METHOD AND SYSTEM FOR ASSURING CURRENCY EXCHANGE RATES
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United States of America Patent
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Issued Date -
Oct 15, 2015
app pub date -
Apr 11, 2014
filing date -
Apr 11, 2014
priority date (Note) -
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Abstract
A method for providing an assured currency exchange rate includes: storing, in an account database, an account profile, wherein the account profile includes data related to a payment account including at least an account identifier, a conversion rule, and a period of time; receiving, by a receiving device, an authorization request for a payment transaction, wherein the authorization request includes at least the account identifier, a transaction amount in a first currency, and a transaction time and/or date that is within the period of time; calculating, by a processing device, a new transaction amount in a second currency based on application of the conversion rule to the transaction amount in the first currency; updating, by the processing device, the authorization request to include the calculated new transaction amount in the second currency; and forwarding, by a transmitting device, the updated authorization request.
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