Dynamic currency conversion system and method

US8655781B2 · kind B2 · utility

Assignee

• PAYMENTECH, LLC · US

Inventors

• Michael K. Nicholls · Land O' Lakes, US
• Lester S. Maragh · Palm Harbor, US
• Joan DeTemple · Land O' Lakes, US
• Rosemary R. Thomas · Satellite Beach, US
• George E. Wilcox · Palm Harbor, US
• Keeley M. Sapienza · Tampa, US
• Zunoraine Holmes · South 375th Place, US
• Lubna Shad · Clearwater, US

Key dates

• Filing date: Jan 29, 2013
• Grant date: Feb 18, 2014
• Expiry date: Jan 29, 2033

Classification

• Technology area (CPC G): Physics
• CPC primary: G07F7/08
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system for dynamic currency conversion is provided. The system includes a bank identifier system determining whether currency conversion is available for a card-issuing bank of a presented card, such as by comparing a bank identifier from the card with a list or table of participating banks. An exchange rate system determines whether an exchange rate has expired, such as an exchange rate associated with the foreign currency of the card-issuing bank. The card holder is presented with an option for selecting a foreign currency transaction after it is determined that currency conversion is available for the card-issuing bank and that the exchange rate has not expired, such that the card holder does not need to see such information unless foreign currency processing is available.