Fiat payment based on a cryptocurrency blockchain transaction

US12169868B2 · kind B2 · utility

Assignee

• The Toronto-Dominion Bank · CA

Inventors

• Miguel Navarro · Ewing, US
• Levi Sutter · Garfield Park North, US

Key dates

• Filing date: May 13, 2022
• Grant date: Dec 17, 2024
• Expiry date: Dec 28, 2042

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/06
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

An example operation may include one or more of receiving, via a host platform, a payment authorization request message for a payment transaction of a digital wallet hosted by the host platform from a payment gateway of an electronic payment network, verifying that a payment account in the digital wallet has sufficient funds to satisfy an amount of the payment transaction and transmitting a payment authorization response to the payment gateway, pausing clearing and settling of the authorized payment transaction, executing a blockchain transaction via a blockchain ledger of a cryptocurrency network to exchange fiat currency from the payment account for cryptocurrency based on the amount of the payment transaction, prior to a due date of the authorized payment transaction, executing a second blockchain transaction to exchange the cryptocurrency for a new amount of fiat currency, and settling the authorized payment transaction based on the new amount of fiat currency received from the second blockchain transaction.