16 July 2018
Visit www.avoka.com

BofA files for cryptocurrency-based wire transfer system patent

22 September 2015  |  10482 views  |  1 Bitcoin

Bank of America has filed a US patent application for a system and method that uses cryptocurrency technology for wire transfers.

The application, filed last March but published by the US Patent & Trademark Office last week, describes a system where to move money around the world a processor would transfer funds to a cryptocurrency exchange, convert it to Bitcoin or similar, and send it to another exchange where it is converted into another currency for the recipient.

Explaining the benefits of such a system, the filing, first picked up by Bitcoin news site CoinDesk, says: "Initiating fund transfers using cryptocurrency allows for the technical effect of conducting a foreign fund transfer in less time than a foreign fund transfer currently, as it avoids delays that may be caused by relying on third-party systems and services."

KeywordsLEGAL

Comments: (1)

A Finextra member
A Finextra member 26 September, 2015, 17:36

unfortunately the link to the patent doesn't work anymore. But here you can find some interesting stuff about the patent : http://www.bitcointalkradio.com/bank-of-americas-and-coinbases-bitcoin-patents-revealed/

Be the first to give this comment the thumbs up 0 thumb ups!
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BofE's Haldane suggests ditching cash for cryptocurrency

BofE's Haldane suggests ditching cash for cryptocurrency

18 September 2015  |  18537 views  |  3 comments | 31 tweets | 23 linkedin
BofA revamps mobile app; introduces fingerprint sign-in

BofA revamps mobile app; introduces fingerprint sign-in

16 September 2015  |  8084 views  |  0 comments | 9 tweets | 13 linkedin
Nine banks back blockchain collaboration plan

Nine banks back blockchain collaboration plan

15 September 2015  |  23994 views  |  2 comments | 58 tweets | 68 linkedin
Blockchain poised to become banking's biggest disruptor yet - BBVA Compass economists

Blockchain poised to become banking's biggest disruptor yet - BBVA Compass economists

11 August 2015  |  27795 views  |  1 comments | 66 tweets | 33 linkedin
Citi builds blockchains

Citi builds blockchains

02 July 2015  |  11639 views  |  2 comments | 24 tweets | 12 linkedin
Bank of America sued over $1.03 million cyber-breach

Bank of America sued over $1.03 million cyber-breach

04 March 2015  |  5904 views  |  0 comments | 8 tweets | 12 linkedin
BofA offers to monitor Occupy protesters' social media activity for police

BofA offers to monitor Occupy protesters' social media activity for police

07 January 2014  |  7791 views  |  0 comments | 16 tweets | 3 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit www.aciworldwide.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Flux ready for take-off on Barclays Launchpad; scores trial with Costa CoffeeFlux ready for take-off on Barclays Launch...
10537 views comments | 4 tweets | 9 linkedin
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9535 views comments | 18 tweets | 30 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8091 views comments | 13 tweets | 17 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8031 views comments | 3 tweets | 1 linkedin
No greater change will occur than that in financial servicesNo greater change will occur than that in...
7638 views comments | 7 tweets | 13 linkedin

Featured job

to GBP £120K base, double ote, benefits
Frankfurt, Germany

Find your next job