US 11,756,123 B1
System and method for providing an automated trading platform for cross-border settlements
Bart S. van Hoek, Dallas, TX (US)
Assigned to MoneyGram International, Inc., Dallas, TX (US)
Filed by MoneyGram International, Inc., Dallas, TX (US)
Filed on Dec. 28, 2022, as Appl. No. 18/89,962.
Application 18/089,962 is a continuation of application No. 17/476,130, filed on Sep. 15, 2021, granted, now 11,568,489.
Claims priority of provisional application 63/078,532, filed on Sep. 15, 2020.
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/04 (2012.01); G06F 16/951 (2019.01)
CPC G06Q 40/04 (2013.01) [G06F 16/951 (2019.01)] 8 Claims
OG exemplary drawing
 
1. A method for conducting a cross border settlement transaction, the method comprising:
instantiating an autonomous bot in a web application having a GUI interface;
receiving parameters for the settlement transaction via the GUI interface, the parameters including a settlement transaction amount; an initial currency and a final currency for the settlement transaction;
dividing, by the autonomous bot, the settlement transaction into a plurality of smaller transactions;
scheduling, by the autonomous bot, target transaction times for each of the plurality of smaller transactions;
at each target transaction time for each smaller transaction in the plurality of smaller transactions, performing a sub-method comprising:
generate a token for the smaller transaction;
posting, by the autonomous bot, a first quote request to a cryptocurrency payment network, including a smaller transaction amount, the initial currency and the final currency for the smaller transaction;
forwarding, by the cryptocurrency payment network, a second quote request to available cryptocurrency exchanges that support converting from the initial currency to a cryptocurrency;
receiving a response for the second quote request from at least one cryptocurrency exchange;
forwarding, by the cryptocurrency payment network, a third quote request to available cryptocurrency exchanges that support converting from the cryptocurrency to the final currency;
receiving a response for the third quote request from at least one cryptocurrency exchange;
generating, by the cryptocurrency payment network, a single quote response to the first quote request for the smaller transaction using the response for the second quote and the response for the third quote;
receiving the single quote response by the autonomous bot,
performing, by the autonomous bot, verification checks for the smaller transaction;
posting, by the autonomous bot, a quote acceptance to the cryptocurrency payment network, which in response, generates a payment ID for the smaller transaction;
sending, by the autonomous bot, settlement payment to the cryptocurrency payment network;
generating a locked state for the smaller transaction after an agreement between the cybercurrency payment network, the first cybercurrency exchange, and the second cybercurrency exchange that they are connected, have enough information, and are willing to proceed,
waiting until the locked state becomes available before proceeding with subsequent method steps; if no locked state becomes available, aborting the smaller transaction and repeating the smaller transaction at a different time slot;
sending an order, by the cryptocurrency payment network, to a cryptocurrency ledger, to the first cryptocurrency exchange, and the second cryptocurrency exchange;
executing a transaction on the first cryptocurrency exchange to convert from the first currency to a cryptocurrency;
withdrawing the cryptocurrency from a cryptocurrency ledger which performs a digital asset exchange and depositing the cryptocurrency amount into the second exchange;
converting, by the second cryptocurrency exchange, the cryptocurrency amount into the final currency;
forwarding the final currency payment to a payout bank/location; and
repeating the above sub-method at a next target transaction time until a total of the plurality of smaller transaction amounts equal the transaction amount.