Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Electronic shopping
Patent
1996-06-14
1999-04-27
MacDonald, Allen R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Electronic shopping
705 39, 705 42, 705 43, 705 38, 235379, 235380, G06F 1760, G06F 752
Patent
active
058976213
ABSTRACT:
A system and method for determining approval of a multi-currency transaction between a customer and a merchant over a network. The system includes a customer computer which is connected to a communication network, a merchant computer which is connected to the communication network, and a server connected to both the customer computer via the communication network and to the merchant computer via the communication network. The customer computer includes a first set of data which contains an amount the customer is willing to pay the merchant for a product in a first currency. The merchant computer includes a second set of data which contains a product price at which the merchant agrees to sell the product in a second currency. The server receives the first set of data and the second set of data. The server then converts the amount in the first currency into a converted amount in the second currency. The server approves the transaction if the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates. Once the transaction is approved, the approving entity may settle the transaction at its discretion thereby bearing the risk associated with currency exchange. The parties, however, incur no risk. The customer will pay be amount in the first currency and the merchant will receive the price in the second currency. These are values known and agreed to by the parties at the time of the transaction.
REFERENCES:
patent: 3652795 (1972-03-01), Wolf et al.
patent: 4251867 (1981-02-01), Uchida et al.
patent: 4766293 (1988-08-01), Boston
patent: 4812628 (1989-03-01), Boston et al.
patent: 4823264 (1989-04-01), Deming
patent: 4837422 (1989-06-01), Dethloff et al.
patent: 4877947 (1989-10-01), Mori
patent: 5440634 (1995-08-01), Jones
patent: 5453601 (1995-09-01), Rosen
patent: 5455407 (1995-10-01), Rosen
patent: 5557518 (1996-09-01), Rosen
patent: 5659165 (1997-08-01), Jennings et al.
patent: 5687323 (1997-11-01), Hodroff
patent: 5715399 (1998-02-01), Bezos
patent: 5787402 (1998-07-01), Potter et al.
"RSA Signs Deal With China", Internet Week, vol. 2, No. 7, (Feb. 12, 1996).
Cohen, Jackie, "Citibank's Bid To Be The King of Cash", Bank Technology News, vol. 9, No. 9, (Sep. 1996), pp. 9-12.
"PSINet Teams With WorldPay Ltd. to Launch the World's First Secure Multi-Currency Solution for International Electronic Commerce", PR Newswire, Oct. 6,1997.
McDougall, Bruce, "Electronic Evolution", Canadian Banker, vol.102, No. 5, (Sep./Oct. 1995), pp. 28-33.
Bers, Joanna Smith, "Cyberspace: The New Promised Land", Bank Systems & Technology, vol. 32, No. 7, (Jul. 1995), pp. 32-37.
Boesch Brian Paul
Crocker Stephen David
Eastlake, III Donald Eggleston
Hart, Jr. Alden Sherburne
Jackson Andrew
Cybercash, Inc.
MacDonald Allen R.
Patel Jagdish
LandOfFree
System and method for multi-currency transactions does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with System and method for multi-currency transactions, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and System and method for multi-currency transactions will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-682898