Hello,
Sorry for the delay in responding as we've been moving offices and getting set up...
How is using automated cross currency conversion through banking api different than what is currently used?
We do not know how current exchanges handle their settlements, but they likely have an automated process that works with banking API callbacks
after a user adds a bank account (a potential risk for the customer). However, they likely do not handle one-off transactions that are initiated without "having a bank account on file". That is what this patent covers, so that we can make it "optional" for users to store a bank account on file.
Regardless, this method has not been patented, so we patented it more for our protection. The goal is to ensure that patent trolls and the big banks (currently filing a lot of patents in crypto, because they want to centralize it) don't try to cut off our ability to automate payments.
Cheers,
Brandon
That's good thinking. I hadn't even thought about how the banks could screw over crypto with mass patents. Glad you guys got in on it before anyone else could think of it.