Multi currency exchanges between participants of a network-based transaction facility
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United States of America Patent
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Nov 8, 2011
Issued Date -
N/A
app pub date -
Jun 18, 2010
filing date -
Jun 26, 2003
priority date (Note) -
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status (Latency Note)
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Abstract
A method and apparatus for facilitating online payment transactions in multiple currencies between participants of a network-based transaction facility are described. In one embodiment, an exchange rate associated with a currency is stored in a database. The exchange rate is received from a third party system and is associated with a rate expiration date. One or more payment transactions conducted in the currency are also stored. A determination is made whether a determinable time period has expired, whereby the determinable time period is set to expire prior to the rate expiration date. In response to the determinable time period expiring, instructions are sent to the third party system to execute trades on the one or more payment transactions using the stored exchange rate.
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