US 11,682,005 B2
Systems and methods for token-based cross-currency interoperability
John Corwin Hunter, Lithia, FL (US); Umar Farooq, New York, NY (US); Tiffany Ashley Wan, New York, NY (US); Naveen Mallela, Singapore (SG); Christine Moy, New York, NY (US); Tyrone Lobban, London (GB); Oliver Harris, Woking (GB); and Palka S. Patel, Jersey City, NJ (US)
Assigned to JPMORGAN CHASE BANK, N.A., New York, NY (US)
Filed by JPMORGAN CHASE BANK, N.A., New York, NY (US)
Filed on Sep. 3, 2019, as Appl. No. 16/558,415.
Claims priority of provisional application 62/725,331, filed on Aug. 31, 2018.
Prior Publication US 2020/0074455 A1, Mar. 5, 2020
Int. Cl. G06Q 20/38 (2012.01)
CPC G06Q 20/381 (2013.01) [G06Q 20/389 (2013.01)] 7 Claims
OG exemplary drawing
 
1. A computer-based method for conducting a token-based cross-currency transaction comprising:
receiving, by a first computer program executed by a first financial institution information processing apparatus comprising at least one computer processor and from a first party, a transaction initiation request for sending an amount of a first fiat currency to a second party, the second party receiving an equivalent of the amount in a second fiat currency, wherein the first fiat currency and the second fiat currency are different currencies, wherein the first financial institution participates as a first node of a plurality of nodes in a distributed ledger network;
deducting, by the first computer program, the amount of the first fiat currency from a first account for the first party, the first fiat currency account being in the first fiat currency;
creating, by the first computer program, an amount of first tokens for the amount of the first fiat currency and writing the first tokens to a first financial institution copy of a distributed ledger in the distributed ledger network, wherein the distributed ledger is cryptographically-verifiable and immutable;
converting, by a third computer program for a third financial institution, the amount of the first tokens to an amount of third tokens, the third tokens being associated with a third fiat currency, the third fiat currency being different from the first fiat currency and the second fiat currency, wherein the third financial institution participates as a third node of the plurality of nodes in the distributed ledger network, and wherein the first tokens are destroyed as a result of the conversion;
converting, by the third computer program, the amount of the third tokens to an amount of the second tokens, the second tokens being associated with the second fiat currency, and wherein the third tokens are destroyed as a result of the conversion;
writing, by the third computer program, the second tokens to a third financial institution copy of the distributed ledger in the distributed ledger network;
receiving, by a second computer program for a second financial institution, the second tokens from a second financial institution copy of the distributed ledger, wherein the second financial institution participates as a second node of the plurality of nodes in the distributed ledger network;
converting, by the second computer program, the second tokens to the second fiat currency, wherein the second tokens are destroyed as a result of the conversion; and
redeeming, by the second computer program, the second tokens to the amount of the second currency to a second account for the second party;
wherein a change on one of the first financial institution copy of the distributed ledger, the second financial institution copy of the distributed ledger, or the third financial institution copy of the distributed ledger are reflected on the other copies of the distributed ledger; and
wherein the first tokens and the second tokens are inoperable with each other and cannot be directly exchanged.