BofA files for cryptocurrency-based wire transfer system patent

BofA files for cryptocurrency-based wire transfer system patent

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."

Comments: (1)

A Finextra member
A Finextra member 26 September, 2015, 17:36Be the first to give this comment the thumbs up 0 likes

unfortunately the link to the patent doesn't work anymore. But here you can find some interesting stuff about the patent :