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US 12,718,296 B2Granted
Electronic payment system
AssigneeBuffalo Springs Investments, LLLP
InventorSalem Abraham
Life of this patent
Estimating the term…
Abstract
A system receives, from an electronic terminal, a selection of a first user account, and a request to transfer an amount from the first user account to a second user account. In response to authorizing the request, the system updates, in real-time, a database to represent a transfer of at least a portion of the amount to the second user account and automatically generates a data packet containing the amount, an identification of the first user account, an identification of the second user account, and a selection of a digital asset in the first user account. The system then routs the data packet to a digital entity based on the digital asset, the data packet instructing the digital entity to execute a transfer order on a digital asset exchange platform of the digital asset.
Claims20
A method comprising:
- receiving, by one or more processors of a payment system from a user interface of a point of sale terminal, a selection of a buyer account representing an alternative to a fiat currency or cryptocurrency for use in a transaction;
- receiving, by the one or more processors from the point of sale terminal, a transaction request to transfer an amount from the buyer account to a seller account;
- in response to authorizing the transaction request based on at least the amount present in the buyer account, updating, by the one or more processors in real-time, a database of the payment system to represent a transfer of at least a portion of the amount to the seller account from the buyer account;
- automatically generating, by the one or more processors, a data packet containing the amount, an identification of the buyer account, an identification of the seller account, and a selection of a data record corresponding to at least one stock,
- wherein the data record is selected from a group of data records, and the amount is limited to transactions using the at least one stock from the group of stocks;
- and
- while the point of sale terminal is displaying the user interface:
- routing, by the one or more processors as a background operation, the data packet to a clearing house based on the data record, wherein the data packet instructs the clearing house to execute a transfer order on a digital asset exchange platform of the data record from the buyer account to the seller account for the amount upon the close of the exchange, wherein the amount is expressed in a base asset unit that corresponds to a quantity of a tangible asset and is decoupled from any fiat currency or cryptocurrency, and wherein the amount is based on a stock amount relative to a base asset amount, wherein the one or more processors of the payment system maintain, in association with the database, a reserve of the at least one stock, and in response to the updating of the database of the payment system:
- credit the seller account in the database using the at least one stock drawn from the reserve such that the database reflects receipt of payment by the seller account in real-time prior to completion of the transfer order by the clearing house, and
- after execution of the transfer order by the clearing house, replenish the reserve by debiting the buyer account in the database according to the stock amount,
- wherein processing the amount in the base asset unit enables transactions to be processed between the at least one stock in the buyer account and the seller account without performing a direct real-time conversion of the at least one stock, and
- wherein maintaining the reserve and performing the crediting and replenishing reduce latency of payment confirmation at the point of sale and reduce a number of transactions that are processed directly through the digital asset exchange platform for individual purchases.
9 more elements
A system comprising:
- one or more processors configured to execute instructions stored on a non-transitory computer-readable medium, configured to:
- receive, from a user interface of a point of sale terminal, a selection of a buyer account representing an alternative to a fiat currency or cryptocurrency for use in a transaction;
- receive, from the point of sale terminal, a transaction request to transfer an amount from the buyer account to a seller account;
- in response to authorizing the transaction request based on at least the amount present in the buyer account, update, in real-time, a database of the payment system to represent a transfer of at least a portion of the amount to the seller account from the buyer account;
- automatically generating, by the one or more processors, a data packet containing the amount, an identification of the buyer account, an identification of the seller account, and a selection of a data record corresponding to at least one stock, and wherein the data record is selected from a group of data records, and the amount is limited to transactions using the at least one stock from the group of stocks;
- and
- while the point of sale terminal is displaying the user interface:
- route, as a background operation, the data packet to a clearing house based on the data record, wherein the data packet instructs the clearing house to execute a transfer order on a digital asset exchange platform of the data record from the buyer account to the seller account for the amount upon the close of the exchange, wherein the amount is expressed in a base asset unit that corresponds to a quantity of a tangible asset and is decoupled from any fiat currency or cryptocurrency, and wherein the amount is based on a stock amount relative to a base asset amount, wherein the one or more processors of the payment system maintain, in association with the database, a reserve of the at least one stock, and in response to the updating of the database of the payment system:
- credit the seller account in the database using the at least one stock drawn from the reserve such that the database reflects receipt of payment by the seller account in real-time prior to completion of the transfer order by the clearing house, and
- after execution of the transfer order by the clearing house, replenish the reserve by debiting the buyer account in the database according to the stock amount,
- wherein processing the amount in the base asset unit enables transactions to be processed between the at least one stock in the buyer account and the seller account without performing a direct real-time conversion of the at least one stock, and
- wherein maintaining the reserve and performing the crediting and replenishing reduce latency of payment confirmation at the point of sale and reduce a number of transactions that are processed directly through the digital asset exchange platform for individual purchases.
9 more elements
Dependencies are inferred from the claim text.