Multi-Currency Settlement Processing with Rate Table Conversion
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Solution Overview
Problem
Existing settlement systems in places frequented by foreigners often lack the capability to efficiently handle payments in foreign currencies, limiting customer convenience and operational flexibility.
Innovation Solution
A settlement apparatus equipped with a rate table and memory units to store and convert between currencies, allowing for the calculation and display of settlement and payment amounts in both domestic and foreign currencies, with integrated functions for handling change and short payments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a settlement system handles only domestic currency, then the system complexity is low, but the adaptability to foreign customers is poor
Solution Approach 1:
The settlement apparatus is designed to handle multiple currencies (domestic and foreign) using a unified system architecture. The processor executes currency conversion processing by acquiring exchange rates from a rate table, converting settlement amounts between currencies, and managing payment operations in any supported currency, eliminating the need for separate systems for different currencies
Solution Approach 2:
A rate table storing exchange rates acts as an intermediary component between the domestic currency settlement system and foreign currency payment requirements. The processor references this rate table to perform accurate currency conversions, mediating between the base domestic currency system and various foreign currencies without requiring complex direct conversion logic for each currency pair
2Adaptability or versatility
If a settlement system handles multiple currencies, then the adaptability improves, but the device complexity increases
Solution Approach 1:
The processor is designed with universal currency handling capability, executing the same core settlement processing logic regardless of which currency is involved. The system converts all foreign currency payments to domestic currency using exchange rates from the rate table, then processes them through the standard settlement flow, maintaining processing simplicity while supporting multiple currencies
Solution Approach 2:
The system manages currency-related parameters (exchange rates, settlement amounts, payment amounts) dynamically. The processor acquires current exchange rates from the rate table, converts amounts between currencies based on these parameters, and updates the settlement calculation accordingly. This parameter-based approach allows flexible multi-currency support without hardcoding complex conversion logic for each currency
3Productivity
If currency conversion is performed manually, then the system complexity is low, but the productivity and accuracy of settlement processing deteriorates
Solution Approach 1:
The settlement apparatus performs currency conversion automatically without manual intervention. The processor autonomously acquires exchange rates from the rate table, calculates converted amounts, determines settlement and payment amounts in the appropriate currency, and computes change amounts. This self-service automation eliminates manual conversion errors and significantly improves settlement processing efficiency
Solution Approach 2:
The processor implements a feedback loop by continuously referencing the rate table to acquire current exchange rates during settlement processing. This feedback mechanism ensures that currency conversions are always based on up-to-date rates, improving both the accuracy and reliability of multi-currency transactions while maintaining automated processing
Data Source
AI summary
According to an embodiment, a settlement apparatus calculates, if a payment amount is an amount of money in a unit of a second currency, the amount of difference between a settlement amount in the unit of the second currency and the payment amount. The settlement apparatus converts the payment amount in the unit of the second currency into the payment amount in a unit of a first currency and computes the amount of difference between the converted payment amount and a settlement amount calculated in the unit of the first currency. Further, the settlement apparatus outputs the amount of difference calculated by second computing means or the amount of difference calculated by second converting means.