WO2012069256A1 - Multi currency transaction system - Google Patents

Multi currency transaction system Download PDF

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Publication number
WO2012069256A1
WO2012069256A1 PCT/EP2011/068017 EP2011068017W WO2012069256A1 WO 2012069256 A1 WO2012069256 A1 WO 2012069256A1 EP 2011068017 W EP2011068017 W EP 2011068017W WO 2012069256 A1 WO2012069256 A1 WO 2012069256A1
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WO
WIPO (PCT)
Prior art keywords
currency
aggregated
transaction
request
client
Prior art date
Application number
PCT/EP2011/068017
Other languages
French (fr)
Inventor
Jesper Toft
Original Assignee
J. Toft Aps
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by J. Toft Aps filed Critical J. Toft Aps
Priority to PCT/EP2011/068017 priority Critical patent/WO2012069256A1/en
Publication of WO2012069256A1 publication Critical patent/WO2012069256A1/en
Priority to TW101137619A priority patent/TW201319974A/en

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/381—Currency conversion
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Definitions

  • This disclosure generally relates to multi currency transaction systems, and to method of performing transactions using such a system.
  • the disclosure relates to a multi currency
  • multi currency transaction system for allowing transactions of one or more aggregated currencies, wherein a plurality of clients are registered to the system, each client having a local account registered with the multi currency transaction system in a respective local currency, wherein said multi currency transaction system comprises:
  • a client interface unit configured to provide a sending client whishing to initiate a transaction to a recipient of an amount in an aggregated currency, with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in said
  • said client interface unit is configured to output a transaction service request to said control unit in response to information inputted by a sending client, and wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency;
  • a transaction service interface connecting said control unit to a bank or bank alike settlement system and a currency trading system through a financial network, wherein said bank or bank alike settlement system comprises the local accounts registered to the plurality of clients, and a plurality of accounts associated with the legal personality providing the multi currency transaction system;
  • control unit dependent on a received transaction service request, is configured to: generate a first currency trading request and transmit said first currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from the local account registered to the sending client to a first account associated with the legal personality providing the multi currency transaction system; and further update the recipients account in said aggregated currency in the internal account database with the specified amount in said
  • An aggregated currency is a virtual currency unit comprising a plurality of underlying currencies, each underlying currency having a respective weighting e.g. an aggregated currency unit may comprise 30% US dollar, 25 % Euro, 15% Japanese Yen, 10% Swiss franc, 0% Australian dollar, and 10% Canadian dollar.
  • the absolute value of an aggregated currency may be arbitrary determined, as it is not important for reducing the risk imposed by currency exchange rate, however the absolute value should be
  • a single aggregated currency unit may comprise 3 US dollars, 2.5 Euros, 1.5 Japanese Yens, 1 Swiss franc, 1 Australian dollar, and 1 Canadian dollar, where the relative distribution is a consequence of the respective weighting of the underlying currencies.
  • a single aggregated currency unit may comprises 30 US dollars, 25 Euros, 15 Japanese Yens, 10 Swiss franc, 10 Australian dollars, and 10 Canadian dollars.
  • the financial network may be an electronic network connecting the multi currency transaction system to a bank or bank alike settlement system, and a currency trading system.
  • the plurality of accounts of the legal personality providing the multi currency transaction system are in different local currencies.
  • the first currency trading request comprises
  • the currency trading system initiates a plurality of currency trades by selling a first currency and buying a plurality of underlying currencies of the aggregated currency.
  • the first currency is the local currency of the local account registered to the sending client.
  • the clients of the system each have local account registered with the system, where the local account may be in a local single currency.
  • the local accounts of the clients may be part of a banking or bank alike system provided by the legal personality providing the multi currency transaction system and/or kept in an external banking or bank alike system.
  • the clients may further have a second local account registered with the system, where the second local account is the only account the users can use to transfer / withdraw money to / from their local account. This may be beneficial to prevent the system from being used for money laundering schemes and other illegal activities.
  • a bank or bank alike settlement system is a system capable of making transactions / settlements between the individual accounts of the systems. As most large international banks are capable of making international money transfers e.g. using the SWIFT system, ABA routing system or similar systems, they may be perceived as one large bank or bank alike settlement system.
  • the clients may use any communication device to interact with the client interface unit e.g. a personal computer, a mobile terminal or a telephone.
  • the communication devices may communicate with the client interface unit through a network e.g. a telecommunication network e.g. the internet.
  • the client interface unit may be capable of providing different input fields for different communication devices.
  • the client interface unit may be configured to provide a client, using a personal computer to interact with the system, with a web-page or other software interface comprising information and the first input field and the second input field, whereby the client using input devices of the personal computer e.g. the keyboard may input information indicative of a recipient and an amount in an aggregated currency to transfer to the recipient.
  • the client interface unit may be configured to provide a client, using a telephone to interact with the system, with a speaker guiding the client through the transfer process and providing the client with the first input field and the second input field, whereby the client using buttons or a voice recognition system on the telephone may input information indicative of a recipient and an amount in an aggregated currency to transfer to the recipient.
  • the currency trading system may be any system capable of trading currencies e.g. it may be an established currency broker.
  • the internal account database may comprise one or more accounts of each of the clients registered to the system, where each account in the internal account database is in an aggregated currency.
  • each client may have a plurality of accounts in the internal account database in different aggregated currencies.
  • the control unit may process a transaction from the local account registered to the sending client to a first account associated with the legal personality providing the multi currency transaction system, by generating a bank or bank alike transaction request, and transmitting the generated bank or bank alike transaction request, using the transaction service interface, to the bank or bank alike settlement system.
  • the first account associated with the legal personality providing the multi currency transaction system is an account in the same currency as the currency of the local account registered to the sending client.
  • the different units of the multi currency transaction system may be any type of currency transaction system.
  • control unit and the client interface unit may be implemented using a single processing unit or using a plurality of processing units.
  • client of the system may further have the opportunity to make multi currency transactions to recipients not registered to the system e.g. the first input field may allow a sending client to specify an I BAN or ABA routing transit number of a recipient not registered to the system. This may be implemented by using one or more courier clients registered to the legal personality providing the multi currency transaction system.
  • the control unit determines that the recipient specified in a transaction service request is not a registered client, it may select an appropriate courier client to make the transfer to e.g. a courier client having a local account registered with the system in the same currency as the account of the recipient. The money may thereafter be transferred from the courier client to the recipient.
  • the multi currency transaction system further comprises:
  • a currency selection unit for selecting a specific aggregated currency for use for a transaction between a specific sending client and a specific recipient, wherein said specific aggregated currency comprises a plurality of specific underlying currencies, each specific underlying currency having a respective weighting;
  • said currency selection unit is configured to select a specific aggregated currency dependent on characteristics of the sending client and the recipient, specified in a transaction service request
  • said control unit dependent on a received transaction service request, is configured to: generate a first currency trading request and transmit said first currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from the local account registered to the sending client to a account, in the local currency of the local account registered to the sending client, associated with the legal personality providing the multi currency transaction system; and further update the recipients account in said specific selected aggregated currency in the internal account database with the specified amount in said selected specific aggregated currency.
  • the first currency trading request comprises instructions that make the currency trading system initiate a plurality of currency trades by selling a first currency and buying a plurality of the specific underlying currencies of the selected specific aggregated currency.
  • the first currency is the local currency of the local account registered to the sending client.
  • the currency selection unit selects a specific aggregated currency without direct user selection. Consequently, an aggregated currency may be chosen that is suitable for a transaction between two clients. This may simplify the currency trades performed by the currency trading system as a specific aggregated currency may be chosen comprising a specific set of individual underlying currencies where the currency trading system has directly or indirectly available currency crosses between the local currency of the sending client and the specific set of individual underlying currencies, and further directly or indirectly available currency crosses between the specific set of individual underlying currencies and the local currency of the recipient.
  • an aggregated currency may be selected which is designed to have a more stable exchange rate relative the local currency of the sending client and recipient e.g. by comprising a plurality of underlying currencies that are lowly correlated relative to both the local currency of the sending client and the recipient.
  • the characteristics of the sending client may include the local currency of the local account registered to the sending client. In some embodiments, the characteristics of recipient client may include the local currency of the local account registered to the recipient.
  • the currency selection unit is be configured to select a specific aggregated currency, by receiving a currency transaction request.
  • the currency transaction request may be generated by the control unit, in response to a received transaction service request, and transmitted from the control unit to the currency selection unit.
  • the client interface unit may transmit a currency selection request to the currency selection unit.
  • the currency selection request comprises information indicative of the sending client and information indicative of the recipient.
  • the currency selection unit may select, in response to a received currency selection request a specific aggregated currency, and transmit information indicative of the specific aggregated currency to the control unit and/or the client interface unit.
  • said currency selection unit selects a specific aggregated currency by:
  • each aggregated currency comprises a plurality of specific underlying currencies, each currency having a respective weighting; and wherein said currency selection unit selects a specific aggregated currency from the aggregated currency matrix dependent on characteristics of the sending client and the recipient specified in a transaction service request; or
  • the generated aggregated currencies comprises a plurality of specific underlying currencies, each currency having a respective weighting
  • said currency selection unit selects a specific aggregated currency by providing said aggregated currency generating program with information indicative of a sending client and a recipient specified in a transaction service request, and wherein said aggregated currency generating program generates a specific aggregated currency dependent on
  • said multi currency transaction system further comprises:
  • said calculating unit is configured to, in response to a transaction service request, estimate an estimated amount in the local currency of the sending client specified in the transaction service request, approximately corresponding to the amount in an aggregated currency specified in said transaction service request, and wherein said control unit further is configured to generate a locking request and transmit the generated locking request to the bank or bank alike settlement system, to lock an amount in the local account registered to the sending client corresponding to the estimated amount so as to secure that the sending client can pay for the requested multi currency transaction.
  • the calculating unit may base its calculations on past exchange rates e.g. the average exchange rate within the las 24 hours, 12 hours, 1 hour, or 10 minutes.
  • the estimated amount may comprise a safe buffer e.g. the estimated amount may be some percentage higher than the past average exchange rate and/or a fixed amount higher.
  • the calculation unit may further provide the client interface unit with estimated exchange rate between aggregated currencies and local currencies, so as to allow client of the system to inspect estimated exchange rates.
  • said multi currency transaction system further comprises:
  • a currency trading database for storing intermediate currency trading requests
  • said control unit dependent on a received transaction service request, is configured to update said currency trading data base with an intermediate currency trading request, and wherein a currency trading request generated by the control unit is dependent on a plurality of intermediate currency trading requests so as to lower the required number of currency trades. Consequently, the system may balance the total required currency trading request e.g. by letting opposing currency trades partly cancel out. This will result in that the total necessary number of currency trades may be lowered.
  • the client interface unit further is configured to provide a withdrawing client, whishing to withdraw an amount in said one or more aggregated currencies stored on the withdrawing clients account in said internal account database, with a third input field allowing said withdrawing client to specify an withdrawal amount of said one or more aggregated currencies, wherein said client interface unit is configured to output a withdrawal service request to said control unit in response to the information inputted by said withdrawing client, wherein said withdrawal service request comprises information indicative of said withdrawing client, and said withdrawal amount; wherein said control unit, dependent on a received withdrawal service request, is configured to: generate a second currency trading request and transmit said generated second currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from an account associated with the legal personality providing the multi currency transaction system to the local account registered to the
  • withdrawing client and further update the account in said one or more aggregated currencies of the withdrawing client in the internal account database with the withdrawal amount in said one or more aggregated currencies.
  • said control unit in response to a recipients account in the internal account database has been updated with a specific amount in a aggregated currency, is further automatically configured to: generate a second currency trading request and transmit said generated currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from an account associated with the legal personality providing the multi currency transaction system to the local account registered to the withdrawing client; and further update the account in said one or more aggregated currencies of the withdrawing client in the internal account database with the withdrawal amount in said one or more aggregated currencies.
  • the second currency trading request comprises instructions that make the currency trading system initiate a plurality of currency trades by selling a plurality of underlying currencies of the aggregated currency and buying a second currency.
  • the second currency is the local currency of the local account registered to the recipient.
  • the disclosure relates to a method for transferring an amount in an aggregated currency from a sending client to a recipient using a multi currency transaction system, wherein said method comprises the steps of:
  • ⁇ providing said sending client, using a client interface unit, with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in an aggregated currency to transfer to said recipient;
  • ⁇ generating, in said client interface unit, a transaction service request, in response to information inputted by said sending client, wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency;
  • the method further comprises the steps of:
  • step of generating a currency trading request comprises:
  • step of updating an account in said aggregated currencies further comprises updating the recipients account in said specific selected aggregated currency in the internal account database with the specified amount in said selected specific aggregated currency.
  • said currency selection unit selects a specific aggregated currency by:
  • each aggregated currency comprises a plurality of specific underlying currencies, each currency having a respective weighting; and wherein said currency selection unit selects a specific aggregated currency from the aggregated currency matrix dependent on characteristics of the sending client and the recipient specified in a transaction service request; or
  • the generated aggregated currencies comprises a plurality of specific underlying currencies, each currency having a respective weighting
  • said currency selection unit selects a specific aggregated currency by providing said aggregated currency generating program with information indicative of a sending client and a recipient specified in a transaction service request, and wherein said aggregated currency generating program generates a specific aggregated currency dependent on
  • the method further comprises the steps of: ⁇ estimating, in a calculation unit in response a received transaction service request, an amount in the local currency of sending clients local account approximately corresponding to the specified amount in said aggregated currency,
  • the method further comprises the steps of:
  • step of generating the first currency trading request further comprises generating the first currency trading request dependent on a plurality of intermediate currency trading requests so as to lower to required number of currency trades.
  • the method further comprises the steps of:
  • said control unit in response to a recipients account in the internal account database has been updated with a specific amount in a aggregated currency, is further automatically configured to: generate a second currency trading request and transmit said generated currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from an account associated with the legal personality providing the multi currency transaction system to the local account registered to the withdrawing client; and further update the account in said one or more aggregated currencies of the withdrawing client in the internal account database with the withdrawal amount in said one or more aggregated currencies.
  • the different aspects of the disclosure can be implemented in different ways including the multi currency transaction systems and the methods for transferring an amount in an aggregated currency unit from a sending client to a recipient using a multi currency transaction system, each yielding one or more of the benefits and advantages described in connection with at least one of the aspects described above, and each having one or more preferred embodiments corresponding to the preferred embodiments described in connection with at least one of the aspects described above and/or disclosed in the dependant claims. Furthermore, it will be appreciated that
  • first, second, third etc. are used only as references to ease the disclosure, and does not necessarily relate to a sequential order e.g. the second input field may be presented to the sending client prior to the first input field. The same may apply for the first and the second currency trading request.
  • Fig. 1 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure.
  • Fig. 2 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure.
  • Fig. 3 shows a flow chart of a method of a method for transferring an amount in an aggregated currency from a sending client to a recipient according to an embodiment of the present disclosure.
  • Fig. 4a show aggregated currencies according to some embodiments of the present disclosure.
  • Fig. 4b shows a treasury according to an embodiment of the present disclosure.
  • Fig. 5 shows a treasury according to an embodiment of the present disclosure.
  • Fig. 1 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure.
  • the system enables clients registered to the system, to easily make a multi currency transfer in an aggregated currency to a recipient both to other clients of systems and to recipient outside the system e.g. using courier accounts described above.
  • Each client of the system 108 109 110 have a local account 115 116 117 120 121 122 in a respective local currency 124 118, registered with the system 100.
  • the multi currency transaction system 100 comprises a control unit 101 configured to process transaction between clients 108 109 10, a client interface unit 102 allowing clients 108 109 110 to communicate with the system, an internal account database 04 comprising accounts of clients of the system 108 109 110 in one or more aggregated currencies, and a transaction service interface 103 connecting the multi currency transaction system 00 to a financial network 111 allowing the system to perform financial transactions.
  • the system may optionally further comprise a currency selection unit 105 for selecting a specific aggregated currency to use for a specific transaction, and a calculating unit 106.
  • the internal account database 104 may further optionally comprise accounts of courier clients 125, allowing a sending client to make multi currency transaction to recipients not registered to the system.
  • Each client of the system 108 109 110 have a local account 115 116 117 120 121 122 registered with the system 100 in a respective local currency 124 118.
  • the local accounts 108 109 110 are part of a bank or bank alike settlement system 113 connected to the financial network 111.
  • the entire settlement system 113 or a part of the settlement system 113 may be under direct or indirect control by the legal personality providing the multi currency transaction system 100 allowing the multi currency transaction system 100 to make transfers to and from the accounts 115 116 117 120 121 122.
  • the bank or bank alike settlement system 113 further comprises a plurality of accounts 114 119 associated with the legal personality providing the multi currency transaction system in different local currencies 124 118.
  • the legal personality providing the multi currency transaction system has an account in every local currency where there is a registered client having a local account in that local currency.
  • the clients 108 109 110 may use any communication device to interact with the system e.g. a personal computer, a mobile terminal, or a telephone.
  • the client interface unit 102 is configured to provide a sending client whishing to send a monetary amount to a recipient, with a user interface comprising a number of input fields.
  • the user interface may comprises a first input field allowing the sending client to input information indicative of the recipient e.g. a name and/or an account number of the recipient.
  • the user interface may further comprise a second input field, allowing the sending client to specify a specific amount of an aggregated currency that the sending client wishes to send to the recipient.
  • the client interface unit 102 is configured to generate a transaction service request to the control unit 101 in response to information inputted in the input fields by a sending client.
  • the transaction service request comprises information indicative of the sending client, the recipient and the specific amount in an aggregated currency to transfer.
  • the control unit 101 may transmit a currency selection request to the currency selection unit 105 to select a specific aggregated currency to use for the transaction between the sending client and the recipient.
  • the client interface unit may transmit a currency selection request to the currency selection unit 105. In both cases, the currency selection request comprises information indicative of the sending client and information indicative of the recipient.
  • the currency selection unit 105 may select, in response to a received currency selection request, a specific aggregated currency dependent on characteristics of the sending client and the recipient, where the specific aggregated currency comprises a plurality of specific underlying currencies each specific underlying currency having a respective weighting.
  • the control unit 101 in response to a received transaction service request, is configured to transmit a currency trading request to the currency trading system 112 to initiate a plurality of currency trades, process a transaction from the local account 115 registered to the sending client to a account 114 associated with the legal personality providing the multi currency transaction system to pay for the bought currencies, and update an account of the recipient in the internal account database 104.
  • the account of the recipient in the internal account database 104 may be updated with an amount as specified in the transaction service request in the specific aggregated currency, selected by the currency selection unit 105.
  • the transmitted currency trading request may initiate a plurality of currency trades from the local currency of the local account registered to the sending client, to the plurality of specific underlying currencies of the specific aggregated currency, selected by the currency selection unit 105.
  • Fig. 2 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure.
  • the multi currency transaction system 100 is similar to the system described in relation to Fig. 1 , however in this embodiment each client of the system 108 109 110 further have a second local account 129 130 131 126 127 128 registered to the system 100.
  • the second local account 129 130 131 126 127 128 may be in the same local currency as the local account registered with the system 115 116 117 120 121 122.
  • the local account registered with the system 115 116 117 120 121 122 are part of a banking or bank alike system 125 under direct or indirect control of the legal personality providing the multi currency transaction system 100, allowing the multi currency transaction system 100 to make transfers to and from the local accounts 115 116 117 120 121 122.
  • the second local account 129 130 131 126 127 128 are part of a banking or bank alike system 113 not under direct or indirect control of the iegai personality providing the multi currency transaction system 100.
  • the second account is the only account the users can use to transfer / withdraw money to / from their local account.
  • Fig. 3 shows a method for transferring an amount in an aggregated currency unit from a sending client to a recipient using a multi currency transaction system according to an embodiment of the present disclosure. The method comprises the steps of:
  • ⁇ providing said sending client, using a client interface unit (102), with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in an aggregated currency to transfer to said recipient (301 );
  • said transaction service request in response to information inputted by said sending client, wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency (302);
  • a first currency trading request for performing a plurality of currency trades from a local currency of a local account registered to the sending client to a plurality of other currencies(304);
  • Fig. 4a shows four specific aggregated currencies 401 402 403 404 according to some embodiments of the present disclosure.
  • the first aggregated currency 401 comprises the following underlying local currencies US dollars, Euros, Pound Sterling, Australian Dollar, and Japanese Yen.
  • a single unit of the first aggregated currency 401 comprise 3 US dollars, 2 Euros, 1 Pound Sterling, 1 Australian Dollar, and 2 Japanese Yen.
  • the second aggregated currency 402 comprises the following underlying local currencies: US dollars, Euros, Pound Sterling, Canadian Dollar, and Swedish Krona.
  • a single unit of the second aggregated currency 402 comprise 3 US dollars, 3 Euros, 2 Pound Sterling, 2 Canadian Dollar, and 1 Swedish Krona.
  • the third aggregated currency 403 comprises the following underlying local currencies: US dollars, Euros, Pound Sterling, Swiss franc, and New Zealand dollars.
  • a single unit of the third aggregated currency 403 comprise 3 US dollars, 2 Euros, 1 Pound Sterling, 2 Swiss franc, and 10 New Zealand dollars.
  • the fourth aggregated currency 404 comprises the following underlying local currencies: US dollars, Euros, Pound Sterling, South African Rand, and Norwegian Krone.
  • a single unit of the fourth aggregated currency 404 comprise 3 US dollars, 2 Euros, 1 Pound Sterling, 2 South African Rand, and 3 Norwegian Krone.
  • the four aggregated currencies 401 402 403 404 may be stored in an aggregated currency matrix, where the currency selection unit 105 selects a specific aggregated currency dependent on characteristics of the sending client and the recipient e.g. the local currency of the local account of the sending client and the recipient.
  • all aggregated currencies comprises 5 underlying currencies, however an aggregated currency may comprise a higher number or a lower number.
  • a single unit of an aggregate currency comprise only integer values of the underlying currencies, however in other embodiments a single unit of an aggregated currency may comprises any value of the underlying currencies.
  • Fig. 4b shows a treasury comprising a plurality of accounts in different local currencies according to an embodiment of the present disclosure.
  • the treasury 405 may be associated with the legal personality providing the multi currency transaction system.
  • the treasury 405 may comprise accounts in all underlying currencies of the aggregated currencies used by the multi currency transaction system.
  • the treasury 405 comprises accounts of the underlying currencies of the four aggregated currencies shown in Fig. 4a.
  • the credit balance of the accounts of the treasury may be constantly updated to correspond to the outstanding aggregated currencies.
  • effectively the amount available in the different aggregated currencies is dynamic and constantly adjusted to the needs of the users of the multi currency transaction system.
  • Fig. 5 shows how the credit balance of a treasury according to an
  • the treasury corresponds to the treasury shown in Fig. 4b
  • the different types of aggregated currencies correspond to the aggregated currencies shown in Fig. 4a.
  • first type aggregated currency units are created. This is done by depositing 30 US Dollar, 20 Euro, 10 Pound Sterling, 10 Australian Dollar, and 20 Japanese Yen.
  • the aggregated currencies may be created to make a multi currency transaction of 10 aggregated currency units.
  • the currencies may be bought by the currency trading system.
  • first type aggregated currency units are dissolved. This is done by withdrawing 21 US Dollar, 14 Euro, 7 Pound Sterling, 7 Australian Dollar, and 14 Japanese Yen.
  • the aggregated currencies may be dissolved in response to a withdrawal.
  • the currencies may be sold by the currency trading system.
  • second type aggregated currencies are dissolved.
  • the treasury secures that the value of the outstanding aggregated currencies are covered by the underlying currencies which are available in the system.

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Abstract

Disclosed is a multi currency transaction system (100) for allowing transactions of one or more aggregated currencies, wherein a plurality of clients (108, 109, 110) are registered to the system, each client (108, 109, 110) having a local account registered with the multi currency transaction system in a respective local currency.

Description

Title Multi currency transaction system
Field
5
This disclosure generally relates to multi currency transaction systems, and to method of performing transactions using such a system.
Background
!10
Each day the world's economies become increasingly integrated and interdependent. In this context the potential for the creation of new opportunities for trade and business abound. However, persistent currency volatility in the global marketplace discourages taking the risk required to realize such
15 opportunities. From a business perspective cross-currency trade and
investment remains difficult. Some potential investments and trades are foregone on the basis of that difficulty. When business partners engage in cross-currency transactions using any of the available currencies to denominate the transaction's value, there is a strong possibility that having to
20 pay or receive payment in such currency will, represent a disadvantage to one or both of the parties. The seemingly random nature of such currency risk is at odds with the kind of due diligence and risk management which has come to characterize modern ways of doing business.
25 Conventional currency hedging may be used to limit the currency risk
however the cost associated may be significant.
Summary
30 According to a first aspect the disclosure relates to a multi currency
transaction system for allowing transactions of one or more aggregated currencies, wherein a plurality of clients are registered to the system, each client having a local account registered with the multi currency transaction system in a respective local currency, wherein said multi currency transaction system comprises:
• a control unit configured to process transactions;
• a client interface unit configured to provide a sending client whishing to initiate a transaction to a recipient of an amount in an aggregated currency, with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in said
aggregated currency to transfer to said recipient, wherein said client interface unit is configured to output a transaction service request to said control unit in response to information inputted by a sending client, and wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency;
• a transaction service interface connecting said control unit to a bank or bank alike settlement system and a currency trading system through a financial network, wherein said bank or bank alike settlement system comprises the local accounts registered to the plurality of clients, and a plurality of accounts associated with the legal personality providing the multi currency transaction system; and
• an internal account database comprising accounts of clients of said multi currency transaction system in said one or more aggregated currencies; wherein said control unit, dependent on a received transaction service request, is configured to: generate a first currency trading request and transmit said first currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from the local account registered to the sending client to a first account associated with the legal personality providing the multi currency transaction system; and further update the recipients account in said aggregated currency in the internal account database with the specified amount in said
aggregated currency.
By using a control unit configured to administrate a user account database, and generate financial trading request, in response to user input, the complexity of multi currency transaction between business partners is significantly reduced. This makes multi currency settlement of business deals more applicable, and reduces the risk imposed by currency exchange rate fluctuations on business partners, by spreading the risk over more currency exchange rates factors without engaging in conventional hedging. An aggregated currency is a virtual currency unit comprising a plurality of underlying currencies, each underlying currency having a respective weighting e.g. an aggregated currency unit may comprise 30% US dollar, 25 % Euro, 15% Japanese Yen, 10% Swiss franc, 0% Australian dollar, and 10% Canadian dollar. The absolute value of an aggregated currency may be arbitrary determined, as it is not important for reducing the risk imposed by currency exchange rate, however the absolute value should be
predetermined and published to enable business partners to make deals using the aggregated currency. As an example a single aggregated currency unit may comprise 3 US dollars, 2.5 Euros, 1.5 Japanese Yens, 1 Swiss franc, 1 Australian dollar, and 1 Canadian dollar, where the relative distribution is a consequence of the respective weighting of the underlying currencies. Alternatively, when the absolute value is 10 times higher compared to above, a single aggregated currency unit may comprises 30 US dollars, 25 Euros, 15 Japanese Yens, 10 Swiss franc, 10 Australian dollars, and 10 Canadian dollars. The financial network may be an electronic network connecting the multi currency transaction system to a bank or bank alike settlement system, and a currency trading system.
In some embodiments, the plurality of accounts of the legal personality providing the multi currency transaction system, are in different local currencies.
In some embodiments, the first currency trading request comprises
instructions that make the currency trading system initiate a plurality of currency trades by selling a first currency and buying a plurality of underlying currencies of the aggregated currency. In some embodiments, the first currency is the local currency of the local account registered to the sending client. As the strength of each of the underlying currencies making up an
aggregated currency to a certain degree fluctuates un-correlated, the exchange rate fluctuations between an individual currency and an
aggregated currency will potentially be lower, than the exchange rate fluctuations between two individual currencies. This principle is used to reduce the risk imposed by currency exchange rate fluctuations on business partners, between two individual currencies.
The clients of the system each have local account registered with the system, where the local account may be in a local single currency. The local accounts of the clients may be part of a banking or bank alike system provided by the legal personality providing the multi currency transaction system and/or kept in an external banking or bank alike system. The clients may further have a second local account registered with the system, where the second local account is the only account the users can use to transfer / withdraw money to / from their local account. This may be beneficial to prevent the system from being used for money laundering schemes and other illegal activities. A bank or bank alike settlement system is a system capable of making transactions / settlements between the individual accounts of the systems. As most large international banks are capable of making international money transfers e.g. using the SWIFT system, ABA routing system or similar systems, they may be perceived as one large bank or bank alike settlement system.
The clients may use any communication device to interact with the client interface unit e.g. a personal computer, a mobile terminal or a telephone. The communication devices may communicate with the client interface unit through a network e.g. a telecommunication network e.g. the internet. The client interface unit may be capable of providing different input fields for different communication devices. The client interface unit may be configured to provide a client, using a personal computer to interact with the system, with a web-page or other software interface comprising information and the first input field and the second input field, whereby the client using input devices of the personal computer e.g. the keyboard may input information indicative of a recipient and an amount in an aggregated currency to transfer to the recipient. The client interface unit may be configured to provide a client, using a telephone to interact with the system, with a speaker guiding the client through the transfer process and providing the client with the first input field and the second input field, whereby the client using buttons or a voice recognition system on the telephone may input information indicative of a recipient and an amount in an aggregated currency to transfer to the recipient.
The currency trading system may be any system capable of trading currencies e.g. it may be an established currency broker.
The internal account database may comprise one or more accounts of each of the clients registered to the system, where each account in the internal account database is in an aggregated currency. Thus each client may have a plurality of accounts in the internal account database in different aggregated currencies.
The control unit may process a transaction from the local account registered to the sending client to a first account associated with the legal personality providing the multi currency transaction system, by generating a bank or bank alike transaction request, and transmitting the generated bank or bank alike transaction request, using the transaction service interface, to the bank or bank alike settlement system.
In some embodiments, the first account associated with the legal personality providing the multi currency transaction system is an account in the same currency as the currency of the local account registered to the sending client.
The different units of the multi currency transaction system may be
implemented using a single processing unit, or using a plurality of processing units e.g. the control unit and the client interface unit may be implemented using a single processing unit or using a plurality of processing units.
In some embodiments, client of the system may further have the opportunity to make multi currency transactions to recipients not registered to the system e.g. the first input field may allow a sending client to specify an I BAN or ABA routing transit number of a recipient not registered to the system. This may be implemented by using one or more courier clients registered to the legal personality providing the multi currency transaction system. When the control unit determines that the recipient specified in a transaction service request is not a registered client, it may select an appropriate courier client to make the transfer to e.g. a courier client having a local account registered with the system in the same currency as the account of the recipient. The money may thereafter be transferred from the courier client to the recipient. In some embodiments, the multi currency transaction system further comprises:
• a currency selection unit for selecting a specific aggregated currency for use for a transaction between a specific sending client and a specific recipient, wherein said specific aggregated currency comprises a plurality of specific underlying currencies, each specific underlying currency having a respective weighting;
wherein said currency selection unit is configured to select a specific aggregated currency dependent on characteristics of the sending client and the recipient, specified in a transaction service request, and wherein said control unit, dependent on a received transaction service request, is configured to: generate a first currency trading request and transmit said first currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from the local account registered to the sending client to a account, in the local currency of the local account registered to the sending client, associated with the legal personality providing the multi currency transaction system; and further update the recipients account in said specific selected aggregated currency in the internal account database with the specified amount in said selected specific aggregated currency.
In some embodiments, the first currency trading request comprises instructions that make the currency trading system initiate a plurality of currency trades by selling a first currency and buying a plurality of the specific underlying currencies of the selected specific aggregated currency. In some embodiments, the first currency is the local currency of the local account registered to the sending client.
In some embodiments, the currency selection unit selects a specific aggregated currency without direct user selection. Consequently, an aggregated currency may be chosen that is suitable for a transaction between two clients. This may simplify the currency trades performed by the currency trading system as a specific aggregated currency may be chosen comprising a specific set of individual underlying currencies where the currency trading system has directly or indirectly available currency crosses between the local currency of the sending client and the specific set of individual underlying currencies, and further directly or indirectly available currency crosses between the specific set of individual underlying currencies and the local currency of the recipient.
Additionally, by using a currency selection unit, an aggregated currency may be selected which is designed to have a more stable exchange rate relative the local currency of the sending client and recipient e.g. by comprising a plurality of underlying currencies that are lowly correlated relative to both the local currency of the sending client and the recipient.
In some embodiments, the characteristics of the sending client may include the local currency of the local account registered to the sending client. In some embodiments, the characteristics of recipient client may include the local currency of the local account registered to the recipient.
In some embodiments, the currency selection unit is be configured to select a specific aggregated currency, by receiving a currency transaction request.
The currency transaction request may be generated by the control unit, in response to a received transaction service request, and transmitted from the control unit to the currency selection unit. Alternatively, the client interface unit may transmit a currency selection request to the currency selection unit. In both cases, the currency selection request comprises information indicative of the sending client and information indicative of the recipient. The currency selection unit may select, in response to a received currency selection request a specific aggregated currency, and transmit information indicative of the specific aggregated currency to the control unit and/or the client interface unit.
In some embodiments, said currency selection unit selects a specific aggregated currency by:
• using a aggregated currency matrix comprising a plurality of
predetermined aggregated currencies, wherein each aggregated currency comprises a plurality of specific underlying currencies, each currency having a respective weighting; and wherein said currency selection unit selects a specific aggregated currency from the aggregated currency matrix dependent on characteristics of the sending client and the recipient specified in a transaction service request; or
• using a aggregated currency generating program capable of
generating aggregated currencies, wherein the generated aggregated currencies comprises a plurality of specific underlying currencies, each currency having a respective weighting, wherein said currency selection unit selects a specific aggregated currency by providing said aggregated currency generating program with information indicative of a sending client and a recipient specified in a transaction service request, and wherein said aggregated currency generating program generates a specific aggregated currency dependent on
characteristics of the sending client and the recipient.
In some embodiments, said multi currency transaction system further comprises:
•a calculating unit configured to estimate exchange rates from a local currency to one or more aggregated currencies. In some embodiments, said calculating unit is configured to, in response to a transaction service request, estimate an estimated amount in the local currency of the sending client specified in the transaction service request, approximately corresponding to the amount in an aggregated currency specified in said transaction service request, and wherein said control unit further is configured to generate a locking request and transmit the generated locking request to the bank or bank alike settlement system, to lock an amount in the local account registered to the sending client corresponding to the estimated amount so as to secure that the sending client can pay for the requested multi currency transaction.
The calculating unit may base its calculations on past exchange rates e.g. the average exchange rate within the las 24 hours, 12 hours, 1 hour, or 10 minutes. The estimated amount may comprise a safe buffer e.g. the estimated amount may be some percentage higher than the past average exchange rate and/or a fixed amount higher. The calculation unit may further provide the client interface unit with estimated exchange rate between aggregated currencies and local currencies, so as to allow client of the system to inspect estimated exchange rates.
In some embodiments, said multi currency transaction system further comprises:
•a currency trading database for storing intermediate currency trading requests; wherein said control unit, dependent on a received transaction service request, is configured to update said currency trading data base with an intermediate currency trading request, and wherein a currency trading request generated by the control unit is dependent on a plurality of intermediate currency trading requests so as to lower the required number of currency trades. Consequently, the system may balance the total required currency trading request e.g. by letting opposing currency trades partly cancel out. This will result in that the total necessary number of currency trades may be lowered.
In some embodiments, the client interface unit further is configured to provide a withdrawing client, whishing to withdraw an amount in said one or more aggregated currencies stored on the withdrawing clients account in said internal account database, with a third input field allowing said withdrawing client to specify an withdrawal amount of said one or more aggregated currencies, wherein said client interface unit is configured to output a withdrawal service request to said control unit in response to the information inputted by said withdrawing client, wherein said withdrawal service request comprises information indicative of said withdrawing client, and said withdrawal amount; wherein said control unit, dependent on a received withdrawal service request, is configured to: generate a second currency trading request and transmit said generated second currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from an account associated with the legal personality providing the multi currency transaction system to the local account registered to the
withdrawing client; and further update the account in said one or more aggregated currencies of the withdrawing client in the internal account database with the withdrawal amount in said one or more aggregated currencies.
In some embodiments, said control unit , in response to a recipients account in the internal account database has been updated with a specific amount in a aggregated currency, is further automatically configured to: generate a second currency trading request and transmit said generated currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from an account associated with the legal personality providing the multi currency transaction system to the local account registered to the withdrawing client; and further update the account in said one or more aggregated currencies of the withdrawing client in the internal account database with the withdrawal amount in said one or more aggregated currencies.
In some embodiments, the second currency trading request comprises instructions that make the currency trading system initiate a plurality of currency trades by selling a plurality of underlying currencies of the aggregated currency and buying a second currency. In some embodiments, the second currency is the local currency of the local account registered to the recipient.
According to a second aspect the disclosure relates to a method for transferring an amount in an aggregated currency from a sending client to a recipient using a multi currency transaction system, wherein said method comprises the steps of:
· providing said sending client, using a client interface unit, with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in an aggregated currency to transfer to said recipient;
· generating, in said client interface unit, a transaction service request, in response to information inputted by said sending client, wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency;
· transmitting from said client interface unit to a control unit said
generated transaction service request; • generating in said control unit, in response to a received transaction service request, a first currency trading request for performing a plurality of currency trades from a local currency of a local account registered to the sending client to a plurality of other currencies;
• transmitting said generated first currency trading request to a currency trading system, using a transaction service interface connecting said control unit to said currency trading system through a financial network, to initiate the plurality of currency trades;
• generating a bank or bank alike transaction request in said control unit, and transmitting the generated bank or bank alike transaction request, using the transaction service interface, to a bank or bank alike settlement system comprising the local account registered to the sending client, to initiate a transaction from the local account registered to the sending client to an account, associated with the legal personality providing the multi currency transaction system; and
• updating, using the control unit, an account in said aggregated
currency of the recipient in an internal account database with the specified amount of said aggregated currency.
In some embodiments, the method further comprises the steps of:
• selecting a specific aggregated currency, using a currency selection unit, dependent on characteristics of the sending client and the recipient specified in the transaction service request, wherein said specific aggregated currency comprises a plurality of specific underlying currencies, each specific underlying currency having a respective weighting;
wherein the step of generating a currency trading request comprises:
generating a currency trading request that when transmitted to the currency trading system initiate a plurality of currency trades from the local currency of the local account registered to the sending client to a plurality of the specific underlying currencies of said selected specific aggregated currency, and wherein the step of updating an account in said aggregated currencies further comprises updating the recipients account in said specific selected aggregated currency in the internal account database with the specified amount in said selected specific aggregated currency.
In some embodiments, said currency selection unit selects a specific aggregated currency by:
• using a aggregated currency matrix comprising a plurality of
predetermined aggregated currencies, wherein each aggregated currency comprises a plurality of specific underlying currencies, each currency having a respective weighting; and wherein said currency selection unit selects a specific aggregated currency from the aggregated currency matrix dependent on characteristics of the sending client and the recipient specified in a transaction service request; or
• using a aggregated currency generating program capable of
generating aggregated currencies, wherein the generated aggregated currencies comprises a plurality of specific underlying currencies, each currency having a respective weighting, wherein said currency selection unit selects a specific aggregated currency by providing said aggregated currency generating program with information indicative of a sending client and a recipient specified in a transaction service request, and wherein said aggregated currency generating program generates a specific aggregated currency dependent on
characteristics of the sending client and the recipient.
In some embodiments, the method further comprises the steps of: · estimating, in a calculation unit in response a received transaction service request, an amount in the local currency of sending clients local account approximately corresponding to the specified amount in said aggregated currency,
• generating in the control unit, a locking request and transmitting the generated locking request, using the transaction service interface, to the bank or bank alike settlement system comprising the local account registered to the sending client, to lock an amount in the local account registered to the sending client corresponding to the estimated amount, so as to secure that the sending client can pay for the requested multi currency transaction.
In some embodiments, the method further comprises the steps of:
• generating in said control unit, in response to a received transaction service request, a intermediate currency trading request;
· updating a currency trading database with the generated intermediate currency trading request;
wherein the step of generating the first currency trading request further comprises generating the first currency trading request dependent on a plurality of intermediate currency trading requests so as to lower to required number of currency trades.
In some embodiments, the method further comprises the steps of:
• providing the recipient, using said client interface unit, with a third input field for allowing said recipient to specify a withdrawal amount in an aggregated currency;
• generating in said client interface unit a withdrawal service request in response to the information inputted by said recipient, wherein said withdrawal service request comprises information indicative of said recipient, and said withdrawal amount; transmitting from the client interface unit said withdrawal service request to the control unit;
generating in the control unit, in response to a received withdrawal service request, a second currency trading request for performing a plurality of currency trades from a plurality of currencies to the local currency of a local account registered to the recipient;
transmitting said generated second currency trading request to a currency trading system, using the transaction service interface connecting said control unit to said currency trading system through a financial network, to initiate the plurality of currency trades;
generating a bank or bank alike transaction request in said control unit, and transmitting the generated bank or bank alike transaction request, using the transaction service interface, to the bank or bank alike settlement system comprising the local account registered to the recipient, to initiate a transaction from an account associated with the legal personality providing the multi currency transaction system to the local account registered to the recipient; and
updating, using the control unit, an account in said aggregated currency of the recipient in an internal account database with the withdrawal amount in said aggregated currency.
In some embodiments, said control unit , in response to a recipients account in the internal account database has been updated with a specific amount in a aggregated currency, is further automatically configured to: generate a second currency trading request and transmit said generated currency trading request to said currency trading system to initiate a plurality of currency trades; process a transaction from an account associated with the legal personality providing the multi currency transaction system to the local account registered to the withdrawing client; and further update the account in said one or more aggregated currencies of the withdrawing client in the internal account database with the withdrawal amount in said one or more aggregated currencies.
The different aspects of the disclosure can be implemented in different ways including the multi currency transaction systems and the methods for transferring an amount in an aggregated currency unit from a sending client to a recipient using a multi currency transaction system, each yielding one or more of the benefits and advantages described in connection with at least one of the aspects described above, and each having one or more preferred embodiments corresponding to the preferred embodiments described in connection with at least one of the aspects described above and/or disclosed in the dependant claims. Furthermore, it will be appreciated that
embodiments described in connection with one of the aspects described herein may equally be applied to the other aspects.
The terms first, second, third etc. are used only as references to ease the disclosure, and does not necessarily relate to a sequential order e.g. the second input field may be presented to the sending client prior to the first input field. The same may apply for the first and the second currency trading request.
Brief description of the drawings
The above and/or additional objects, features and advantages of the present invention, will be further elucidated by the following illustrative and non- limiting detailed description of embodiments of the present invention, with reference to the appended drawings, wherein:
Fig. 1 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure. Fig. 2 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure.
Fig. 3 shows a flow chart of a method of a method for transferring an amount in an aggregated currency from a sending client to a recipient according to an embodiment of the present disclosure.
Fig. 4a show aggregated currencies according to some embodiments of the present disclosure.
Fig. 4b shows a treasury according to an embodiment of the present disclosure.
Fig. 5 shows a treasury according to an embodiment of the present disclosure.
Detailed description
In the following description, reference is made to the accompanying figures, which show by way of illustration how the invention may be practiced.
Fig. 1 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure. The system enables clients registered to the system, to easily make a multi currency transfer in an aggregated currency to a recipient both to other clients of systems and to recipient outside the system e.g. using courier accounts described above. Each client of the system 108 109 110 have a local account 115 116 117 120 121 122 in a respective local currency 124 118, registered with the system 100. The multi currency transaction system 100 comprises a control unit 101 configured to process transaction between clients 108 109 10, a client interface unit 102 allowing clients 108 109 110 to communicate with the system, an internal account database 04 comprising accounts of clients of the system 108 109 110 in one or more aggregated currencies, and a transaction service interface 103 connecting the multi currency transaction system 00 to a financial network 111 allowing the system to perform financial transactions. The system may optionally further comprise a currency selection unit 105 for selecting a specific aggregated currency to use for a specific transaction, and a calculating unit 106. The internal account database 104 may further optionally comprise accounts of courier clients 125, allowing a sending client to make multi currency transaction to recipients not registered to the system.
Each client of the system 108 109 110 have a local account 115 116 117 120 121 122 registered with the system 100 in a respective local currency 124 118. The local accounts 108 109 110 are part of a bank or bank alike settlement system 113 connected to the financial network 111. The entire settlement system 113 or a part of the settlement system 113 may be under direct or indirect control by the legal personality providing the multi currency transaction system 100 allowing the multi currency transaction system 100 to make transfers to and from the accounts 115 116 117 120 121 122. The bank or bank alike settlement system 113 further comprises a plurality of accounts 114 119 associated with the legal personality providing the multi currency transaction system in different local currencies 124 118. Preferably, the legal personality providing the multi currency transaction system has an account in every local currency where there is a registered client having a local account in that local currency.
The clients 108 109 110 may use any communication device to interact with the system e.g. a personal computer, a mobile terminal, or a telephone. The client interface unit 102 is configured to provide a sending client whishing to send a monetary amount to a recipient, with a user interface comprising a number of input fields. The user interface may comprises a first input field allowing the sending client to input information indicative of the recipient e.g. a name and/or an account number of the recipient. The user interface may further comprise a second input field, allowing the sending client to specify a specific amount of an aggregated currency that the sending client wishes to send to the recipient. The client interface unit 102 is configured to generate a transaction service request to the control unit 101 in response to information inputted in the input fields by a sending client. The transaction service request comprises information indicative of the sending client, the recipient and the specific amount in an aggregated currency to transfer. In response to a received transaction service request, the control unit 101 may transmit a currency selection request to the currency selection unit 105 to select a specific aggregated currency to use for the transaction between the sending client and the recipient. Alternatively, the client interface unit may transmit a currency selection request to the currency selection unit 105. In both cases, the currency selection request comprises information indicative of the sending client and information indicative of the recipient. The currency selection unit 105 may select, in response to a received currency selection request, a specific aggregated currency dependent on characteristics of the sending client and the recipient, where the specific aggregated currency comprises a plurality of specific underlying currencies each specific underlying currency having a respective weighting.
The control unit 101 , in response to a received transaction service request, is configured to transmit a currency trading request to the currency trading system 112 to initiate a plurality of currency trades, process a transaction from the local account 115 registered to the sending client to a account 114 associated with the legal personality providing the multi currency transaction system to pay for the bought currencies, and update an account of the recipient in the internal account database 104. The account of the recipient in the internal account database 104 may be updated with an amount as specified in the transaction service request in the specific aggregated currency, selected by the currency selection unit 105. The transmitted currency trading request may initiate a plurality of currency trades from the local currency of the local account registered to the sending client, to the plurality of specific underlying currencies of the specific aggregated currency, selected by the currency selection unit 105. Fig. 2 shows a schematic view of a multi currency transaction system according to an embodiment of the present disclosure. The multi currency transaction system 100 is similar to the system described in relation to Fig. 1 , however in this embodiment each client of the system 108 109 110 further have a second local account 129 130 131 126 127 128 registered to the system 100. The second local account 129 130 131 126 127 128 may be in the same local currency as the local account registered with the system 115 116 117 120 121 122. In some embodiment, the local account registered with the system 115 116 117 120 121 122 are part of a banking or bank alike system 125 under direct or indirect control of the legal personality providing the multi currency transaction system 100, allowing the multi currency transaction system 100 to make transfers to and from the local accounts 115 116 117 120 121 122. In some embodiments, the second local account 129 130 131 126 127 128 are part of a banking or bank alike system 113 not under direct or indirect control of the iegai personality providing the multi currency transaction system 100. In some embodiments, the second account is the only account the users can use to transfer / withdraw money to / from their local account.
Fig. 3 shows a method for transferring an amount in an aggregated currency unit from a sending client to a recipient using a multi currency transaction system according to an embodiment of the present disclosure. The method comprises the steps of:
· providing said sending client, using a client interface unit (102), with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in an aggregated currency to transfer to said recipient (301 );
· generating, in said client interface unit(102), a transaction service
request, in response to information inputted by said sending client, wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency (302);
• transmitting from said client interface unit (102) to a control unit (101 ) said generated transaction service request (303);
• generating in said control unit (101 ), in response to a received
transaction service request, a first currency trading request for performing a plurality of currency trades from a local currency of a local account registered to the sending client to a plurality of other currencies(304);
• transmitting said generated first currency trading request to a currency trading system, using a transaction service interface (103) connecting said control unit (101) to said currency trading system (112) through a financial network (111), to initiate the plurality of currency trades (305); · generating a bank or bank alike transaction request in said control unit (101 ), and transmitting the generated bank or bank alike transaction request, using the transaction service interface (103), to a bank or bank alike settlement system comprising the local account registered to the sending client, to initiate a transaction from the local account registered to the sending client to an account (114), associated with the legal personality providing the multi currency transaction system (306); and
• updating, using the control unit ( 01 ), an account in said aggregated currency of the recipient in an internal account database (104) with the specified amount of said aggregated currency (307).
Fig. 4a shows four specific aggregated currencies 401 402 403 404 according to some embodiments of the present disclosure. The first aggregated currency 401 comprises the following underlying local currencies US dollars, Euros, Pound Sterling, Australian Dollar, and Japanese Yen. A single unit of the first aggregated currency 401 comprise 3 US dollars, 2 Euros, 1 Pound Sterling, 1 Australian Dollar, and 2 Japanese Yen. The second aggregated currency 402 comprises the following underlying local currencies: US dollars, Euros, Pound Sterling, Canadian Dollar, and Swedish Krona. A single unit of the second aggregated currency 402 comprise 3 US dollars, 3 Euros, 2 Pound Sterling, 2 Canadian Dollar, and 1 Swedish Krona. The third aggregated currency 403 comprises the following underlying local currencies: US dollars, Euros, Pound Sterling, Swiss franc, and New Zealand dollars. A single unit of the third aggregated currency 403 comprise 3 US dollars, 2 Euros, 1 Pound Sterling, 2 Swiss franc, and 10 New Zealand dollars. The fourth aggregated currency 404 comprises the following underlying local currencies: US dollars, Euros, Pound Sterling, South African Rand, and Norwegian Krone. A single unit of the fourth aggregated currency 404 comprise 3 US dollars, 2 Euros, 1 Pound Sterling, 2 South African Rand, and 3 Norwegian Krone. The four aggregated currencies 401 402 403 404 may be stored in an aggregated currency matrix, where the currency selection unit 105 selects a specific aggregated currency dependent on characteristics of the sending client and the recipient e.g. the local currency of the local account of the sending client and the recipient. In this example, all aggregated currencies comprises 5 underlying currencies, however an aggregated currency may comprise a higher number or a lower number.
In some embodiments, a single unit of an aggregate currency comprise only integer values of the underlying currencies, however in other embodiments a single unit of an aggregated currency may comprises any value of the underlying currencies.
Fig. 4b shows a treasury comprising a plurality of accounts in different local currencies according to an embodiment of the present disclosure. The treasury 405 may be associated with the legal personality providing the multi currency transaction system. The treasury 405 may comprise accounts in all underlying currencies of the aggregated currencies used by the multi currency transaction system. In this example the treasury 405 comprises accounts of the underlying currencies of the four aggregated currencies shown in Fig. 4a. The credit balance of the accounts of the treasury may be constantly updated to correspond to the outstanding aggregated currencies. Thus, effectively the amount available in the different aggregated currencies is dynamic and constantly adjusted to the needs of the users of the multi currency transaction system. This may be achieved by positioning the currencies bought, for performing a specific transfer of an aggregated currency from a sending client to a recipient, in the treasury. In this way clients are provided with an easy an efficient way of making multi currency transactions without having a large number of accounts in different
currencies. Fig. 5 shows how the credit balance of a treasury according to an
embodiment of the present disclosure may be controlled. The treasury corresponds to the treasury shown in Fig. 4b, and the different types of aggregated currencies correspond to the aggregated currencies shown in Fig. 4a. In the first row 406 10 first type aggregated currency units are created. This is done by depositing 30 US Dollar, 20 Euro, 10 Pound Sterling, 10 Australian Dollar, and 20 Japanese Yen. The aggregated currencies may be created to make a multi currency transaction of 10 aggregated currency units. The currencies may be bought by the currency trading system.
Correspondingly, in the second row 407 3 second type aggregated currency units are created, in the third row 408 5 fourth type aggregated currency units are created, and in the fourth row 409 2 third type aggregated currency units are created.
In the fifth row 410 7 first type aggregated currency units are dissolved. This is done by withdrawing 21 US Dollar, 14 Euro, 7 Pound Sterling, 7 Australian Dollar, and 14 Japanese Yen. The aggregated currencies may be dissolved in response to a withdrawal. The currencies may be sold by the currency trading system. Correspondingly, in the sixth row 411 3 second type aggregated currencies are dissolved. Thus the treasury secures that the value of the outstanding aggregated currencies are covered by the underlying currencies which are available in the system.
Although some embodiments have been described and shown in detail, the invention is not restricted to them, but may also be embodied in other ways within the scope of the subject matter defined in the following claims. In particular, it is to be understood that other embodiments may be utilised and structural and functional modifications may be made without departing from the scope of the present invention.
In device claims enumerating several means, several of these means can be embodied by one and the same item of hardware. The mere fact that certain measures are recited in mutually different dependent claims or described in different embodiments does not indicate that a combination of these measures cannot be used to advantage.
It should be emphasized that the term "comprises/comprising" when used in this specification is taken to specify the presence of stated features, integers, steps or components but does not preclude the presence or addition of one or more other features, integers, steps, components or groups thereof.

Claims

Claims:
1. A multi currency transaction system (100) for allowing transactions of one or more aggregated currencies, wherein a plurality of clients (108, 109, 110) are registered to the system, each client ( 08, 109, 110) having a local account registered with the multi currency transaction system in a respective local currency, wherein said multi currency transaction system (100) comprises: · a control unit (101 ) configured to process transactions;
• a client interface unit (102) configured to provide a sending client whishing to initiate a transaction to a recipient of an amount in an aggregated currency, with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in said aggregated currency to transfer to said recipient, wherein said client interface unit (102) is configured to output a transaction service request to said control unit (101 ) in response to information inputted by a sending client, and wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency;
• a transaction service interface (103) connecting said control unit (101 ) to a bank or bank alike settlement system (113) and a currency trading system (112) through a financial network (111 ), wherein said bank or bank alike settlement system comprises the local accounts registered to the plurality of clients(108, 109, 110), and a plurality of accounts (114) associated with the legal personality providing the multi currency transaction system; and
• an internal account database (104) comprising accounts of clients of said multi currency transaction system in said one or more aggregated currencies; wherein said control unit (101 ), dependent on a received transaction service request, is configured to: generate a first currency trading request and transmit said first currency trading request to said currency trading system ( 12) to initiate a plurality of currency trades; process a transaction from the local account registered to the sending client to a first account (114) associated with the legal personality providing the multi currency transaction system; and further update the recipients account in said aggregated currency in the internal account database (104) with the specified amount in said aggregated currency.
2. A multi currency transaction system (100) according to claim 1 , wherein the multi currency transaction system further comprises:
• a currency selection unit for selecting a specific aggregated currency for use for a transaction between a specific sending client and a specific recipient, wherein said specific aggregated currency comprises a plurality of specific underlying currencies, each specific underlying currency having a respective weighting;
wherein said currency selection unit is configured to select a specific aggregated currency dependent on characteristics of the sending client and the recipient, specified in a transaction service request, and wherein said control unit (101 ), dependent on a received transaction service request, is configured to: generate a first currency trading request and transmit said first currency trading request to said currency trading system (112) to initiate a plurality of currency trades; process a transaction from the local account registered to the sending client to a account (114), in the local currency of the local account registered to the sending client, associated with the legal personality providing the multi currency transaction system; and further update the recipients account in said specific selected aggregated currency in the internal account database (104) with the specified amount in said selected specific aggregated currency.
3. A multi currency transaction system (100) according to claim 2, wherein said currency selection unit (105) selects a specific aggregated currency by:
• using a aggregated currency matrix comprising a plurality of
predetermined aggregated currencies, wherein each aggregated currency comprises a plurality of specific underlying currencies, each currency having a respective weighting; and wherein said currency selection unit (105) selects a specific aggregated currency from the aggregated currency matrix dependent on characteristics of the sending client and the recipient specified in a transaction service request; or
• using a aggregated currency generating program capable of
generating aggregated currencies, wherein the generated aggregated currencies comprises a plurality of specific underlying currencies, each currency having a respective weighting, wherein said currency selection unit (105) selects a specific aggregated currency by providing said aggregated currency generating program with information indicative of a sending client and a recipient specified in a transaction service request, and wherein said aggregated currency generating program generates a specific aggregated currency dependent on characteristics of the sending client and the recipient.
4. A multi currency transaction system (100) according to any of claim 1 to claim 3, wherein said multi currency transaction system further comprises:
•a calculating unit (106) configured to estimate exchange rates from a local currency to one or more aggregated currencies.
5. A multi currency transaction system (100) according to claim 4, wherein said calculating unit (106) is configured to, in response to a transaction service request, estimate an estimated amount in the local currency of the sending client specified in the transaction service request, approximately corresponding to the amount in an aggregated currency specified in said transaction service request, and wherein said control unit (101 ) further is configured to generate a locking request and transmit the generated locking request to the bank or bank alike settlement system, to lock an amount in the local account registered to the sending client corresponding to the estimated amount so as to secure that the sending client can pay for the requested multi currency transaction.
6. A multi currency transaction system (100) according to any of claim 1 to claim 5, wherein said multi currency transaction system further comprises:
•a currency trading database for storing intermediate currency trading requests; wherein said control unit (101), dependent on a received transaction service request, is configured to update said currency trading data base with an intermediate currency trading request, and wherein a currency trading request generated by the control unit (101 ) is dependent on a plurality of intermediate currency trading requests so as to lower the required number of currency trades.
7. A multi currency transaction system (100) according to any of claim 1 to claim 6, wherein the client interface unit (102) further is configured to provide a withdrawing client, whishing to withdraw an amount in said one or more aggregated currencies stored on the withdrawing clients account in said internal account database (104), with a third input field allowing said withdrawing client to specify an withdrawal amount of said one or more aggregated currencies, wherein said client interface unit (102) is configured to output a withdrawal service request to said control unit (101 ) in response to the information inputted by said withdrawing client, wherein said withdrawal service request comprises information indicative of said withdrawing client, and said withdrawal amount; wherein said control unit (101 ), dependent on a received withdrawal service request, is configured to: generate a second currency trading request and transmit said generated second currency trading request to said currency trading system (112) to initiate a plurality of currency trades; process a transaction from an account (114) associated with the legal personality providing the multi currency transaction system to the local account registered to the withdrawing client; and further update the account in said one or more aggregated currencies of the withdrawing client in the internal account database (104) with the withdrawal amount in said one or more aggregated currencies.
8. A method for transferring an amount in an aggregated currency from a sending client to a recipient using a multi currency transaction system, wherein said method comprises the steps of:
• providing said sending client, using a client interface unit (102), with a first input field for allowing said sending client to specify information indicative of said recipient, and a second input field for allowing said sending client to specify an amount in an aggregated currency to transfer to said recipient;
• generating, in said client interface unit(102), a transaction service request, in response to information inputted by said sending client, wherein said transaction service request comprises information indicative of said sending client, said recipient, and said specified amount in said aggregated currency;
• transmitting from said client interface unit (102) to a control unit (101 ) said generated transaction service request;
· generating in said control unit (101 ), in response to a received
transaction service request, a first currency trading request for performing a plurality of currency trades from a local currency of a local account registered to the sending client to a plurality of other currencies;
transmitting said generated first currency trading request to a currency trading system, using a transaction service interface (103) connecting said control unit (101 ) to said currency trading system (112) through a financial network (111 ), to initiate the plurality of currency trades;
generating a bank or bank alike transaction request in said control unit (101), and transmitting the generated bank or bank alike transaction request, using the transaction service interface (103), to a bank or bank alike settlement system comprising the local account registered to the sending client, to initiate a transaction from the local account registered to the sending client to an account (114), associated with the legal personality providing the multi currency transaction system; and
updating, using the control unit (101 ), an account in said aggregated currency of the recipient in an internal account database (104) with the specified amount of said aggregated currency.
9. A method according to claim 8, wherein the method further comprises the steps of:
• selecting a specific aggregated currency, using a currency selection unit, dependent on characteristics of the sending client and the recipient specified in the transaction service request, wherein said specific aggregated currency comprises a plurality of specific underlying currencies, each specific underlying currency having a respective weighting;
wherein the step of generating a currency trading request comprises:
generating a currency trading request that when transmitted to the currency trading system initiate a plurality of currency trades from the local currency of the local account registered to the sending client to a plurality of the specific underlying currencies of said selected specific aggregated currency, and wherein the step of updating an account in said aggregated currencies further comprises updating the recipients account in said specific selected aggregated currency in the internal account database (104) with the specified amount in said selected specific aggregated currency.
10. A method according to claim 8 or claim 9, wherein said currency selection unit (105) selects a specific aggregated currency by: · using a aggregated currency matrix comprising a plurality of
predetermined aggregated currencies, wherein each aggregated currency comprises a plurality of specific underlying currencies, each currency having a respective weighting; and wherein said currency selection unit (105) selects a specific aggregated currency from the aggregated currency matrix dependent on characteristics of the sending client and the recipient specified in a transaction service request; or
• using a aggregated currency generating program capable of
generating aggregated currencies, wherein the generated aggregated currencies comprises a plurality of specific underlying currencies, each currency having a respective weighting, wherein said currency selection unit (105) selects a specific aggregated currency by providing said aggregated currency generating program with information indicative of a sending client and a recipient specified in a transaction service request, and wherein said aggregated currency generating program generates a specific aggregated currency dependent on characteristics of the sending client and the recipient.
11. A method according to any of claim 8 to claim 10, wherein the method further comprises the steps of: • estimating, in a calculation unit (106) in response a received
transaction service request, an amount in the local currency of sending clients local account approximately corresponding to the specified amount in said aggregated currency,
· generating in the control unit (101 ), a locking request and transmitting the generated locking request, using the transaction service interface (103), to the bank or bank alike settlement system comprising the local account registered to the sending client, to lock an amount in the local account registered to the sending client corresponding to the estimated amount, so as to secure that the sending client can pay for the requested multi currency transaction.
12. A method according to any of claim 8 to claim 11 , wherein the method further comprises the steps of:
• generating in said control unit (101 ), in response to a received
transaction service request, a intermediate currency trading request;
• updating a currency trading database with the generated intermediate currency trading request;
wherein the step of generating the first currency trading request further comprises generating the first currency trading request dependent on a plurality of intermediate currency trading requests so as to lower to required number of currency trades.
13. A method according to any of claim 8 to claim 12, wherein the method further comprises the steps of:
• providing the recipient, using said client interface unit (102), with a third input field for allowing said recipient to specify a withdrawal amount in an aggregated currency; • generating in said client interface unit (102) a withdrawal service request in response to the information inputted by said recipient, wherein said withdrawal service request comprises information indicative of said recipient, and said withdrawal amount;
· transmitting from the client interface unit (102) said withdrawal service request to the control unit (101 );
• generating in the control unit (101 ), in response to a received
withdrawal service request, a second currency trading request for performing a plurality of currency trades from a plurality of currencies to the local currency of a local account registered to the recipient;
• transmitting said generated second currency trading request to a
currency trading system, using the transaction service interface (103) connecting said control unit (101 ) to said currency trading system
(112) through a financial network (111 ), to initiate the plurality of currency trades;
• generating a bank or bank alike transaction request in said control unit (101 ), and transmitting the generated bank or bank alike transaction request, using the transaction service interface (103), to the bank or bank alike settlement system comprising the local account registered to the recipient, to initiate a transaction from an account (114) associated with the legal personality providing the multi currency transaction system to the local account registered to the recipient; and
• updating, using the control unit (101 ), an account in said aggregated currency of the recipient in an internal account database (104) with the withdrawal amount in said aggregated currency.
PCT/EP2011/068017 2011-10-14 2011-10-14 Multi currency transaction system WO2012069256A1 (en)

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