Method and system for multi-currency escrow service for web-based transactions

A system for escrow service for web-based transactions, comprising:

• a registration module on an escrow service server that is adapted for registering an exchange site by an admin operations manager of the escrow service, wherein the registration module is also adapted for registering a user as at least one of a buyer and a seller by the admin operations manager via the registered exchange site;
• a transaction module on the escrow service server that is adapted for receiving information for a transaction for the user registered as the buyer with a second user registered as the seller from the exchange site via a link, the transaction information comprising at least a selection of a method of payment for the user registered as the buyer, and wherein the transaction module is also adapted for receiving an acceptance for the user registered as the buyer of a currency exchange rate, if a buyer currency pre-selected by the user registered as the buyer and a seller currency pre-selected by the user registered as a seller are different;
• a banking module on the escrow service server that is adapted for furnishing the currency exchange rate quote to the transaction module, the currency exchange rate being received from a currency exchange data management system coupled to the banking module;
• and
• wherein the transaction module is further adapted to receive a buyer payment for the transaction from the user registered as the buyer in the buyer currency according to the method of payment selected by the user registered as the buyer, if the user registered as the buyer elects to proceed with the transaction and executes the buyer payment;
• to receive entry by the user registered as the seller of tracking details of a shipment for the transaction, if the buyer payment is received and if the user registered as the seller elects to proceed with the transaction and ships at least part of the goods;
• to receive an acknowledgement for the user registered as the buyer of receipt of the shipment, if the user registered as the seller ships at least part of the goods, and to initiate a predetermined period of time for inspection of the shipment by the user registered as the buyer, if the shipment is received by the user registered as the buyer;
• to initiate a transfer of at least part of the buyer payment to a seller transaction account for the user registered as the seller in the seller currency according to a preselected seller method of payment by the transaction module via the banking module upon the occurrence of one of receipt by the transaction module of an election by the user registered as the buyer of acceptance of the shipment and expiration of the inspection period before receipt by the transaction module of an election by the user registered as the buyer of rejection of the shipment;
• and to initiate a return of at least part of the buyer payment to the user registered as the buyer in the buyer currency according to the buyer method of payment upon receipt by the transaction module of the election of the user registered as the buyer of rejection of the shipment within the inspection period.