U.S. patent number RE44,502 [Application Number 12/855,603] was granted by the patent office on 2013-09-17 for system and method for multi-currency transactions.
This patent grant is currently assigned to Paypal International Limited, Paypal, Inc.. The grantee listed for this patent is Brian Paul Boesch, Stephen David Crocker, Donald Eggleston Eastlake, III, Alden Sherburne Hart, Jr., Andrew Jackson, Robert A. Lindenberg, Denise Marie Paredes. Invention is credited to Brian Paul Boesch, Stephen David Crocker, Donald Eggleston Eastlake, III, Alden Sherburne Hart, Jr., Andrew Jackson, Robert A. Lindenberg, Denise Marie Paredes.
United States Patent |
RE44,502 |
Boesch , et al. |
September 17, 2013 |
System and method for multi-currency transactions
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 discretion thereby bearing the risk associated
with currency exchange. The parties, however, incur no risk. The
customer will pay the amount in the first currency and the merchant
will receive the price in the second currency. These are values
known and agreed to by the parties at the time of the
transaction.
Inventors: |
Boesch; Brian Paul (Herndon,
VA), Crocker; Stephen David (Bethesda, MD), Eastlake,
III; Donald Eggleston (Carlisle, MA), Hart, Jr.; Alden
Sherburne (Arlington, VA), Jackson; Andrew (Falls
Church, VA), Lindenberg; Robert A. (Sudburn, MA),
Paredes; Denise Marie (Centreville, VA) |
Applicant: |
Name |
City |
State |
Country |
Type |
Boesch; Brian Paul
Crocker; Stephen David
Eastlake, III; Donald Eggleston
Hart, Jr.; Alden Sherburne
Jackson; Andrew
Lindenberg; Robert A.
Paredes; Denise Marie |
Herndon
Bethesda
Carlisle
Arlington
Falls Church
Sudburn
Centreville |
VA
MD
MA
VA
VA
MA
VA |
US
US
US
US
US
US
US |
|
|
Assignee: |
Paypal, Inc. (San Jose, CA)
Paypal International Limited (Dublin, IE)
|
Family
ID: |
24663678 |
Appl.
No.: |
12/855,603 |
Filed: |
August 12, 2010 |
Related U.S. Patent Documents
|
|
|
|
|
|
|
Application
Number |
Filing Date |
Patent Number |
Issue Date |
|
|
10390540 |
Aug 31, 2010 |
Re. 41619 |
|
|
|
08663896 |
Apr 27, 1999 |
5897621 |
|
|
Reissue of: |
09213590 |
Dec 17, 1998 |
6205433 |
Mar 20, 2001 |
|
|
Current U.S.
Class: |
705/27.1; 705/42;
705/37; 705/39 |
Current CPC
Class: |
G06Q
30/0637 (20130101); G06Q 20/04 (20130101); G06Q
20/06 (20130101); G06Q 40/04 (20130101); G06Q
30/0641 (20130101); G06Q 20/1085 (20130101); G06Q
20/381 (20130101); G06Q 20/12 (20130101); G06Q
20/10 (20130101); G06Q 20/02 (20130101); G06Q
20/108 (20130101); G06Q 40/025 (20130101) |
Current International
Class: |
G06Q
30/06 (20120101) |
Field of
Search: |
;705/26.1,37,39,42,26.82,38,43 ;235/379,380 |
References Cited
[Referenced By]
U.S. Patent Documents
Foreign Patent Documents
|
|
|
|
|
|
|
4308597 |
|
Aug 1993 |
|
DE |
|
251619 |
|
Jan 1988 |
|
EP |
|
0 254 812 |
|
Feb 1988 |
|
EP |
|
542298 |
|
May 1993 |
|
EP |
|
590861 |
|
Apr 1994 |
|
EP |
|
2 261 579 |
|
May 1993 |
|
GB |
|
2 296 413 |
|
Jun 1996 |
|
GB |
|
2 301 919 |
|
Dec 1996 |
|
GB |
|
WO 91/16691 |
|
Oct 1991 |
|
WO |
|
WO 95/12169 |
|
May 1995 |
|
WO |
|
WO 96/33568 |
|
Oct 1996 |
|
WO |
|
WO 96/36024 |
|
Nov 1996 |
|
WO |
|
WO 99/41315 |
|
Dec 1996 |
|
WO |
|
WO 97/04411 |
|
Feb 1997 |
|
WO |
|
WO 97/43727 |
|
Nov 1997 |
|
WO |
|
WO 97/48078 |
|
Dec 1997 |
|
WO |
|
Other References
Lee et al.; "Considering exchange rate movements in economic
evaluation of foreign direct investments", Engineering Economist,
v40n2 pp. 171-199, 1995. cited by examiner .
"RSA" Signs Deal With China:, Internet Week, vol. 2, No. 7, (Feb.
12, 1996). cited by applicant .
Cohen, Jackie, "Citibank's Bid To Be The King of Cash," Bank
Technology News, vol. 9, No. 9, (Sep. 1996), pp. 9-12. cited by
applicant .
PSINet Teams With WorldPay Ltd. to Launch the Worlds, First Secure
Multi-Currency Solution for International Electronic Commerce, PR
Newswire, Oct. 6, 1997. cited by applicant .
McDougall, Bruce, "Electronic Evolution," Canadian Banker, vol.
102, No. 5, (Sep./Oct. 1995), pp. 28-33. cited by applicant .
Bers, Joanna Smith, "Cyberspace: The New Promised Land," Bank
Systems & Technology, vo.. 32, No. 7, (Jul. 1995), pp. 32-37.
cited by applicant.
|
Primary Examiner: Patel; Jagdish
Attorney, Agent or Firm: Kenyon & Kenyon LLP
Parent Case Text
.Iadd.RELATED APPLICATIONS.Iaddend.
.Iadd.This is a continuation reissue application of U.S. Reissue
application Ser. No. 10/390,540 filed Mar. 18, 2003, now U.S. Pat.
No. RE41,619, which issued Aug. 31, 2010 as a reissue of U.S. Pat.
No. 6,205,433, issued Mar. 20, 2001, which is a continuation of
U.S. application Ser. No. 08/663,896 filed Jun. 14, 1996, issued
Apr. 27, 1999, now U.S. Pat. No. 5,897,621. The contents of each of
these patents are incorporated herein by reference..Iaddend.
This application is a continuation of patent application Ser. No.
08/663,896, filed Jun. 14, 1996, now allowed, the disclosure of
which is incorporated by reference herein, in its entirety.
Claims
What is claimed is:
.[.1. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when the converted amount in the second
currency is at least equal to the product price in the second
currency in accordance with current exchange rates..].
.[.2. The system of claim 1, wherein the customer selects the first
currency from the plurality of currencies in which the customer has
an account for each currency..].
.[.3. The system of claim 1, wherein the server selects the first
currency from the plurality of currencies in which the customer has
an account for each currency, wherein the selected first currency
when converted into the second currency, the merchant price is the
least expensive..].
.[.4. The system of claim 1, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.5. The system of claim 1, wherein the server selects the second
currency from the plurality of currencies, wherein the merchant
price is the least expensive for the selected second currency when
the first currency is converted into the second currency..].
.[.6. The system of claim 1, wherein the first currency is selected
from a plurality of currencies in which the customer has an account
for each currency and the second currency is selected from a
plurality of currencies the merchant is willing to accept..].
.[.7. The system of claim 6, wherein the customer selects the first
currency from the plurality of currencies..].
.[.8. The system of claim 6, wherein the server selects the first
currency from the plurality of currencies, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.9. The system of claim 6, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.10. The system of claim 6, wherein the server selects the second
currency from the plurality of currencies, wherein the merchant
price is the least expensive for the selected second currency when
the first currency is converted into the second currency..].
.[.11. The system of claim 1, wherein the server further comprises
a customer balance account associated with the customer, wherein
the customer balance account comprises a customer balance in the
first currency and wherein the server deducts the amount in the
first currency from the balance in the customer balance
account..].
.[.12. The system of claim 1, wherein a party other than the server
further comprises a customer balance account associated with the
customer, wherein the customer balance account comprises a customer
balance in the first currency and wherein the party other than the
server deducts the amount in the first currency from the balance in
the customer balance account based on information provided by the
server..].
.[.13. The system of claim 1, wherein the server further comprises
a merchant balance account associated with the merchant, wherein
the merchant balance account comprises a merchant balance in the
second currency and wherein the server adds the converted amount in
the second currency to the balance in the merchant balance
account..].
.[.14. The system of claim 1, wherein a party other than the server
further comprises a merchant balance account associated with the
merchant, wherein the merchant balance account comprises a merchant
balance in the second currency and wherein the party other than the
server adds the converted amount in the second currency to the
balance in the merchant balance account based on information
provided by the server..].
.[.15. The system of claim 1, wherein the network is selected from
the group consisting of the Internet, an intranet, and a Local Area
Network (LAN)..].
.[.16. The system of claim 1, wherein the current exchange rate is
selected from the group consisting of a currency broker and a
bank..].
.[.17. The system of claim 1, wherein the merchant sets the
exchange rate..].
.[.18. The system of claim 1, wherein the customer computer sends a
copy of the agreed price in the second currency to the
server..].
.[.19. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
customer selects the first currency from the plurality of
currencies in which the customer has an account for each
currency..].
.[.20. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
server selects the first currency from the plurality of currencies
in which the customer has an account for each currency, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..].
.[.21. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
customer selects the second currency from the plurality of
currencies the merchant is willing to accept..].
.[.22. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
server selects the second currency from the plurality of
currencies, wherein the merchant price is the least expensive for
the selected second currency when the first currency is converted
into the second currency..].
.[.23. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
first currency is selected from a plurality of currencies in which
the customer has an account for each currency and the second
currency is selected from a plurality of currencies the merchant is
willing to accept..].
.[.24. The system of claim 23, wherein the customer selects the
first currency from the plurality of currencies..].
.[.25. The system of claim 23, wherein the server selects the first
currency from the plurality of currencies, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.26. The system of claim 23, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.27. The system of claim 23, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.28. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein a party
other than the server further comprises a customer balance account
associated with the customer, wherein the customer balance account
comprises a customer balance in the first currency and wherein the
party other than the server deducts the amount in the first
currency from the balance in the customer balance account based on
information provided by the server..].
.[.29. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein a party
other than the server further comprises a merchant balance account
associated with the merchant, wherein the merchant balance account
comprises a merchant balance in the second currency and wherein the
party other than the server adds the converted amount in the second
currency to the balance in the merchant balance account based on
information provided by the server..].
.[.30. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
current exchange rate is selected from the group consisting of a
currency broker and a bank..].
.[.31. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
merchant sets the exchange rate..].
.[.32. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when 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, wherein the
customer computer sends a copy of the agreed price in the second
currency to the server..].
.[.33. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency; a
merchant computer associated with a merchant and connected to the
network, wherein the merchant computer further comprises a second
set of data including a product price at which the merchant agrees
to sell the product in a second currency; and a server connected to
both the customer computer via the network and the merchant
computer via the network, for receiving the first set of data, the
second set of data, and for converting the amount in the first
currency into a converted amount in the second currency, and for
approving the transaction when the converted amount in the second
currency is within a payment range of the product price in the
second currency in accordance with current exchange rates..].
.[.34. The system of claim 33, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.35. The system of claim 33, wherein the server selects the first
currency from the plurality of currencies in which the customer has
an account for each currency, wherein the selected first currency
when converted into the second currency, the merchant price is the
least expensive..].
.[.36. The system of claim 33, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.37. The system of claim 33, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.38. The system of claim 33, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.39. The system of claim 38, wherein the customer selects the
first currency from the plurality of currencies..].
.[.40. The system of claim 38, wherein the server selects the first
currency from the plurality of currencies, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.41. The system of claim 38, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.42. The system of claim 38, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.43. The system of claim 33, wherein the server further comprises
a customer balance account associated with the customer, wherein
the customer balance account comprises a customer balance in the
first currency and wherein the server deducts the amount in the
first currency from the balance in the customer balance
account..].
.[.44. The system of claim 33, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.45. The system of claim 33, wherein the server further comprises
a merchant balance account associated with the merchant, wherein
the merchant balance account comprises a merchant balance in the
second currency and wherein the server adds the converted amount in
the second currency to the balance in the merchant balance
account..].
.[.46. The system of claim 33, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.47. The system of claim 33, wherein the network is selected from
the group consisting of the Internet, an intranet, and a Local Area
Network (LAN)..].
.[.48. The system of claim 33, wherein the current exchange rate is
selected from the group consisting of a currency broker and a
bank..].
.[.49. The system of claim 33, wherein the merchant sets the
exchange rate..].
.[.50. The system of claim 33, wherein the customer computer sends
a copy of the agreed price in the second currency to the
server..].
.[.51. The system of claim 33, wherein if the converted amount in
the second currency is less than the product price in the second
currency and the difference between the converted amount in the
second currency and the product price in the second currency is
within a predetermined range, then the server records the
difference..].
.[.52. The system of claim 51, wherein the server collects the
recorded difference from the customer..].
.[.53. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including a
converted amount in a second currency, wherein the customer
computer generates the converted amount in the second currency by
converting the amount the customer agrees to pay for a product in a
first amount into the converted amount in the second currency using
current exchange rates, wherein the second currency is a currency
the merchant is willing to accept; a merchant computer associated
with a merchant and connected to the network, wherein the merchant
computer further comprises a second set of data including a product
price at which the merchant agrees to sell the product in the
second currency; and a server connected to both the customer
computer via the network and the merchant computer via the network,
for receiving the first set of data, the second set of data, and
for approving the transaction when the converted amount in the
second currency is at least equal to the product price in the
second currency in accordance with current exchange rates..].
.[.54. The system of claim 53, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.55. The system of claim 53, wherein the server selects the first
currency from the plurality of currencies in which the customer has
an account for each currency, wherein the selected first currency
when converted into the second currency, the merchant price is the
least expensive..].
.[.56. The system of claim 53, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.57. The system of claim 53, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.58. The system of claim 53, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.59. The system of claim 58, wherein the customer selects the
first currency from the plurality of currencies..].
.[.60. The system of claim 58, wherein the server selects the first
currency from the plurality of currencies, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.61. The system of claim 58, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.62. The system of claim 58, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.63. The system of claim 53, wherein the server further comprises
a customer balance account associated with the customer, wherein
the customer balance account comprises a customer balance in the
first currency and wherein the server deducts the amount in the
first currency from the balance in the customer balance
account..].
.[.64. The system of claim 53, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.65. The system of claim 53, wherein the server further comprises
a merchant balance account associated with the merchant, wherein
the merchant balance account comprises a merchant balance in the
second currency and wherein the server adds the converted amount in
the second currency to the balance in the merchant balance
account..].
.[.66. The system of claim 53, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.67. The system of claim 53, wherein the network is selected from
the group consisting of the Internet, an intranet, and a Local Area
Network (LAN)..].
.[.68. The system of claim 53, wherein the current exchange rate is
selected from the group consisting of a currency broker and a
bank..].
.[.69. The system of claim 53, wherein the merchant sets the
exchange rate..].
.[.70. The system of claim 53, wherein the customer computer sends
a copy of the agreed price in the second currency to the
server..].
.[.71. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including a
converted amount in a second currency, wherein the customer
computer generates the converted amount in the second currency by
converting the amount the customer agrees to pay for a product in a
first amount into the converted amount in the second currency using
current exchange rates, wherein the second currency is a currency
the merchant is willing to accept; a merchant computer associated
with a merchant and connected to the network, wherein the merchant
computer further comprises a second set of data including a product
price at which the merchant agrees to sell the product in a second
currency; and a server connected to both the customer computer via
the network and the merchant computer via the network, for
receiving the first set of data, the second set of data, and for
approving the transaction when 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..].
.[.72. The system of claim 71, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.73. The system of claim 71, wherein the server selects the first
currency from the plurality of currencies in which the customer has
an account for each currency, wherein the selected first currency
when converted into the second currency, the merchant price is the
least expensive..].
.[.74. The system of claim 71, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.75. The system of claim 71, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.76. The system of claim 71, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.77. The system of claim 76, wherein the customer selects the
first currency from the plurality of currencies..].
.[.78. The system of claim 76, wherein the server selects the first
currency from the plurality of currencies, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.79. The system of claim 76, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.80. The system of claim 76, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.81. The system of claim 71, wherein the server further comprises
a customer balance account associated with the customer, wherein
the customer balance account comprises a customer balance in the
first currency and wherein the server deducts the amount in the
first currency from the balance in the customer balance
account..].
.[.82. The system of claim 71, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.83. The system of claim 71, wherein the server further comprises
a merchant balance account associated with the merchant, wherein
the merchant balance account comprises a merchant balance in the
second currency and wherein the server adds the converted amount in
the second currency to the balance in the merchant balance
account..].
.[.84. The system of claim 71, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.85. The system of claim 71, wherein the network is selected from
the group consisting of the Internet, an intranet, and a Local Area
Network (LAN)..].
.[.86. The system of claim 71, wherein the current exchange rate is
selected from the group consisting of a currency broker and a
bank..].
.[.87. The system of claim 71, wherein the merchant sets the
exchange rate..].
.[.88. The system of claim 71, wherein the customer computer sends
a copy of the agreed price in the second currency to the
server..].
.[.89. A system for determining approval of a transaction between a
merchant and a customer over a network, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including a
converted amount in a second currency, wherein the customer
computer generates the converted amount in the second currency by
converting the amount the customer agrees to pay for a product in a
first amount into the converted amount in the second currency using
current exchange rates, wherein the second currency is a currency
the merchant is willing to accept; a merchant computer associated
with a merchant and connected to the network, wherein the merchant
computer further comprises a second set of data including a product
price at which the merchant agrees to sell the product in a second
currency; and a server connected to both the customer computer via
the network and the merchant computer via the network, for
receiving the first set of data, the second set of data, and for
approving the transaction when the converted amount in the second
currency is within a payment range of the product price in the
second currency in accordance with current exchange rates..].
.[.90. The system of claim 89, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.91. The system of claim 89, wherein the server selects the first
currency from the plurality of currencies in which the customer has
an account for each currency, wherein the selected first currency
when converted into the second currency, the merchant price is the
least expensive..].
.[.92. The system of claim 89, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.93. The system of claim 89, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.94. The system of claim 89, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.95. The system of claim 94, wherein the customer selects the
first currency from the plurality of currencies..].
.[.96. The system of claim 94, wherein the server selects the first
currency from the plurality of currencies, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.97. The system of claim 94, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.98. The system of claim 94, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.99. The system of claim 89, wherein the server further comprises
a customer balance account associated with the customer, wherein
the customer balance account comprises a customer balance in the
first currency and wherein the server deducts the amount in the
first currency from the balance in the customer balance
account..].
.[.100. The system of claim 89, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.101. The system of claim 89, wherein the server further
comprises a merchant balance account associated with the merchant,
wherein the merchant balance account comprises a merchant balance
in the second currency and wherein the server adds the converted
amount in the second currency to the balance in the merchant
balance account..].
.[.102. The system of claim 89, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.103. The system of claim 89, wherein the network is selected
from the group consisting of the Internet, an intranet, and a Local
Area Network (LAN)..].
.[.104. The system of claim 89, wherein the current exchange rate
is selected from the group consisting of a currency broker and a
bank..].
.[.105. The system of claim 89, wherein the merchant sets the
exchange rate..].
.[.106. The system of claim 89, wherein the customer computer sends
a copy of the agreed price in the second currency to the
server..].
.[.107. A system for determining approval of a transaction between
a merchant and a customer over a network, wherein the transaction
includes the merchant providing a product to the customer at a
product price in a second currency, wherein the product price in
the second currency is known by the customer, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency;
and a server connected to the customer computer via the network and
having the product price in a second currency, for receiving the
first set of data, for converting the amount in the first currency
into a converted amount in the second currency, and for approving
the transaction when the converted amount in the second currency is
at least equal to the product price in the second currency in
accordance with current exchange rates..].
.[.108. The system of claim 107, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.109. The system of claim 107, wherein the server selects the
first currency from the plurality of currencies in which the
customer has an account for each currency, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.110. The system of claim 107, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.111. The system of claim 107, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.112. The system of claim 107, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.113. The system of claim 112, wherein the customer selects the
first currency from the plurality of currencies..].
.[.114. The system of claim 112, wherein the server selects the
first currency from the plurality of currencies, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..].
.[.115. The system of claim 112, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.116. The system of claim 112, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.117. The system of claim 107, wherein the server further
comprises a customer balance account associated with the customer,
wherein the customer balance account comprises a customer balance
in the first currency and wherein the server deducts the amount in
the first currency from the balance in the customer balance
account..].
.[.118. The system of claim 107, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.119. The system of claim 107, wherein the server further
comprises a merchant balance account associated with the merchant,
wherein the merchant balance account comprises a merchant balance
ha the second currency and wherein the server adds the converted
amount in the second currency to the balance in the merchant
balance account..].
.[.120. The system of claim 107, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.121. The system of claim 107, wherein the network is selected
from the group consisting of the Internet, an intranet, and a Local
Area Network (LAN)..].
.[.122. The system of claim 107, wherein the current exchange rate
is selected from the group consisting of a currency broker and a
bank..].
.[.123. The system of claim 107, wherein the merchant sets the
exchange rate..].
.[.124. The system of claim 107, wherein the customer computer
sends a copy of the agreed price in the second currency to the
server..].
.[.125. A system for determining approval of a transaction between
a merchant and a customer over a network, wherein the transaction
includes the merchant providing a product to the customer at a
product price in a second currency, wherein the product price in
the second currency is known by the customer, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency;
and a server connected to the customer computer via the network and
having the product price in a second currency, for receiving the
first set of data, for converting the amount in the first currency
into a converted amount in the second currency, and for approving
the transaction when 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..].
.[.126. The system of claim 125, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.127. The system of claim 125, wherein the server selects the
first currency from the plurality of currencies in which the
customer has an account for each currency, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.128. The system of claim 125, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.129. The system of claim 125, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.130. The system of claim 125, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.131. The system of claim 130, wherein the customer selects the
first currency from the plurality of currencies..].
.[.132. The system of claim 130, wherein the server selects the
first currency from the plurality of currencies, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..].
.[.133. The system of claim 130, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.134. The system of claim 130, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.135. The system of claim 125, wherein the server further
comprises a customer balance account associated with the customer,
wherein the customer balance account comprises a customer balance
in the first currency and wherein the server deducts the amount in
the first currency from the balance in the customer balance
account..].
.[.136. The system of claim 125, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.137. The system of claim 125, wherein the server further
comprises a merchant balance account associated with the merchant,
wherein the merchant balance account comprises a merchant balance
in the second currency and wherein the server adds the converted
amount in the second currency to the balance in the merchant
balance account..].
.[.138. The system of claim 125, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.139. The system of claim 125, wherein the network is selected
from the group consisting of the Internet, an intranet, and a Local
Area Network (LAN)..].
.[.140. The system of claim 125, wherein the current exchange rate
is selected from the group consisting of a currency broker and a
bank..].
.[.141. The system of claim 125, wherein the merchant sets the
exchange rate..].
.[.142. The system of claim 125, wherein the customer computer
sends a copy of the agreed price in the second currency to the
server..].
.[.143. A system for determining approval of a transaction between
a merchant and a customer over a network, wherein the transaction
includes the merchant providing a product to the customer at a
product price in a second currency, wherein the product price in
the second currency is known by the customer, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including an amount
the customer agrees to pay for the a product in a first currency;
and a server connected to the customer computer via the network and
having the product price in a second currency, for receiving the
first set of data, for converting the amount in the first currency
into a converted amount in the second currency, and for approving
the transaction when the converted amount in the second currency is
within a payment range of the product price in the second currency
in accordance with current exchange rates..].
.[.144. The system of claim 143, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.145. The system of claim 143, wherein the server selects the
first currency from the plurality of currencies in which the
customer has an account for each currency, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.146. The system of claim 143, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.147. The system of claim 143, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.148. The system of claim 143, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.149. The system of claim 148, wherein the customer selects the
first currency from the plurality of currencies..].
.[.150. The system of claim 148, wherein the server selects the
first currency from the plurality of currencies, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..].
.[.151. The system of claim 148, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.152. The system of claim 148, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.153. The system of claim 143, wherein the server further
comprises a customer balance account associated with the customer,
wherein the customer balance account comprises a customer balance
in the first currency and wherein the server deducts the amount in
the first currency from the balance in the customer balance
account..].
.[.154. The system of claim 143, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.155. The system of claim 143, wherein the server further
comprises a merchant balance account associated with the merchant,
wherein the merchant balance account comprises a merchant balance
in the second currency and wherein the server adds the converted
amount in the second currency to the balance in the merchant
balance account..].
.[.156. The system of claim 143, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.157. The system of claim 143, wherein the network is selected
from the group consisting of the Internet, an intranet, and a Local
Area Network (LAN)..].
.[.158. The system of claim 143, wherein the current exchange rate
is selected from the group consisting of a currency broker and a
bank..].
.[.159. The system of claim 143, wherein the merchant sets the
exchange rate..].
.[.160. The system of claim 143, wherein the customer computer
sends a copy of the agreed price in the second currency to the
server..].
.[.161. A system for determining approval of a transaction between
a merchant and a customer over a network, wherein the transaction
includes the merchant providing a product to the customer at a
product price in a second currency, wherein the product price in
the second currency is known by the customer, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including a
converted amount in a second currency, wherein the customer
computer generates the converted amount in the second currency by
converting the amount the customer agrees to pay for a product in a
first amount into the converted amount in the second currency using
current exchange rates, wherein the second currency is a currency
the merchant is willing to accept; and a server connected to the
customer computer via the network and having the product price in a
second currency, for receiving the first set of data, and for
approving the transaction when the converted amount in the second
currency is at least equal to the product price in the second
currency in accordance with current exchange rates..].
.[.162. The system of claim 161, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.163. The system of claim 161, wherein the server selects the
first currency from the plurality of currencies in which the
customer has an account for each currency, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.164. The system of claim 161, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.165. The system of claim 161, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.166. The system of claim 161, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.167. The system of claim 166, wherein the customer selects the
first currency from the plurality of currencies..].
.[.168. The system of claim 166, wherein the server selects the
first currency from the plurality of currencies, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..].
.[.169. The system of claim 166, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.170. The system of claim 166, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.171. The system of claim 161, wherein the server further
comprises a customer balance account associated with the customer,
wherein the customer balance account comprises a customer balance
in the first currency and wherein the server deducts the amount in
the first currency from the balance in the customer balance
account..].
.[.172. The system of claim 161, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.173. The system of claim 161, wherein the server further
comprises a merchant balance account associated with the merchant,
wherein the merchant balance account comprises a merchant balance
in the second currency and wherein the server adds the converted
amount in the second currency to the balance in the merchant
balance account..].
.[.174. The system of claim 161, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.175. The system of claim 161, wherein the network is selected
from the group consisting of the Internet, an intranet, and a Local
Area Network (LAN)..].
.[.176. The system of claim 161, wherein the current exchange rate
is selected from the group consisting of a currency broker and a
bank..].
.[.177. The system of claim 161, wherein the merchant sets the
exchange rate..].
.[.178. The system of claim 161, wherein the customer computer
sends a copy of the agreed price in the second currency to the
server..].
.[.179. A system for determining approval of a transaction between
a merchant and a customer over a network, wherein the transaction
includes the merchant providing a product to the customer at a
product price in a second currency, wherein the product price in
the second currency is known by the customer, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including a
converted amount in a second currency, wherein the customer
computer generates the converted amount in the second currency by
converting the amount the customer agrees to pay for a product in a
first amount into the converted amount in the second currency using
current exchange rates, wherein the second currency is a currency
the merchant is willing to accept; and a server connected to the
customer computer via the network and having the product price in a
second currency, for receiving the first set of data, and for
approving the transaction when 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..].
.[.180. The system of claim 179, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.181. The system of claim 179, wherein the server selects the
first currency from the plurality of currencies in which the
customer has an account for each currency, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.182. The system of claim 179, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.183. The system of claim 179, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.184. The system of claim 179, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.185. The system of claim 184, wherein the customer selects the
first currency from the plurality of currencies..].
.[.186. The system of claim 184, wherein the server selects the
first currency from the plurality of currencies, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..].
.[.187. The system of claim 184, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.188. The system of claim 184, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.189. The system of claim 179, wherein the server further
comprises a customer balance account associated with the customer,
wherein the customer balance account comprises a customer balance
in the first currency and wherein the server deducts the amount in
the first currency from the balance in the customer balance
account..].
.[.190. The system of claim 179, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.191. The system of claim 179, wherein the server further
comprises a merchant balance account associated with the merchant,
wherein the merchant balance account comprises a merchant balance
in the second currency and wherein the server adds the converted
amount in the second currency to the balance in the merchant
balance account..].
.[.192. The system of claim 179, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.193. The system of claim 179, wherein the network is selected
from the group consisting of the Internet, an intranet, and a Local
Area Network (LAN)..].
.[.194. The system of claim 179, wherein the current exchange rate
is selected from the group consisting of a currency broker and a
bank..].
.[.195. The system of claim 179, wherein the merchant sets the
exchange rate..].
.[.196. The system of claim 179, wherein the customer computer
sends a copy of the agreed price in the second currency to the
server..].
.[.197. A system for determining approval of a transaction between
a merchant and a customer over a network, wherein the transaction
includes the merchant providing a product to the customer at a
product price in a second currency, wherein the product price in
the second currency is known by the customer, wherein the system
comprises: a network; a customer computer associated with a
customer and connected to the network, wherein the customer
computer further comprises a first set of data including a
converted amount in a second currency, wherein the customer
computer generates the converted amount in the second currency by
converting the amount the customer agrees to pay for a product in a
first amount into the converted amount in the second currency using
current exchange rates, wherein the second currency is a currency
the merchant is willing to accept; and a server connected to the
customer computer via the network and having the product price in a
second currency, for receiving the first set of data, and for
approving the transaction when the converted amount in the second
currency is within a payment range of the product price in the
second currency in accordance with current exchange rates..].
.[.198. The system of claim 197, wherein the customer selects the
first currency from the plurality of currencies in which the
customer has an account for each currency..].
.[.199. The system of claim 197, wherein the server selects the
first currency from the plurality of currencies in which the
customer has an account for each currency, wherein the selected
first currency when converted into the second currency, the
merchant price is the least expensive..].
.[.200. The system of claim 197, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.201. The system of claim 197, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.202. The system of claim 197, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..].
.[.203. The system of claim 202, wherein the customer selects the
first currency from the plurality of currencies..].
.[.204. The system of claim 202, wherein the server selects the
first currency from the plurality of currencies, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..].
.[.205. The system of claim 202, wherein the customer selects the
second currency from the plurality of currencies the merchant is
willing to accept..].
.[.206. The system of claim 202, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..].
.[.207. The system of claim 197, wherein the server further
comprises a customer balance account associated with the customer,
wherein the customer balance account comprises a customer balance
in the first currency and wherein the server deducts the amount in
the first currency from the balance in the customer balance
account..].
.[.208. The system of claim 197, wherein a party other than the
server further comprises a customer balance account associated with
the customer, wherein the customer balance account comprises a
customer balance in the first currency and wherein the party other
than the server deducts the amount in the first currency from the
balance in the customer balance account based on information
provided by the server..].
.[.209. The system of claim 197, wherein the server further
comprises a merchant balance account associated with the merchant,
wherein the merchant balance account comprises a merchant balance
in the second currency and wherein the server adds the converted
amount in the second currency to the balance in the merchant
balance account..].
.[.210. The system of claim 197, wherein a party other than the
server further comprises a merchant balance account associated with
the merchant, wherein the merchant balance account comprises a
merchant balance in the second currency and wherein the party other
than the server adds the converted amount in the second currency to
the balance in the merchant balance account based on information
provided by the server..].
.[.211. The system of claim 197, wherein the network is selected
from the group consisting of the Internet, an intranet, and a Local
Area Network (LAN)..].
.[.212. The system of claim 197, wherein the current exchange rate
is selected from the group consisting of a currency broker and a
bank..].
.[.213. The system of claim 197, wherein the merchant sets the
exchange rate..].
.[.214. The system of claim 197, wherein the customer computer
sends a copy of the agreed price in the second currency to the
server..].
.[.215. A method for determining approval of a transaction over a
network between a customer having a customer computer connected to
the network and a merchant having a merchant computer connected to
the network, wherein the customer computer and the merchant
computer are connected to a server via the network, wherein the
method comprises: transmitting a first set of data from a customer
computer to a server, wherein the first set of data includes an
amount in a first currency; transmitting a second set of data by a
merchant computer to the server; wherein the second set of data
includes a product price in a second currency; receiving the first
set of data and the second set of data by the server; converting
the amount in the first currency into a converted amount in the
second currency using current exchange rates; and approving the
transaction by the server when the converted amount in the second
currency is at least equal to the product price in the second
currency..].
.[.216. A method for determining approval of a transaction over a
network between a customer having a customer computer connected to
the network and a merchant having a merchant computer connected to
the network, wherein the customer computer and the merchant
computer are connected to a server via the network, wherein the
method comprises: transmitting a first set of data from a customer
computer to a server, wherein the first set of data includes an
amount in a first currency; transmitting a second set of data by a
merchant computer to the server; wherein the second set of data
includes a product price in a second currency; receiving the first
set of data and the second set of data by the server; converting
the amount in the first currency into a converted amount in the
second currency using current exchange rates; and approving the
transaction by the server when the converted amount in the second
currency is within a payment range of the product price in the
second currency..].
.[.217. A method for determining approval of a transaction over a
network between a customer having a customer computer connected to
the network and a merchant having a merchant computer connected to
the network, wherein the customer computer and the merchant
computer are connected to a server via the network, wherein the
method comprises: transmitting a second set of data from a merchant
computer to a customer computer, wherein the second set of data
includes a product price in a second currency; receiving the second
set of data by the customer computer, wherein the customer computer
has a first set of data including an amount in a first currency;
transmitting the first set of data and the second set of data by
the customer computer to a server; converting the amount in the
first currency into a converted amount in the second currency using
current exchange rates; and approving the transaction by the server
when the converted amount in the second currency is at least equal
to the product price in the second currency..].
.[.218. A method for determining approval of a transaction over a
network between a customer having a customer computer connected to
the network and a merchant having a merchant computer connected to
the network, wherein the customer computer and the merchant
computer are connected to a server via the network, wherein the
method comprises: transmitting a second set of data from a merchant
computer to a customer computer, wherein the second set of data
includes a product price in a second currency; receiving the second
set of data by the customer computer, wherein the customer computer
has a first set of data including an amount in a first currency;
transmitting the first set of data and the second set of data by
the customer computer to a server; converting the amount in the
first currency into a converted amount in the second currency using
current exchange rates; and approving the transaction by the server
when the converted amount in the second currency is within a
payment range of the product price in the second currency..].
.[.219. A method for determining approval of a transaction over a
network between a customer having a customer computer connected to
the network and a merchant having a merchant computer connected to
the network, wherein the customer computer and the merchant
computer are connected to a server via the network, wherein the
method comprises: transmitting a first set of data from a customer
computer to a merchant computer, wherein the first set of data
includes an amount in a first currency; receiving the first set of
data by the merchant computer, wherein the merchant computer has a
second set of data including a product price in a second currency;
transmitting the first set of data and second set of data by the
merchant computer to a server; converting the amount in the first
currency into a converted amount in the second currency using
current exchange rates; and approving the transaction by the server
when the converted amount in the second currency is at least equal
to the product price in the second currency..].
.[.220. A method for determining approval of a transaction over a
network between a customer having a customer computer connected to
the network and a merchant having a merchant computer connected to
the network, wherein the customer computer and the merchant
computer are connected to a server via the network, wherein the
method comprises: transmitting a first set of data from a customer
computer to a merchant computer, wherein the first set of data
includes an amount in a first currency; receiving the first set of
data by the merchant computer, wherein the merchant computer has a
second set of data including a product price in a second currency;
transmitting the first set of data and second set of data by the
merchant computer to a server; converting the amount in the first
currency into a converted amount in the second currency using
current exchange rates; and approving the transaction by the server
when the converted amount in the second currency is within a
payment range of the product price in the second currency..].
.Iadd.221. A system for determining approval of a transaction
between a merchant and a customer over a network, wherein the
system comprises: a server configured to receive over the network a
first set of data and a second set of data, the first set of data
including an amount a customer agrees to pay for a product in a
first currency, the second set of data including a product price at
which a merchant agrees to sell the product in a second currency;
and to convert the amount in the first currency into a converted
amount in the second currency, and to approve the transaction when
the converted amount in the second currency is at least equal to
the product price in the second currency in accordance with current
exchange rates..Iaddend.
.Iadd.222. The system of claim 221, wherein the server is further
configured to select the first currency from a plurality of
currencies, wherein the merchant price is the least expensive for
the selected first currency when converted into the second
currency..Iaddend.
.Iadd.223. The system of claim 221, wherein the server is further
configured to select the second currency from a plurality of
currencies, wherein the merchant price is the least expensive for
the selected second currency when the first currency is converted
into the second currency..Iaddend.
.Iadd.224. The system of claim 221, wherein the server is further
configured to select the first currency from a plurality of
currencies in which the customer has an account for each currency
and to select the second currency from a plurality of currencies
the merchant is willing to accept..Iaddend.
.Iadd.225. The system of claim 221, wherein the server is further
configured to store a customer balance account associated with the
customer, wherein the customer balance account comprises a customer
balance in the first currency and wherein the server is configured
to deducts the amount in the first currency from the balance in the
customer balance account..Iaddend.
.Iadd.226. The system of claim 221, wherein the server is further
configured to store a merchant balance account associated with the
merchant, wherein the merchant balance account comprises a merchant
balance in the second currency and wherein the server is configured
to add the converted amount in the second currency to the balance
in the merchant balance account..Iaddend.
.Iadd.227. The system of claim 221, wherein the server is further
configured to select the current exchange rate from the group
consisting of a currency broker and a bank..Iaddend.
.Iadd.228. The system of claim 221 wherein the server is further
configured to calculate a session total in the first currency and a
session limit for the customer in the first currency, wherein the
server is further configured to approve the transaction when the
converted amount in the second currency is at least equal to the
product price in the second currency in accordance with current
exchange rates and when the customer amount in the first currency
is added to the session total, the session total is less than or
equal to the session limit..Iaddend.
.Iadd.229. The system of claim 228 wherein the session limit is set
by the customer..Iaddend.
.Iadd.230. The system of claim 228 wherein the session limit is set
by the server..Iaddend.
.Iadd.231. A method for determining approval of a transaction over
a network connection between a customer having a customer computer
connected to the network and a merchant having a merchant computer
connected to the network, wherein the customer computer and the
merchant computer are connected to a server via the network,
wherein the method comprises: receiving a first set of data from
the customer computer to the server, the first set of data
including an amount in a first currency; receiving a second set of
data from the merchant computer to the server, the second set of
data including a product price in a second currency; converting the
amount in the first currency into a converted amount in the second
currency using current exchange rates; and approving the
transaction by the server if the converted amount in the second
currency is within a payment range of the product price in the
second currency and if the amount in the first currency added to a
session total for the customer is less than or equal to a session
limit for the customer..Iaddend.
.Iadd.232. The method of claim 231 wherein the session limit is set
by the customer..Iaddend.
.Iadd.233. The method of claim 231 wherein the session limit is set
by the server..Iaddend.
.Iadd.234. The method of claim 231, wherein the customer selects
the first currency from the plurality of currencies in which the
customer has an account for each currency..Iaddend.
.Iadd.235. The method of claim 231, wherein the first currency is
selected from a plurality of currencies in which the customer has
an account for each currency and the second currency is selected
from a plurality of currencies the merchant is willing to
accept..Iaddend.
.Iadd.236. The method of claim 235, wherein the server selects the
first currency from the plurality of currencies, wherein the
selected first currency when converted into the second currency,
the merchant price is the least expensive..Iaddend.
.Iadd.237. The method of claim 235, wherein the customer selects
the second currency from the plurality of currencies the merchant
is willing to accept..Iaddend.
.Iadd.238. The method of claim 235, wherein the server selects the
second currency from the plurality of currencies, wherein the
merchant price is the least expensive for the selected second
currency when the first currency is converted into the second
currency..Iaddend.
.Iadd.239. The method of claim 231, wherein the server stores a
customer balance account associated with the customer, wherein the
customer balance account comprises a customer balance in the first
currency and wherein the server deducts the amount in the first
currency from the balance in the customer balance
account..Iaddend.
.Iadd.240. The method of claim 231, wherein the server stores a
merchant balance account associated with the merchant, wherein the
merchant balance account comprises a merchant balance in the second
currency and wherein the server adds the converted amount in the
second currency to the balance in the merchant balance
account..Iaddend.
Description
BACKGROUND OF THE INVENTION
1. Field of Invention
The present invention generally relates to a system and method for
approving a transaction over a communications network between a
merchant and a customer. More specifically, the present invention
is directed to a system and method for approving a transaction
between a merchant and a customer, wherein the transaction occurs
over an electronic network (such as the Internet) and wherein the
customer pays for a product using electronic cash in one currency
and the merchant receives electronic cash for the product in a
different currency.
2. Description of the Prior Art
Soon, international commerce may be a common experience for almost
everyone. This is due, in large measure, to computer networks,
including the Internet, which link individuals, consumers,
businesses, financial institutions, educational institutions, and
government facilities. In fact, the growth in international
commerce appears limitless given the forecasts relating to the
commercial use of the Internet and the like.
There is a problem, however, inherent in international commerce,
electronic or otherwise. The problem exists, for the most part,
because monetary systems differ from country to country. That is,
money is generally expressed in different currencies in different
countries and the value of the different currencies vary greatly.
Currency conversion is widely used to convert money from one
currency into money of a different currency.
As used herein, the term "currency" includes, but is not limited
to, denominations of script and coin that are issued by government
authorities as a medium of exchange. A "currency" also may include
a privately issued token that can be exchanged for another
privately issued token or government script. For example, a company
might create tokens in various denominations. This company issued
"money" could be used by employees to purchase goods from
merchants. In this case, an exchange rate might be provided to
convert the company currency into currencies which are acceptable
to merchants.
In each instance, currency conversion represents a significant
economic risk to both buyers and sellers in international commerce.
For example, assume a customer desires to buy a product from a
merchant. Further consider the scenario where the customer pays his
credit card bills in U.S. dollars and the merchant only accepts
French francs for the products he sells. The customer uses his
credit card to pay the merchant for the product. The merchant
receives French francs.
Typically, at an undetermined later date, the company issuing the
credit card would bill an amount to the customer in U.S. dollars.
The amount billed to the customer is determined by an exchange rate
used at the time the credit card company settles the transaction.
This settlement is often at an indeterminate time and could be on
the date of purchase or several days or weeks later. The time of
this settlement is at the credit card company's discretion. The
risk to the credit card company is minimal because the credit card
company can settle the transaction when exchange rates are
favorable. Thus, in this case, it is the customer who bears the
risk that the value of the customer's currency will decline prior
to this settlement.
As another example, consider a cash transaction where a merchant
accepts a currency other than that of his country's currency. In
this case, the merchant sells the currency to a currency trader,
usually at a discount. The price the merchant charges to the
customer who pays cash reflects both the cost of currency
conversion (the discount) and the risk that the rate used to
establish the price of the product in a particular currency may
have changed. This results in the customer paying a higher price
for the product and the merchant incurring risk due to a possible
change in currency exchange rates.
Thus, the described post sale methods of currency exchange may
impart significant risk upon the customer and the merchant. Risk is
typically on the side of whoever commits to the currency
conversion. Specifically, in a cash transaction, the customer bears
the risk when currency is converted prior to purchasing a product.
The merchant sustains the risk when he converts the customer's
currency into his own currency. Also, in the case of transactions
on the scale of a few cents, the cost of currency conversion may be
greater than the currency is worth.
As yet another example, consider the risks that an individual
assumes when he converts from the currency of his country ("native
currency") to a different second currency. In this case, the
individual can purchase goods at a price in the second currency,
but cannot be certain of the value of the second currency relative
to his native currency. In this case, the currency exchange has
occurred pre-sale. Thus, the individual assumes the risk of
devaluation of the second currency against the first currency.
Further, the customer bears the risk that the second currency may
cease to be convertible into his native currency.
It is noted that if the individual desires to purchase an item in a
third currency which differs from the native and second currencies,
he must undertake at least one additional currency conversion
(converting either his native currency to the third currency, the
second currency to the third currency, or a combination of both).
In this case, the customer assumes an additional risk.
The present invention recognizes that international commerce over
electronic networks, such as the Internet, cannot reach potential
unless customer and merchant obligations relating to transactions
are fixed at the time of the transaction so that the risk to these
parties associated with currency exchange is minimized Thus, what
is needed to encourage the development of international commerce
over such networks is a system and method that offers a means of
eliminating the uncertainty associated with multi-currency
transactions. One aspect of the present invention is the shift of
the risk associated with currency exchange from both the merchant
and customer to a third party (e.g., a server) in real time. This
server may assume the risk itself or may choose to subsequently
pass on the risk to a fourth party (e.g., a bank or other financial
institution).
SUMMARY OF INVENTION
The present invention is directed to a system for determining
approval of a transaction between a merchant and a customer. The
system comprises a customer device (e.g., a computer) associated
with the customer. The customer device has a first set of data
including an amount in a first currency. The system also has a
merchant device (e.g., a computer) associated with the merchant.
The merchant device has a second set of data including a product
price in a second currency. The system further has a server device
connected to both the customer device and the merchant device for
receiving the first and second sets of data and for approving the
transaction when the amount in the first currency is within a risk
range of the product price in the second currency in accordance
with current exchange rates.
Another aspect of the present invention is directed to a system for
determining approval of a transaction between a customer and a
merchant where the product price is known by the customer. The
transaction includes the merchant providing a product price in a
second currency. The system comprises a customer device (e.g., a
computer) associated with the customer. The customer device has a
first set of data including an amount in a first currency. The
system also includes a server connected to the customer device. The
server is able to access the product price in the second currency,
receive the first set of data from the customer device, and can
approve the transaction when the amount in the first currency is
within a risk range of the product price in the second currency in
accordance with current exchange rates.
Still another aspect of the present invention is directed to a
method for determining approval of a transaction between a customer
having a customer device (e.g., a computer) and a merchant having a
merchant device (e.g., a computer). The customer device and the
merchant device are connected to a server. The customer device has
a first set of data including an amount in a first currency. The
method comprises transmitting a second set of data from the
merchant device to the customer device which receives the second
set of data from the merchant device. The second set of data
includes the product price in a second currency. The method further
includes transmitting the first and the second sets of data by the
customer device to the server and the server receiving the
transmitted first and second sets of data. The server is for
approving the transaction when the amount in the first currency is
within a risk range of the product price in the second currency in
accordance with current exchange rates.
BRIEF DESCRIPTION OF DRAWINGS
Representative embodiments of the present invention will be
described with reference to the following drawings:
FIG. 1 is a diagrammatic representation of one aspect of the
present invention.
FIG. 2 is a diagrammatic representation of another aspect of the
present invention.
DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS
Reference is now made to the figures for the purpose of describing,
in detail, the preferred embodiments of the present invention. The
figures and accompanying detailed description are not intended to
limit the scope of the claims appended hereto.
The preferred architecture of the present invention is generally
depicted in FIG. 1. FIG. 1 shows three entities: a server 100, a
customer computer 200, and a merchant computer 300, connected to
each other via a network 50. Network 50 can be a private, public,
secure, or an insecure network, such as the Internet, an intranet,
and/or a Local Area Network (LAN). In the preferred embodiment, an
insecure network, such as, the Internet is used. The connections to
network 50 are identified by lines 105, 205, and 305, respectively,
and are well known in the art.
Merchant computer 300 represents the computer of an individual, for
example, merchant user 303, who sells products via network 50. A
"product" can include goods, services, information, data, and the
like. Customer computer 200 represents the computer of an
individual, for example, a customer user 203, who wants to buy a
product (or products) from merchant user 303 over network 50. The
mechanism of delivery of the product is not a part of this patent.
Product delivery could be coincident with payment, before payment,
or after payment.
Server 100 represents a computer of an entity who processes
transactions between customer user 203 and merchant user 303.
Server 100 has a database which includes at least one customer
account in a first currency associated with customer user 203 and
at least one merchant account in a second currency associated with
merchant user 303. The first currency differs from the second
currency.
In the preferred embodiment, the accounts store electronic funds of
the parties, for example, electronic cash. The electronic funds are
a representation of funds (real cash, credit, and the like).
Server 100 also has its own server accounts. The server accounts
are in currencies corresponding to the currencies of the customer
and merchant accounts. The server accounts represent real cash,
credit, and the like. The server accounts correspond to the
electronic funds stored in the customer and merchant accounts.
In the preferred embodiment, local accounts are maintained at
customer computer 200 and merchant computer 300. The local accounts
represent the electronic funds in the customer account and the
merchant account maintained at server 100, respectively. The local
accounts of the customer and the merchant are sometimes referred in
the art as "wallets" and "cash registers," respectively. The server
accounts may be arranged with a bank or other financial
institution.
The following example is used to illustrate how these accounts can
be set up: customer user 203 lives in the U.S. and purchases
products using U.S. dollars (first currency) and merchant user 303
is located in France and conducts his operations in French francs
(second currency). Server 100 includes a customer account in U.S.
dollars and a merchant account in French francs. Server 100, which
processes the transactions between these parties, further includes
two electronic accounts representing all user accounts whose
currencies are in dollars and all user accounts whose currencies
are in francs. Server 100 also includes two accounts in a bank with
one server account in U.S. dollars and the other server account in
French francs.
Although the system can operate using an unsecured network 50, in
the preferred embodiment, if network 50 is insecure, measures are
taken to assure that server 100, customer computer 200, and
merchant computer 300 can communicate securely over network 50.
Central to achieving such security while maintaining a high
performance payment system is the use of "sessions." A session is
an opportunity (or window) in which customer user 203 may purchase
a product from merchant user 303 over the network 50 or which
merchant user 303 sells a product to customer user 203 over network
50. By using a session, a merchant can securely communicate with a
customer over an insecure network. Customer user 203 and merchant
user 303 each have their own independent sessions. Sessions are of
limited duration which is governed by predetermined parameters. In
the preferred embodiment, these parameters are set by customer user
203 and merchant user 303. However, server 100 can set or limit
values of such parameters.
In the preferred embodiment, the parameters relating to the session
of customer user 203 limit an amount of electronic funds ("session
amount"), a maximum amount of time that the session can last, and a
maximum number of transactions that can be conducted. The session
amount is the maximum amount of electronic funds that customer user
203 can spend during the customer's session. Also in the preferred
embodiment, the session of merchant user 303 is limited by a
maximum amount of time that the merchant's session can last and a
maximum number of transactions that merchant user 303 can
conduct.
To accomplish such secure communication over the insecure network,
a first session associated with customer user 203 is created. The
first session has first use parameters for limiting the duration
that the first session can be used and a set of customer data. The
first use parameters and the set of customer data are identifiable
by server 100. A second session associated with merchant user 303
is also created. The second session has second use parameters for
limiting the duration that the second session can be used and a set
of merchant data. The second use parameters and the set of merchant
data are identifiable by server 100. Over the insecure network, a
portion of the first session and a portion of the second session
are linked. The portion of the first session includes the set of
customer data and the first use parameters. The set of customer
data may include a customer identification string which identifies
customer user 203. The portion of the second session includes the
set of merchant data and the second use parameters. The set of
merchant data may include a merchant identification string which
identifies merchant user 303. Server 100 verifies customer user 203
and merchant user 303 based upon at least portions of the set of
customer data and the set of merchant data and determines that the
first and second sessions can be used. In this manner, confidential
details of the payment between customer user 203 and merchant user
303 are assured of being communicated securely. This procedure of
establishing secure communication is more fully set forth in
co-pending U.S. patent application, Ser. No. 08/572,425, filed on
Dec. 14, 1995, and entitled "Electronic Transfer and Method" which
is incorporated herein by reference. Of course, other methods and
systems for establishing secure communication over an insecure
network may be used to use the invention set forth herein.
Merchant user 303 and customer user 203 endeavor ultimately to
effect a "transaction," that is, the purchase of a product by
customer user 203 from merchant user 303. Merchant user 303 and
customer user 203 do not require any prior existing relationship to
transact business. This is so because merchant user 303 and
customer user 203 each have a preestablished relationship with
server 100 prior to transacting business.
How the parties form this relationship is not part of the present
invention. Rather, what is important is that the customer and
merchant accounts, described above, exist within server 100. In the
preferred embodiment, to form the relationship, customer user 203
provides information using customer computer 200 to server 100.
Such information can include the name of customer user 203 and the
currency in which he intends to purchase products. In the case of
merchant user 303, this information can include the name of
merchant user 303 and the currency in which merchant user 303
intends to ultimately receive for providing products. Other
information can be provided as deemed necessary by server 100.
This relationship may be either direct or indirect. An indirect
relationship, for example, would include the situation where one or
more entities, previously known to server 100, vouch for merchant
user 303 and/or customer user 203. Public key cryptographic systems
are generally used in this type of vouching process and are well
known to those skilled in the art. The process of using public key
cryptographic systems as such is known in the art as "certificate
management." In this case, vouching entities are known as
"certificate authorities." Certificates, certificate management,
and certificate authorities are well known in the art and are used
by but are not the subject of the present invention.
The present invention is directed toward "approval" of a
multi-currency transaction in which customer user 203 pays in a
first currency and merchant user 303 accepts the payment in a
second currency which differs from the first currency, rather than
the completed transaction itself. As will be described below,
approval commits customer user 203 and merchant user 303 to the
terms of the transaction and commits server 100 to perform virtual
settlement of the transaction.
As used herein, "virtual settlement" of the transaction represents
at least the movement of electronic funds to a merchant account of
merchant user 303 held by server 100. It can also represent the
movement of electronic funds from a customer account of customer
user 203 held by server 100. This is to be distinguished from
actual settlement of the transaction. As used herein, "actual
settlement" of the transaction includes at least converting real
funds in an amount equal to the amount in the first currency into
real funds in the second currency.
The parties are committed because of pre-existing bilateral
contractual obligation between customer user 203 and the operator
of server 100 and between merchant user 303 and the operator of
server 100. The contractual obligations are preferably formed
during the commencement of service relationship between server 100
and customer user 203 and merchant user 303 respectively.
The obligations can include the agreement of customer user 203 and
merchant user 303 to permit server 100 to perform virtual
settlement of the transaction. In return, server 100 can agree to
incur the risks associated with currency exchange when it performs
actual settlement of the transaction. In the preferred embodiment,
customer user 203 and merchant user 303 agree to allow server 100
(on behalf of the operator of server 100) to maintain accounts and
balances of funds managed by server 100. In addition, in the
preferred embodiment, the movement of funds between those accounts
is coincident with the transaction.
In this way, customer user 203 knows substantially the amount in
the currency customer user 203 will pay for the product. Similarly,
merchant user 303 knows substantially the price in the currency
merchant user 303 will receive for the product. Customer user 203
and merchant user 303 do not bear the above-described risks
associated with currency exchange. The amount customer user 203
knows and the price merchant user 303 knows is substantially the
respective amount and price because there may be minor factors that
affect these actual values. Such factors will be discussed in terms
of risk factors. The entity charged with performing actual
settlement of the transaction bears such risks when the transaction
is actually settled.
The present invention is directed to approval of multi-currency
transactions in which customer user 203 pays in one currency and
merchant user 303 accepts the payment in another currency. To
transact business, customer user 203 shops over network 50 among
merchant users 303 who also have been permitted by server 100 to
transact business (which may be, for example, those who have
merchant sessions). Using well known techniques, customer user 203
and a merchant user 303 agree on a product to be purchased at a
particular price and in a particular currency.
Thus, merchant user 303 will accept a price and receive payment for
the product sold to customer user 203. The price for the product is
in a currency accepted by merchant user 303, referenced herein as
the "product price in the second currency." Customer user 203 will
pay an amount to merchant user 303 for a selected product. The
amount will be paid in a currency selected by customer user 203,
referenced herein as the "amount in the first currency." The
currency (second) selected by merchant user 303 is different than
the currency (first) selected by customer user 203. Hence, currency
exchange is used to approve the transaction contemplated by the
present invention.
In a first embodiment of the present invention, server 100 is used
to approve the transaction between customer user 203 and merchant
user 303. As stated previously, approval commits customer user 203
and merchant user 303 to the terms of the transaction and commits
server 100 to perform virtual settlement of the transaction.
In this embodiment, customer user 203 and merchant user 303 have
established and agreed upon a product to be purchased at a price
merchant user 303 will accept. This product and price are referred
to herein as the "agreed product" and the "agreed price,"
respectively.
Having agreed upon the product and the price, customer computer 200
transmits a first set of data to server 100. This first set of data
includes the amount in a first currency that customer user 203 is
willing to pay for the agreed product. The transmitted amount is in
the customer selected currency which is in a first currency. Other
information may be transmitted by customer computer 200 as needed
by server 100, for example, a requested payment range (described
later), information identifying customer user 203, the product to
be purchased, account information, and the like.
Having agreed upon the product and the price, merchant computer 300
transmits a second set of data to server 100. This second set of
data includes the agreed price in a second currency that merchant
user 303 is willing to receive for his product. The transmitted
agreed price is in the merchant accepted currency which is in a
second currency. Other information may be transmitted by the
merchant computer 300 as needed by server 100, for example,
information identifying merchant user 303, the product to be
purchased, account information, and the like. As previously stated,
the customer selected currency (first currency) is different than
the merchant accepted currency (second currency).
In a further aspect of the preferred embodiment, along with
providing the amount in the first currency, customer computer 200
also transmits the agreed price in the second currency to server
100. This assures that customer user 203 and merchant user 303 have
actually reached agreement on the terms of the transaction and
precludes either party from denying such agreement.
The system does not require that merchant user 303 know or approve
the customer selected currency, that is, the currency in which
customer user 203 will pay. There is no requirement that customer
user 203 approve the merchant accepted currency, that is, the
currency which merchant user 303 will receive. What is required is
that server 100 be able to convert one such currency into the
other.
However, it is noted that by not requiring "approval" of a currency
by merchant user 303 and/or customer user 203 is distinguishable
from the approval of a "transaction" by server 100. Approval of a
currency would be, for example, where customer user 203 would need
the permission of merchant user 303 to pay in a given customer
selected currency. Approval of transaction, on the other hand,
commits customer user 203 and merchant user 303 to the terms of the
transaction and commits server 100 to perform virtual settlement of
the transaction. The present invention does not require approval of
a currency.
The first and second sets of data transmitted to server 100 need
not come directly from customer computer 200 and merchant computer
300. This information may be transmitted via alternative routes.
For example, in the preferred embodiment, customer computer 200
transmits the first set of data to the merchant computer 300. Upon
receipt of the first set of data, merchant computer 300 transmits
at least the amount in the first currency and the second set of
data including the product price in the second currency to server
100 for approval of the transaction. In this case, the first set of
data may be protected to prevent the merchant from altering it.
Upon receiving the amount in the first currency and the product
price in the second currency, server 100 can approve the
transaction. The approval process performed by server 100 is based
upon the relative value of the amount in the first currency in
terms of the product price in the second currency. This relative
value may be established by the operator of server 100, a third
party, or in other aspects of the present invention, customer user
203 or merchant user 303. This preferably includes a rate of
exchange at which the amount in the first currency can be converted
into a converted amount in the second currency. Alternatively, or
in addition, this information may include a rate at which the
merchant accepted currency can be converted into the customer
selected currency.
Approval of the transaction occurs when the amount in the first
currency is sufficient to pay merchant user 303 the product price
in the second currency. The sufficiency determination process
preferably includes converting the amount in the first currency
into a converted amount in the second currency, referenced herein
as the "converted amount in the second currency," using a current
exchange rate.
In the preferred embodiment, the current exchange rate data is
maintained by the entity charged with approving the transaction.
Thus, in this embodiment, server 100 may obtain the exchange rate
from a currency broker or bank. In a further aspect of this
embodiment, the approving entity may decide to buy and sell
currencies and establish the approving entity's own exchange rates.
In addition, as server 100 has the opportunity to aggregate
transactions prior to committing to actually exchange currency with
an external agency, the approving entity may obtain preferential
exchange rates by converting money in relatively large units.
The frequency that the current exchange rate data is updated
depends upon the level of risk that the approving entity may be
willing to accept and the availability of updates from currency
brokerage services. In the preferred embodiment, when server 100 is
the approving entity, server 100 receives updates to the exchange
rate data on-line from one or more currency brokers. Frequency and
timing of updates are based on business rules agreed between the
operator of server 100 and the currency broker or brokers. This
manages the risk of a significant change between the current
exchange rate and the exchange rate used when the transaction is
actually settled.
Approval of the transaction by server 100 is preferably based upon
predetermined criteria. These criteria may be established by any of
the parties to the transaction or a third party. For example, in
the preferred embodiment server 100 approves the transaction if the
converted amount in the second currency equals or exceeds the
product price in the second currency.
Alternatively, server 100 could approve the transaction if the
converted amount in the second currency is less than the product
price in the second currency. In this instance, server 100 may
absorb differentials (as where the cost associated with
disapproving the transaction and reprocessing it exceeds the
differential). Acceptable differentials may be dependent upon the
credit worthiness of customer user 203 or merchant user 303, the
acceptable deficit balance that customer user 203 or merchant user
303 are allowed to incur, or other market conditions such as, for
example, fluctuations in exchange rates. These acceptable
differentials are referred to with respect to each party of the
transaction as a "risk range."
Also, in the case where the converted amount in the second currency
is less than the product price in the second currency, but within a
predetermined range, server 100 could record the differentials as
they occur and collect them from customer user 203 at a later time.
This range is contemplated as being a small range and is referred
to herein as the "payment range." The payment range may be
predetermined by customer user 203 or preferably, by server 100.
For the purpose of this application, the amount in the first
currency is equal to the amount in the first currency plus or minus
the payment range. The payment range thus defines the amount of
conversion error permitted in the transaction.
Approval of the transaction may also be contingent upon customer
user 203 having access to electronic funds in an amount equal to or
exceeding the amount in the customer selected currency (ACSC).
These funds maybe stored or represented in a customer account
associated with customer user 203. In this case, server 100
approves the transaction when the converted amount in the second
currency meets the predetermined criteria described above and the
customer account contains electronic funds in an amount at least
equal to the amount in the first currency. Using any of the above
methods for approval, alone or in combination, server 100 approves
the transaction.
In order to avoid having to access the customer account of customer
user 203 and for security reasons, it is preferred to limit the
amount in the first set of data that a customer user 203 can
transmit to server 100 by the session amount. The session amount is
an amount known by server 100 to which the customer has access when
customer user 203 is permitted to shop. The limited amount is
reduced as customer user 203 purchases products over network 50.
Customer computer 200 temporarily prohibits customer user 203 from
transmitting an amount exceeding the session amount to server 100
to be considered for sufficiency until more electronic funds are
added to the session in which case the session amount has been
increased.
In the preferred embodiment, under such circumstances, the existing
session will automatically close and a new session will be opened
with funds at least sufficient to complete the transaction. Once
the subsequent session is opened, the transaction may be approved.
Of course, if server 100 determines that customer user 203 does not
have enough funds available to it to open a subsequent session of
sufficient value, the transaction may be refused by server 100
altogether or server 100 may approve the transaction as described
herein.
In the preferred embodiment, the funds that are available to
customer user 203 during the session and the funds received by
merchant user 303 during the session be maintained to two decimal
positions to the right of the minor unit of a currency. For
example, in the case of U.S. dollars, the present invention
preferably would carry the value of session funds to one hundredth
of a penny to assure that rounding errors are minimized during a
session, thus decreasing rounding errors during currency conversion
of small transactions. When a session closes, the balance in the
session is adjusted to whole minor currency units (this adjustment
may be rounding or truncation).
Once the transaction is approved, customer user 203 and merchant
user 303 are committed to the terms of the transaction.
Specifically, customer user 203 is committed to pay the amount in
the first currency. Similarly, merchant user 303 is committed to
accept the product price in the second currency for the product.
The parties are committed as such through the contractual
arrangement previously described.
By the contractual obligations described above, server 100 is
committed to perform virtual settlement of the transaction.
Therefore, according to this aspect of the present invention, a
customer account may be maintained for customer user 203 and a
merchant account may be maintained for merchant user 303. The
customer accounts and merchant accounts are preferably maintained
by server 100. However, one or both of the accounts may be
maintained by a party other than server 100.
The customer account and merchant account maybe debit or credit
accounts. In the preferred embodiment, the customer account is a
debit account and the merchant account is a credit account and each
such account represent funds in the form of electronic funds.
However, other types of accounts may be used as known by those
skilled in the art.
In the case where a party other than server 100 maintains a
merchant account and/or a customer account, server 100 may transmit
data to the party to enable virtual settlement. For example, if the
other party maintains the customer account and the merchant
account, server 100 may transmit data identifying the customer
account and the amount in the first currency to be debited, and the
merchant account and the product price in the second currency to be
credited. Then, the party would debit the customer account and
credit the merchant account accordingly.
In this process, upon approval of the transaction, the customer
account is debited by the amount in the first currency. The
merchant account is credited with the agreed price in the second
currency. This amount and price were known by and agreed to by
customer user 203 and merchant user 303. Thus, there is no
uncertainty as to the amount or currency to be paid by customer
user 203 or the price or currency to be received by merchant user
303.
Several variations on the above described embodiment provides that
the currency used in the first currency may be selected by customer
user 203 (or server 100) from a plurality of currencies, referred
to herein as "customer currencies." Also, the currency used in the
merchant accepted currency may be selected by customer user 203
from a plurality of currencies, referred to herein as "merchant
currencies." A description of these variations is now provided.
A customer user 203 may have access to amounts in a plurality of
customer currencies. For example, a customer user 203 may have
accounts containing amounts in U.S. dollars, French francs, and
Japanese yen. Customer user 203 can purchase products using amounts
from any of these accounts. To effect this option, customer
computer 200 presents an amount in each of the plurality of
customer currencies to customer user 203. This is done using
exchange rate data for each customer currency to convert the
merchant accepted currency into amounts in each of the customer
currencies. In the preferred embodiment, the exchange rate data is
provided to customer computer 200 by server 100 at various times.
Other mechanisms for obtaining such data include the use of
brokers. Customer user 203 selects an amount in one of the
plurality of customer currencies in which the customer user 203
will spend for the product. This selected amount represents the
amount in the first currency described previously and is referred
herein as the "selected currency."
In the above description, the method by which customer computer 200
determines the amount of customer currency to pay for a purchase in
the merchant computer 300's currency is omitted. While there are a
number of ways to enable this conversion, in the preferred
embodiment, prior to the inception of the customer computer 200's
session, customer computer 200 requests exchange rate data. This
data will contain at least conversion rates from the session
currency to other convertible currencies, it may also contain
additional data such as anticipated expiration of the exchange
rates. These rates are used by customer computer 200 to estimate
the amount of customer currency to pay for a purchase in merchant
currency. As conversion rates may change rapidly, in the preferred
embodiment, this data is advisory only. Server 100 can send updated
data to customer computer 200 during any communication between
them. The implication of this decision is that if customer computer
200 pays insufficient funds to convert, it is viewed as a natural
error due to obsolete data, not an attempt to defraud.
This aspect of the present invention can further include an
optimization feature. The optimization feature is preferably
executed by customer computer 200 to determine whether it is
advantageous for customer user 203 to pay in one customer currency
over another.
More specifically, customer computer 200 determines the agreed
price in the merchant accepted currency corresponding to the amount
in each of the plurality of customer currencies. For example,
assume merchant user 303 will receive a price in currency C for the
product and customer user 203 has two customer currencies A and B
available to pay merchant user 303. Customer computer 200
determines amounts in currencies A and B which equate to the
product price in currency C. These amounts may be compared by
converting them to a reference currency of the customer computer
200's choice. Customer user 203 can choose (or customer computer
200 can be programmed to choose) to pay the agreed price in the
currency (A or B) which corresponds to the lesser amount in the
reference currency. The amount in the chosen currency represents
the amount in the first currency and is referred herein as the
"selected currency."
According to another variation to this optimization feature,
customer computer 200 can also determine whether it is less
expensive to first convert currency A into currency B, and then to
convert currency B into currency C. In any case, customer user 203
pays using the optimal payment currency. This preferred mode
reduces complexity of currency exchange to customer user 203
without reducing the options available to customer user 203.
In another embodiment, server 100 can execute an optimization
feature. In this case, server 100 may include the plurality of
customer currencies available to customer user 203. For example,
data indicating the plurality of customer currencies may be
transmitted in the first set of data from customer computer 200 to
server 100 in lieu of the amount in the first currency. In a manner
similar to that described above, server 100 determines the agreed
amount in the second currency for each of the plurality of customer
currencies. Server 100 then chooses an amount in one of the
customer currencies corresponding to the amount in the merchant
accepted currency which is the least when converted to the
reference currency. The amount in the chosen currency represents
the amount in the first currency.
In another embodiment of the present invention, it is expected that
a merchant user 303 may desire to transact business in more than
one currency. Therefore, merchant user 303 will accept a price for
the product in one of a plurality of merchant currencies. Merchant
computer 300 communicates the agreed price for the product in each
of the merchant currencies to customer computer 200. Customer
computer 200 presents the agreed price in each of the merchant
currencies to customer user 203. Customer user 203 selects the
agreed price in one of the merchant currencies that merchant
user303 will accept. This selected currency maybe recommended by
the optimization procedure described above. This selected price
represents the product price in the merchant accepted currency
(PMAC), although it is actually selected by customer user 203.
According to a variation to this optimization feature, customer
computer 200 may also determine which customer currency - merchant
currency pair represents the best value to customer user 203. This
is accomplished by customer computer 200 using exchange rate data
to convert the price of the product in each merchant accepted
currency into each of the customer currencies and selecting the
lowest value among the results. For example, if customer user 203
has access to currencies A, B, C and merchant user 203 is willing
to accept currencies y and z, customer computer 200 will determine
the cost of the products as quoted in merchant accepted currencies
y and z in terms of customer accepted currency A. Whichever of
these conversions yields the lowest cost to customer user 203 is
the optimal customer currency merchant currency pair for customer
currency A. This process is repeated until an optimal currency pair
is computed for each customer currency. For example, this process
may yield the following results: A to y, B to y, and C to z.
The next step is to decide which of these currency pairs represents
the best value to customer user 203. In the preferred embodiment,
this is accomplished by converting each customer currency to a
single reference currency. The conversion that yields the smaller
number is identified as the "best" choice and is displayed to
customer user 203. Clearly, other approaches to determining the
optimum currency can be devised by those skilled in the art.
Another embodiment of the present invention, as shown in FIG. 2,
again uses server 100 to approve the transaction between customer
user 203 and merchant user 303. However, the merchant computer need
not be connected to network 50 according to this aspect of the
invention.
More particularly, in this embodiment, customer user 203 has
knowledge about the product that merchant user 303 is providing and
the price in the merchant selected currency for the product before
submitting the first set of data to server 100. This knowledge need
not be gained while customer user 203 shops over network 50. For
example, merchant user 303 can have distributed catalogs to
customer user 203 (via regular mail, email, etc.) illustrating
products, prices, and currencies therefor. Server 100 would receive
the same information, that is, data representing the same products,
prices and currencies from merchant user 303. This data may be
received by server 100 electronically over network 50 or by some
other means. For example, merchant user 303 might provide the data
representing the products, prices and currencies therefor via a
network to which customer computer 200 is not connected or by mail
on a diskette. However received, this data would be accessible by
server 100.
After viewing the catalog, customer user 203 may purchase a product
over network 50. In this case, customer computer 200 transmits to
server 100 a description of a desired product (e.g., model number)
and an amount in the first currency for the desired product.
Server 100 thus has access to data indicating the amount in the
first currency which customer user 203 is willing to pay for a
product and the product price in the second currency which merchant
user 303 is willing to accept for the product. With this data,
server 100 approves the transaction as indicated above.
In any of the foregoing embodiments, notice of approval of the
transaction may be provided by server 100 to customer user 203 and
merchant user 303 For example, server 100 may transmit data
indicating approval to the merchant computer 300. After merchant
computer 300 receives the data indicating approval, merchant
computer 300 may transmit at least a portion of the data indicating
approval to customer computer 200. In a similar manner, data
indicating approval may be communicated from server 100 to customer
computer 200, which, in turn, would forward this data to merchant
computer 300. In this manner, customer user 203 and merchant user
303 may be informed that the transaction was approved.
Alternatively, server 100 may separately transmit data indicating
approval to customer computer 200 and merchant computer 300. In yet
another embodiment, the absence of notice from server 100 maybe
deemed as affirmative notice that the transaction was approved.
According to any of these procedures, or other preestablished
procedures, notice may be provided to the participants in the
transaction. Further, once notice of approval is provided, the
product which is the subject of the transaction may be provided to
customer user 203 and the payment of the funds corresponding to the
agreed price will be received by merchant user 303 in the merchant
accepted currency.
Actual settlement may occur contemporaneously with the approval of
the transaction or it may be deferred. As is described below, it is
the entity charged with performing the actual settlement who bears
the risk.
In the preferred embodiment, server 100 performs actual settlement
of the transaction. Therefore, according to this aspect of the
present invention, server 100 also has its own server accounts.
Server accounts are in currencies corresponding to the currencies
of the customer and merchant accounts. Server accounts represent
real cash, credit, and the like, corresponding to the electronic
funds stored in the customer and merchant accounts.
To perform actual settlement, server 100 may transmit data to a
currency broker, bank or financial institution to enable actual
settlement. For example, server 100 may transmit data identifying
server account and the amount in the first currency so that the
entity can convert real funds in an amount equal to the amount in
the customer selected currency into real funds in the second
currency.
In the preferred embodiment, server 100 aggregates the amounts in
each currency before settling. This may decrease the number of
actual conversions that must be made from possibly hundreds per
second to a few times per hour (or day). The frequency may vary
depending on the volatility of the currency exchange market and on
the relative currency balances in server 100's various currency
accounts.
Note that server 100 is bound even if the later currency exchange
rates are or become unfavorable to server 100 as compared to the
current exchange rates used during the virtual settlement. By
eliminating the risk to customer user 203 and merchant user 303,
such risk is passed to server 100.
In the preferred embodiment, measures are taken to manage the risk
associated with the currency exchange to server 100. For example,
server 100 can have a preestablished agreement with the bank or
financial institution. The terms of such an agreement might include
a commitment on the part of server 100 to settle transactions
within a predetermined amount, time, and/or within a predetermined
currency rate deviation. The predetermined amount of time may be on
the order of several seconds or minutes.
In the preferred embodiment, during this predetermined amount of
time, server 100 aggregates transactions and submits them in batch
for exchange. In return for server 100's commitment, the entity may
offer server 100 a favorable currency exchange rate.
It is seen from the above detailed description that customer and
merchant obligations relating to multi-currency transactions can be
fixed at the time of the transaction. In this manner, risks to
these parties heretofore associated with currency exchange is
minimized. To this end, the parties to a multi-currency transaction
authorize an approving entity to settle the transaction.
Authorization is granted by virtue of customer user 203 and
merchant user 303 setting up their respective accounts, knowing
that transactions will be submitted and processed. The parties
transmit data representing the transaction to the approving
authority. This data includes an amount in a first currency that a
customer user 203 is willing to pay for a product and a product
price in a different second currency which a merchant user 303 is
willing to accept for the product. Using predetermined criteria,
the approving entity approves the transaction. Once the transaction
is approved, the approving entity may actually settle the
transaction at its discretion thereby bearing the risk associated
with currency exchange. The parties, however, incur no risk.
Customer user 203 will pay the amount in the first currency and
merchant user 303 will receive the product price in the second
currency. These are values known and agreed to by the parties at
the time of the transaction.
An alternate method of managing risk for extremely volatile
currencies, server 100 may choose to withdraw a currency or
currencies from the list of convertible currencies.
Although the particular embodiments shown and described above will
prove to be useful in many applications relating to the arts to
which the present invention pertains, further modifications of the
present invention herein disclosed will occur to persons skilled in
the art. All such modifications are deemed to be within the scope
of the present invention as defined by the appended claims.
* * * * *