MASTERCARD INTERNATIONAL INCORPORATED (Purchase, NY)
What is a Patent for Method and system to facilitate payments between banks for cross-border cross-border transactions
A method for facilitating international transactions via exchanges between currencies and geographic matching is by providing an online platform for consumers in various countries, where the consumer from a first country that desires a product from a second country is linked to an individual in the second country that wants a product from the first country. The consumers are matched and transactions are made by the platform facilitate transfer of any required payments to ensure that each consumer can make the purchase on behalf of another consumer within their country of residence, for shipping to the consumer in the other nation, eliminating the need for buyers to make any international purchases directly while still availing themselves of products from abroad without the involvement of merchants and minimizing the effect and amount of cross-border transactions.
In this modern age, in which the Internet allows people to stay informed of what’s going on anywhere in the world at any time consumers are confronted with a variety of products and services that are available in other countries that theycannot find locally. Many times, businesses have benefited from this globalization by importing these items and offering them for sale to local buyers. In other cases, companies make use of international shipping services to allow foreign customers to purchase items.
However, they are often cases where a consumer may require a product accessible for purchase in a foreign country but where there is no option to purchase the product from where they reside, such as due to limitations on the currency of the seller or a lack of shipping options of the merchant. Sometimes a purchase is possible but the entity in the transaction (e.g. the seller or acquirer, the consumer’s bank and so on.) may not be able to make it happen. The transaction may be challenging due to the charges that are high or unfavourable foreign exchange rates. Additionally, there could be buyers from various countries who would like to buy goods from another country. However, it is impossible to establish an exchange platform that could facilitate this kind of arrangement.
Thus, a system that can find consumers based on geographical location and preferences for purchases is necessary. This will facilitate foreign financial transactions , and also allow consumers to make purchases abroad.
The present disclosure provides an overview of the methods and systems that facilitate foreign transactions through exchanges between currencies and geographic matching. A platform collects requests from all customers around the world to purchase products that the consumer is looking for. The platform allows consumers from two countries to pair up and receive information about the items they are interested in. Every consumer is able to purchase the product in their home country for the foreign customer, with the platform providing the funds needed to make this purchase (e.g., directly, using an escrow, fromaccounts with local currency in order to avoid foreign exchange rates and so on.). In some cases the purchases can be matched by value, so that each consumer can buy the product on behalf of the foreign consumer directly with their own money instead of having to pay the platform/foreign buyer. When the purchase is completed then each buyer ships the item to the foreign consumer, where the shipping costs might be a part of the settlement made by the platform or offset by the other. That means that each consumer receives an item purchased from abroad without the need to depend on foreign merchants, or intricate cross-border transactions. The system is used in certain cases to facilitate financial transactions and to reduce the gap between foreign currencies and electronic wallets.
One method to facilitate international transactions through swaps between currencies and geographic matching is storing in a memory of processing servers a plurality purchase requests. Each purchase request includes the home geographic location, request geographic locations, product requests price of the product, shipping addresses, and destination addresses. A processor on the server executes a query within the storage to determine some or all of the matching purchases. The initial purchase signal transmits, through the transmitter the second purchase signal to a different computer server. This second purchase request contains at least the requested product.
A system to facilitate foreign transactions using exchanges between currencies and geographical matching includes: A memory of a processor server that stores multiple request for purchase. Every purchase request contains a home geographical location as well as request geographic locations, product request, price of the product, shipping addresses, and receiving addresses. A processor device of this server is set to send a first purchase request to the first computing server that contains the requested product.
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