or steps, any of these
or a combination of two or more of these. One or more embodiments may include any combination or permutation
portions of one or more of these networks may be wired or of any of the components, elements, features, functions,
wireless. As an example, computer system 300 may commu operations, or steps described or illustrated anywhere herein
nicate with a wireless PAN (WPAN) (such as, for example, a that a person having ordinary skill in the art would compre
BLUETOOTH WPAN), a WI-FI network, a WI-MAX net hend. Furthermore, reference in the appended claims to an
work, a cellular telephone network (Such as, for example, a apparatus or system or a component of an apparatus or system
Global System for Mobile Communications (GSM) net being adapted to, arranged to, capable of configured to,
work), or other suitable wireless network or a combination of enabled to, operable to, or operative to perform a particular
two or more of these. Computer system 300 may include any function encompasses that apparatus, system, component,
suitable communication interface 310 for any of these net whether or not it or that particular function is activated, turned
works, where appropriate. Communication interface 310 may on, or unlocked, as long as that apparatus, system, or compo
include one or more communication interfaces 310, where nent is so adapted, arranged, capable, configured, enabled,
appropriate. Although this disclosure describes and illustrates operable, or operative.
a particular communication interface, this disclosure contem What is claimed is:
plates any Suitable communication interface. 1. A system comprising:
0061. In particular embodiments, bus 312 includes hard a memory operable to:
ware, software, or both coupling components of computer
system 300 to each other. As an example and not by way of store a customer account associated with a customer;
limitation, bus 312 may include an Accelerated Graphics Port and
(AGP) or other graphics bus, an Enhanced Industry Standard a processor communicatively coupled to the memory, the
Architecture (EISA) bus, a front-side bus (FSB), a HYPER memory including executable instructions that upon
TRANSPORT (HT) interconnect, an Industry Standard execution cause the system to:
Architecture (ISA) bus, an INFINIBAND interconnect, a receive an electronic request for a fund transfer from the
low-pin-count (LPC) bus, a memory bus, a Micro Channel customer,
Architecture (MCA) bus, a Peripheral Component Intercon initiate a debit of a first amount of a first currency from
nect (PCI) bus, a PCI-Express (PCIe) bus, a serial advanced the customer account;
technology attachment (SATA) bus, a Video Electronics Stan determine whether using cryptocurrency is optimal;
dards Association local (VLB) bus, or another suitable bus or in response to determining using cryptocurrency is opti
a combination of two or more of these. Bus 312 may include mal:
one or more buses 312, where appropriate. Although this
disclosure describes and illustrates a particular bus, this dis transfer the first amount of the first currency into an
closure contemplates any suitable bus or interconnect. account associated with a first cryptocurrency
exchange;
0062 Herein, a computer-readable non-transitory storage initiate the purchase of a first quantity of a cryptocur
medium or media may include one or more semiconductor rency from the first cryptocurrency exchange,
based or other integrated circuits (ICs) (such, as for example, wherein the first quantity of cryptocurrency is
field-programmable gate arrays (FPGAs) or application-spe
cific ICs (ASICs)), hard disk drives (HDDs), hybrid hard equivalent to the first amount of the first currency;
drives (HHDs), optical discs, optical disc drives (ODDs), transfer the first quantity of the cryptocurrency to a
magneto-optical discs, magneto-optical drives, floppy dis second cryptocurrency exchange;
kettes, floppy disk drives (FDDs), magnetic tapes, Solid-state initiate, essentially simultaneously as the initiation of
drives (SSDs), RAM-drives, SECURE DIGITAL cards or the purchase, the sale of the first quantity of the
drives, any other suitable computer-readable non-transitory cryptocurrency at the second cryptocurrency
storage media, or any Suitable combination of two or more of exchange, wherein the sale of the first quantity of
these, where appropriate. A computer-readable non-transi cryptocurrency results in a second amount of a
tory storage medium may be volatile, non-volatile, or a com second currency; and
bination of Volatile and non-volatile, where appropriate. communicate a message to a local automated clearing
0063 Herein, “or” is inclusive and not exclusive, unless house, the message requesting a transfer of at least
expressly indicated otherwise or indicated otherwise by con a portion of the second amount of the second cur
text. Therefore, herein, “A or B' means "A, B, or both, unless rency to a recipient.
expressly indicated otherwise or indicated otherwise by con 2. The system of claim 1, wherein the first currency is
text. Moreover, “and” is both joint and several, unless associated with a first country and the second currency is
expressly indicated otherwise or indicated otherwise by con associated with a second country.
US 2015/0262.173 A1 Sep. 17, 2015
3. The system of claim 1, wherein the at least a portion of 13. A fund transfer method comprising:
the second amount of the second currency is equivalent to the storing, using a processor, a customer account associated
first amount of the first currency. with a customer;
4. A system comprising:
a memory operable to: receiving, at a network interface, an electronic request for
store a customer account associated with a customer; a fund transfer from the customer;
and initiating, using the processor, a debit of a first amount of a
a processor communicatively coupled to the memory, the first currency from the customer account;
memory including executable instructions that upon determining whether using cryptocurrency is optimal;
execution cause the system to: in response to determining using cryptocurrency is opti
receive an electronic request for a fund transfer from the mal:
customer,
initiate a debit of a first amount of a first currency from transferring the first amount of the first currency into an
the customer account; account associated with a first cryptocurrency
determine whether using cryptocurrency is optimal; exchange;
in response to determining using cryptocurrency is opti initiating, using the processor, the purchase of a first
mal: quantity of a cryptocurrency from the first cryptocur
transfer the first amount of the first currency into an rency exchange, wherein the first quantity of cryp
account associated with a first cryptocurrency tocurrency is equivalent to the first amount of the first
exchange; currency;
initiate the purchase of a first quantity of a cryptocur transferring the first quantity of the cryptocurrency to a
rency from the first cryptocurrency exchange, second cryptocurrency exchange;
wherein the first quantity of cryptocurrency is
equivalent to the first amount of the first currency; initiating, using the processor, the sale of the first quan
transfer the first quantity of the cryptocurrency to a tity of the cryptocurrency at the second cryptocur
second cryptocurrency exchange; rency exchange, wherein the sale of the first quantity
initiate the sale of the first quantity of the cryptocur of cryptocurrency results in a second amount of a
rency at the second cryptocurrency exchange, second currency; and
wherein the sale of the first quantity of cryptocur initiating, using the processor, the transfer of at least a
rency results in a second amount of a second cur portion of the second amount of the second currency
rency; and to a recipient.
initiate the transfer of at least a portion of the second 14. The method of claim 13, wherein the first cryptocur
amount of the second currency to a recipient. rency exchange is located in a first country and the second
5. The system of claim 4, wherein the first cryptocurrency cryptocurrency exchange is located in a second country.
exchange is located in a first country and the second cryp
tocurrency exchange is located in a second country. 15. The method of claim 13, wherein the first currency is
6. The system of claim 4, wherein the first currency is associated with a first country and the second currency is
associated with a first country and the second currency is associated with a second country.
associated with a second country. 16. The method of claim 13, wherein the customer account
7. The system of claim 4, wherein the customer account is is associated with a first country and the recipient is associ
associated with a first country and the recipient is associated ated with a second country.
with a second country. 17. The method of claim 13, wherein determining whether
8. The system of claim 4, wherein determining whether using cryptocurrency is optimal is based at least in part upon
using cryptocurrency is optimal is based at least in part upon an exchange rate associated with the cryptocurrency.
an exchange rate associated with the cryptocurrency. 18. The method of claim 13, wherein determining whether
9. The system of claim 4, wherein determining whether using cryptocurrency is optimal is based at least in part upon
using cryptocurrency is optimal is based at least in part upon
a date threshold associated with the electronic request. a date threshold associated with the electronic request.
10. The system of claim 4, wherein the at least a portion of 19. The method of claim 13, wherein the at least a portion
the second amount of the second currency is equivalent to the of the second amount of the second currency is equivalent to
first amount of the first currency. the first amount of the first currency.
11. The system of claim 4, wherein the memory further 20. The method of claim 13, further comprising initiating
including executable instructions that upon execution cause the sale within a time threshold of initiating the purchase.
the system to initiate the sale within a time threshold of 21. The method of claim 20, wherein the time threshold is
initiating the purchase.
12. The system of claim 4, wherein the time threshold is essentially simultaneous.
essentially simultaneous. k k k k k