17 December 2017
visit www.avoka.com

BofA files for cryptocurrency-based wire transfer system patent

22 September 2015  |  9841 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! (Log in to thumb up)
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  |  17442 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  |  7872 views  |  0 comments | 9 tweets | 13 linkedin
Nine banks back blockchain collaboration plan

Nine banks back blockchain collaboration plan

15 September 2015  |  22355 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  |  27111 views  |  1 comments | 66 tweets | 33 linkedin
Citi builds blockchains

Citi builds blockchains

02 July 2015  |  11328 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  |  5741 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  |  7357 views  |  0 comments | 16 tweets | 3 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.response.ncr.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10577 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10168 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7325 views comments | 9 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7264 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6671 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive package
New York City, NY - USA

Find your next job