Currency Orchestrator for Multi-Provider Rate Optimization
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Solution Overview
Problem
Merchants face challenges in managing foreign exchange rates accurately across multiple entities, leading to potential overpayment for customers due to unmanaged foreign exchange processes, which affects customer experience and revenue optimization.
Innovation Solution
A currency conversion optimization process that includes a currency orchestrator receiving an offer look-up request from a merchant, selecting a rate provider, and providing a payment webpage with a converted offer in a standard format, while also processing payments and storing conversion data for reconciliation and profit analysis.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If merchants rely on their foreign exchange provider and accept the rate provided, then the foreign exchange process is simplified, but the merchants cannot optimize revenue and customers may pay more than quoted
Solution Approach 1:
The patent introduces a currency orchestrator as an intermediary system between the merchant and the foreign exchange provider. This orchestrator receives offer look-up requests, manages multiple rate providers, selects optimal rates, and returns converted offers to the merchant. This intermediary layer enables merchants to maintain simple operations while achieving reliable price accuracy and revenue optimization through automated rate management and multi-provider comparison.
2Reliability
If merchants use multiple rate providers, then revenue optimization is improved, but the system complexity increases
Solution Approach 1:
The patent combines multiple rate providers and their management functions into a single currency orchestrator system. This orchestrator consolidates the functionality of accessing multiple providers, comparing rates, selecting optimal rates, and managing conversions in one unified system. This merging approach enables revenue optimization through multi-provider comparison while reducing the operational complexity that would result from managing each provider separately.
Solution Approach 2:
The currency orchestrator implements self-service automation by automatically receiving offer look-up requests, querying multiple rate providers, selecting optimal rates based on merchant criteria, and returning converted offers without manual intervention. This automation eliminates the need for manual rate management while still leveraging multiple providers for optimization, thus achieving revenue improvement without proportional increases in operational complexity.
3Productivity
If foreign exchange rates are not actively managed, then operational overhead is reduced, but customers may be charged different rates than quoted
Solution Approach 1:
The patent implements preliminary action by having the currency orchestrator proactively manage foreign exchange rates before transactions occur. The system receives offer look-up requests in advance, queries rate providers, determines optimal rates, and provides converted offers to merchants before the actual transaction. This preliminary rate management ensures price accuracy is established upfront while maintaining operational efficiency through automation, preventing the need for manual rate management while ensuring customers are charged the quoted rates.
Data Source
AI summary
Methods, systems, and computer program products for implementing currency conversion and foreign exchange processes for an exchange payment platform system. An offer look-up request for an offer associated with a booking event is received. The offer look-up request including a first currency, a second currency, and a transaction context information. A foreign exchange rate request including the offer look-up request is provided to a foreign exchange server. A converted offer associated with a proposed foreign exchange rate is received from the foreign exchange server. A payment webpage including the converted offer is provided to the merchant. The converted offer is presented in a standard format based on formatting rules associated with the merchant.