System and method for multi-currency transactions

US5897621A · kind A · utility

Assignee

• CyberCash, Inc. · US

Inventors

• Brian Boesch · Herndon, US
• Stephen David Crocker · Bethesda, US
• Donald E. Eastlake, III · Ashland, US
• Alden Sherburne Hart, Jr. · Knoxville, US
• Andrew Jackson · Falls Church, US
• Robert A. Lindenberg · Sudbury, US
• Denise Marie Paredes · Centreville, US

Key dates

• Filing date: Jun 14, 1996
• Grant date: Apr 27, 1999
• Expiry date: Jun 14, 2016

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

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 discret…