Mobile Wallet FX Transfer Using Locked Rates and Distributed Ledger

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Solution Overview

Problem

Existing methods for foreign currency exchange and transfer are time-consuming and costly, requiring customers to visit physical branches or use online portals, and involve inefficient traditional payment rails that incur fees and delays.

Innovation Solution

A system utilizing a mobile wallet application on a mobile device for currency exchange and transfer via a distributed ledger, enabling direct transactions and automated processes that eliminate the need for physical branches and traditional payment rails.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of time

If traditional payment rails are used for currency transfer, then funds can be transferred between accounts, but fees are incurred and processing time increases

Engineering Contradiction:

Improvecurrency transfer timeVSAvoidtransfer fees

Core Design Contradiction:

Loss of timeVSLoss of energy

Solution Approach 1:

The patent introduces a distributed ledger as an intermediary payment rail that enables direct peer-to-peer currency transfers without relying on traditional intermediary banks and payment systems. The ledger records transactions immutably and enables automated settlement through smart contracts, eliminating the need for costly and time-consuming traditional payment rail processing while reducing fees and accelerating transfer times.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Ease of operation

If physical branches are used for currency exchange, then customers can exchange currency, but the process becomes time-consuming and requires customer travel

Engineering Contradiction:

Improvecurrency exchange accessibilityVSAvoidcurrency exchange time

Core Design Contradiction:

Ease of operationVSLoss of time

Solution Approach 1:

The patent implements automated currency exchange functionality through mobile wallet applications that enable customers to perform currency exchanges independently without visiting physical branches. The system uses automated teller machines and mobile devices with embedded wallets to allow customers to exchange currencies through self-service interfaces, eliminating travel requirements and significantly reducing the time needed for currency exchange operations.

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The patent replaces the mechanical system of physical branch visits with digital and automated electronic systems. Mobile wallet applications and automated teller machines use software-based interfaces and electronic communication to perform currency exchange functions that previously required physical presence at a branch, substituting manual, location-dependent processes with automated, location-independent digital systems.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

3Productivity

If online banking portals are used for wire transfers, then transfers can be initiated, but the process requires filling out forms and still incurs fees and delays

Engineering Contradiction:

Improvetransfer initiation speedVSAvoidtransfer processing time

Core Design Contradiction:

ProductivityVSLoss of time

Solution Approach 1:

The patent implements pre-configured payment profiles and stored recipient information in mobile wallet applications, allowing customers to initiate transfers with minimal input. The system pre-validates recipient details and stores transaction templates, enabling customers to quickly initiate transfers by simply specifying the amount and selecting a pre-saved recipient, eliminating the need to fill out forms during the transfer process and significantly reducing initiation time.

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS12505428B2Systems and methods for foreign currency exchange and transfer

Publication Date: 2025.12.23 WELLS FARGO BANK NA

AI summary

Systems, methods, and computer-readable storage media for locking-in currency exchanges. One method includes providing, by a graphical user interface (GUI) of a wallet application, a customer request, wherein the customer request is a request for a currency transfer between a customer account of the customer to a recipient account of a recipient, wherein the customer account is associated with a first type of currency and the recipient account is associated with a second type of currency, presenting, by the GUI of the wallet application, a locked-in exchange rate for a time limit and data corresponding to the exchange rate and the time limit, exchanging, by the wallet application, an amount of the first type of currency for an amount of the second type of currency based on the exchange rate, and receiving, by the GUI of the wallet application, an indication of a transferred amount for a currency transfer.