System and method of currency conversion in financial transaction process

US8311944B2 · kind B2 · utility

Assignee

• Mtrex, Inc. · US

Inventors

• W. Jeffrey Knowles · Provo, US
• Russell Hales Day · Provo, US
• David Matthews · Lindon, US
• Jeffrey R. Burke · Orem, US
• Scott E. Wessman · Provo, US
• A. Carlo Okowitz · Orem, US
• Joseph B. Emig · Orem, US

Key dates

• Filing date: Dec 8, 2009
• Grant date: Nov 13, 2012
• Expiry date: Apr 21, 2030

Classification

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

Abstract

A transaction process system (10) provides for data transactions between parties. In a credit card transaction, the parties are the merchant (20), acquiring bank (24), card association (34), issuing bank (14), and cardholder (12). A transaction processing center (30) is positioned between the acquiring bank and the card association. The transaction processing center provides data processing channels for message-based processing (72) and filed-based processing (76). The file-based processing uses an incoming queue (80) and outgoing queue (84) to simplify the interface. The transaction processing center also provides for currency conversions and account reconciliation on a per transaction basis. The transaction processing center uses a scheduler (160) to efficiently manage the data processing resources.