Systems and methods for token-based cross-currency interoperability

US11682005B2 · kind B2 · utility

Assignee

• JPMORGAN CHASE BANK, N.A. · US

Inventors

• John Hunter · North Wales, US
• Umar Farooq · Austin, US
• Tiffany Ashley Wan · New York, US
• Naveen MALLELA · Singapore, SG
• Christine MOY · New York, US
• Tyrone LOBBAN · London, GB
• Oliver Harris · Woking, GB
• Palka S. PATEL · Jersey City, US

Key dates

• Filing date: Sep 3, 2019
• Grant date: Jun 20, 2023
• Expiry date: Sep 3, 2039

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/389
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems and methods for token-based cross-currency interoperability are disclosed. In one embodiment, in a first financial institution information processing apparatus comprising at least one computer processor, a method for conducting a token-based cross-currency transaction may include: (1) receiving, from a first party, a transaction initiation request for a transaction amount to a second party; (2) deducting the transaction amount from a fiat currency account for the first party; (3) creating a token amount of tokens for the transaction amount; (4) writing the token amount to a distributed ledger; and (5) transferring the token amount of tokens to a second financial institution for the second party.