Bank of America Files A Patent That Could Revolutionize Wire Transfers


The Bank of America Tower in New York City

Bank of America has filed a patent with the US Patent Trademark Office (USPTO) for a system of wire transfers using cryptocurrency.

Published 17th September, the patent describes a system in which funds are sent between accounts using cryptocurrency technology. The word “blockchain” or “block chain” does not appear in the patent. Thomas Edward Durbin and James Gregory Ronca, authors of the filing, state:

“Enterprises handle a large number of foreign wire transfer requests on a daily basis. As technology advances, foreign transactions have become more common. For some customers, it may be desirable to conduct a foreign wire transfer in less time than what current foreign wire transfer systems allow.” The patent mentions the cryptocurrencies Bitcoin, Litecoin, Ripple and Dogecoin. According to the filings’ abstract:

A system includes a memory and a processor. The processor is coupled to the memory and causes the system to receive an electronic request for a fund transfer and initiate a debit of a first amount of a first currency from a customer account. In response to determining using cryptocurrency is optimal,

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