WO2009056929A1 - Système de transactions inter-devises ou transfrontalières - Google Patents

Système de transactions inter-devises ou transfrontalières Download PDF

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Publication number
WO2009056929A1
WO2009056929A1 PCT/IB2008/002735 IB2008002735W WO2009056929A1 WO 2009056929 A1 WO2009056929 A1 WO 2009056929A1 IB 2008002735 W IB2008002735 W IB 2008002735W WO 2009056929 A1 WO2009056929 A1 WO 2009056929A1
Authority
WO
WIPO (PCT)
Prior art keywords
account
financial
funds
foreign
border
Prior art date
Application number
PCT/IB2008/002735
Other languages
English (en)
Inventor
Johannes Janse Van Rensburg
Original Assignee
Fundamo (Pty) Ltd
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Fundamo (Pty) Ltd filed Critical Fundamo (Pty) Ltd
Priority to US12/740,369 priority Critical patent/US20100280949A1/en
Publication of WO2009056929A1 publication Critical patent/WO2009056929A1/fr
Priority to ZA2010/03228A priority patent/ZA201003228B/en

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Definitions

  • This invention relates to a cross-border or, more properly, inter-currency transaction system (herein referred to as a cross-border transaction system), that is particularly suitable for use in the transfer of relatively small amounts of money from a person in one country to another person that is in another country in a simple, inexpensive and rapid manner.
  • a cross-border transaction system that is particularly suitable for use in the transfer of relatively small amounts of money from a person in one country to another person that is in another country in a simple, inexpensive and rapid manner.
  • the actual amount of money transferred in each transaction is irrelevant and the amounts of money could equally well be large or small.
  • the invention relates to cross-border transfers from an account of a payer (who may be the provider of the finance or an interposed agent) held in a financial transaction system that has the general characteristic of real time settlement in one country, to a similar account held by a recipient (who may be the ultimate beneficiary or an interposed agent) in a similar transaction system in another country.
  • the flow of funds from migrant workers back to their families in their home country is an important source of family income in many developing economies.
  • the relevant payments, frequently referred to as remittances, may generally be considered to be cross-border person-to-person payments of relatively low value.
  • cross-border financial transaction means an inter-currency financial transaction in which an account debited with funds being transferred in the transaction is maintained with the funds in one currency and the account to be credited with funds is maintained with the funds in a different currency irrespective of any international borders that may or may not be involved;
  • reservation means that the relevant funds are rendered unavailable for any other purpose until such time as they are either transferred to another bank account or the reservation is lifted. Reservation may be achieved either by transferring the amount of money from a first account to a control/holding account, or the amount of money may simply be suitably tagged and identified as being reserved for a particular purpose; "provider” means the person with whom the amount of money to be transferred originates and who may, but need not necessarily be, a "system member";
  • beneficiary means the final person to whom the amount of money is to be transferred for that person's use and who may, but need not necessarily be, a "system member";
  • agent means a person who may be interposed between the provider or beneficiary and the relevant financial institution and who is necessarily a "system member";
  • system member means a person having the necessary facility available to conduct financial transactions within a member activated financial transaction system by the remote operation of a communications device to transfer money from one financial account in a financial institution to another financial account;
  • member activated financial transaction system means a financial transaction system in which at least one variety of financial transaction that can be carried out is one in which a system member is able to conduct financial transactions by the remote operation of a communications device to transfer money from one financial account in a financial institution to another financial account by way of a so-called “push” type of transaction being one in which the payer initiates the transaction;
  • "account” means a set of data typically maintained in a data base record in which transactions, balances, and other information of a particular system member are maintained and which may be said to be that system member's account.
  • a cross- border financial transaction system comprising a local financial institution having a computerised server facility containing accounts of multiple system members, and an account of a foreign financial institution, and a communications facility whereby the server facility is enabled to send and receive communications between itself and the foreign financial institution, wherein the server facility is enabled to operate a member activated financial transaction system wherein a system member is able to conduct financial transactions by the remote operation of a communications device to transfer money from one financial account in the local financial institution to another financial account and wherein the system includes a funds reservation facility to reserve funds available in any account during the process of executing a financial transaction initiated by a system member, the cross-border financial transaction system being characterised in that the server facility is enabled to receive instructions from a system member to execute a cross-border financial transaction and for such purpose the server facility includes a funds reservation facility for reserving relevant funds from an instructing system member's account; a send facility for communicating information concerning the financial transaction by way of the communications facility to the said foreign financial institution;
  • a cross- border financial transaction system comprising a local financial institution having a computerised server facility in which multiple system members have each been allocated an account and a foreign financial institution has also been allocated an account, and a communications facility whereby the server facility is enabled to send and receive communications between itself and the foreign financial institution, wherein the server facility is programmed to operate a member activated financial transaction system wherein a system member is able to conduct financial transactions by the remote operation of a communications device to transfer money from one financial account in the local financial institution to another financial account and the system is enabled to reserve funds available in any account during the process of executing a financial transaction initiated by a system member, the cross- border financial transaction system being characterised in that the server facility is programmed to receive instructions from a system member to execute a cross-border financial transaction; to reserve relevant funds from the instructing system member's account; to communicate information concerning the financial transaction to the said foreign financial institution; to receive a report from the foreign financial institution reporting as to the success, or otherwise of the transaction; and
  • the server facility to be programmed to send, in response to the receipt of an instruction to conduct a cross-border financial transaction, a transaction summary to the instructing system member requiring confirmation that the transaction should proceed prior to communicating information concerning the financial transaction to the foreign financial institution, such confirmation typically requiring input of the system member's PIN (personal identification number); for the instructing system member to be either the provider itself or an agent acting on behalf of the provider; for the reservation of the funds to be effected by transferring the funds from the instructing system member's account to a control or holding account from where it is subsequently either transferred to the account of the foreign financial institution or is returned to the instructing system member's account, as the case may be and according to the report received from the foreign financial institution; for the quantum of foreign currency payment to the beneficiary to be calculated at an exchange rate agreeable to the foreign financial institution with the exchange rate optionally being based on a specific real exchange rate at a specific time adjusted to provide a suitable margin for the financial institutions; and for the communications devices employed by at least a majority
  • the foreign financial institution will set up a cross-border funding account in its server facility and that funding account is debited during conduct of the transaction indicated above prior to a positive report being sent back to the national financial institution once the beneficiary has received the foreign currency funds.
  • the cross-border financial transaction system be employed between a national financial institution and a foreign financial institution that both operate mutually compatible member activated financial transaction systems, preferably substantially similar systems.
  • the beneficiary may be a system member of the foreign financial institution or, alternatively, the beneficiary may receive the funds by way of an agent who is a system member of the foreign financial institution.
  • the national financial institution will typically set up a funding account in its server facility that is to be debited in consequence of transactions that may take place in the reverse direction, and the national banking institution will be allocated an account to receive funds in the server facility of the foreign banking institution.
  • the foreign banking institution's account in the national banking institution and the national banking institution's account in the foreign banking institution that are operated independently of each other will accumulate funds from multiple cross-border transactions in the relevant direction.
  • Such accumulated funds can be disbursed in any manner that the relevant financial lhstitution desires including by a sale of the accumulated currency and the purchase of any required currency in exchange, typically the currency of the financial institution that is in credit.
  • Figure 1 is a diagram illustrating a cross-border transaction system according to the invention in which national and foreign banking institutions have reciprocal facilities;
  • Figure 2 illustrates schematically the progress of a cross-border transaction being carried out from a national provider to a foreign beneficiary utilizing the system.
  • a cross-border financial transaction system comprises a local financial institution in the form of a local banking institution (1 ) having a computerised server facility indicated by numeral (2) in which multiple system members have each been allocated an account (3).
  • the server facility is programmed to operate a member activated financial transaction system, in this instance, our own realtime transaction system known as the FUNDAMOTM payment system.
  • the server is also programmed to provide the facility to reserve funds available in any of the system member's accounts during the process of executing a financial transaction initiated by a system member by transferring the relevant funds to a control account (4).
  • the server facility has associated with it a communications facility (11 ) for sending and receiving communications to and from a foreign banking institution (1*) as set out below, the communications being sent by way of a cross-border communications channel (12) typically of a wireless network, but optionally also by any other means such as satellite communications or land line.
  • a cross-border communications channel (12) typically of a wireless network, but optionally also by any other means such as satellite communications or land line.
  • a similar but foreign banking institution (1*) that mirrors all of the components of the local system is bound by agreements to the local financial institution and for the purpose of explanation the various components of the foreign banking institution are indicated by like numerals with an added * .
  • the foreign transaction system includes a computerised server facility (2*); system member accounts (3*); a control account (4*) and a communications facility (11*).
  • the foreign banking institution is allocated an account (5) in the server facility (2) of the local banking institution (1 ) and the foreign banking institution sets up a funding account (6) in its server facility (2*).
  • the local banking institution is allocated an account (5*) in the foreign banking institutions server facility (2*) and sets up a funding account (6*) in its own server facility (2).
  • the server facility (2) of the local banking institution (1 ) is programmed to receive instructions from a system member to execute a cross-border financial transaction to credit an account of a system member of the foreign banking institution (1*).
  • the step is indicated as step (a) in Figure 2.
  • the programming is such that the server facility, upon receipt of an appropriate instruction, inspects the instructing system member's account to establish that the necessary funds are available.
  • the server facility of the local banking institution then calculates the foreign currency that represents the local currency amount to be transferred at an exchange rate that is agreeable to the foreign banking institution.
  • Such an exchange rate is generally based on a predetermined published real-time exchange rate at a given time with an allowance for the banking institutions being built in. All other pertinent information is also calculated at the same time.
  • the server facility may then communicate with the foreign banking institution to establish that the funding account (6) has the credit facility to execute the requested transaction.
  • step (b) is indicated as step (b) in Figure 2.
  • Such a transaction summary would typically include the following items:-
  • the public exchange rate used as a basis.
  • the exchange rate to be applied to the transaction The cost to the instructing system member.
  • the amount to be debited to the instructing system member's account is the amount to be debited to the instructing system member's account.
  • the amount in foreign currency to be credited to the beneficiary's account is credited to the beneficiary's account.
  • the expected delay typically in real time but possibly of the order of an hour or so) before the beneficiary's account is expected to be credited.
  • the communication to the instructing system member preferably requires clearance to proceed, typically by the instructing system member inputting a PIN number.
  • the step is indicated as step (c) in Figure 2.
  • the local financial institution's server facility (2) reserves the relevant funds by transferring them from the instructing system member's account (3) to the control account (4) of the local banking institution.
  • the step is indicated as step (d) in Figure 2.
  • step (e) in Figure 2 Information concerning the financial transaction is then communicated to the server facility (2*) of the foreign banking institution (1*), this information matching the information contained in the summary and communicated to the instructing system member in step (b).
  • This step is indicated as step (e) in Figure 2.
  • the foreign banking institution firstly checks to see that the recipient or beneficiary details are in order. Thereafter it transfers the relevant funds in foreign currency, its currency of operation, from the funding account (6) to its control account (4*) (the step is indicated as step (f) in Figure 2) and thence to the recipient system member's account (3*) (the step is indicated as step (g) in Figure 2).
  • the foreign server facility generates a report as to the success, or otherwise of the transaction and the report is communicated to the local banking institution.
  • the step is indicated as step (h) in Figure 2.
  • the report is positive and confirms transfer of the relevant funds in the relevant foreign currency to the recipient or beneficiary
  • the reserved funds held in the control account of the local banking institution are transferred to the credit of the account (5) of the foreign financial institution.
  • the step is indicated as step (i) in Figure 2.
  • the beneficiary generally receives an advice of the transaction indicated as step (j) in Figure 2 and the national system member receives a transaction confirmation indicated as step (k) in Figure 2.
  • the advice may include all the information contained in the transaction summary of step (b).
  • the instructing system member may be either the provider itself or an agent acting on behalf of the provider and the recipient may be beneficiary itself or an agent acting on behalf of the beneficiary.
  • suitable protective measures are employed to ensure that the funds arrive at the correct destination and conform to all applicable laws.
  • the foreign financial institution's account in the national financial institution may accumulate the funds from multiple cross-border transactions. Such an accumulation can be disbursed in any manner that the foreign financial institution desires including the sale of the national currency accumulated and purchase of any required foreign currency, typically the foreign currency of that foreign financial institution and any such transaction will be quite independent of the system provided by this invention
  • cellular telephones indicated by numeral (7, 7*) are most appropriately employed in a system such as that indicated above although a telephone (8, 8*) may be used by way of land line; a computer (9, 9*) by way of the Internet; or a call centre (10, 10*) by way of an intranet, can also be used to effect that transactions in a manner that will be quite apparent to those skilled in the art.
  • Exercise of this invention can negate the need for a formal "interbank settlement process" as part of the cross-border payment process.
  • Settlement takes place as a result of bilateral setup arrangements between the banking institutions with each of the two currencies involved being settled in commercial bank money in the relevant banking institution without any actual exchange and each can be managed quite independently of the member activated payment process.
  • the foreign banking institution has an exposure in terms of the foreign exchange balance its own currency in the funding account, and this exposure is determined by the exchange rate to which the foreign banking institution has agreed and which is based on a market related reference rate and a margin determined by the beneficiary bank, as indicated above.
  • the foreign banking institution can limit this exposure by setting daily limits (and thresholds) on this exposure.
  • the system of the invention described above is based on real-time processing of each individual transaction and the transaction summary sent to the instructing system member indicates the time frame that can reasonably be expected for delivery to the beneficiary (funds in his account); for example in real time but possibly within an hour.
  • the providers and beneficiaries thus have access to cross-border payments substantially in real-time, based on credit push principles and with a minimum of risks.
  • the process is transparent and has adequate consumer protection. It is also inexpensive when compared to formal transfers taking place by way of bank drafts and telegraphic transfers.
  • the establishment of the cross-border payment system of the invention is based on a bilateral arrangement as opposed to a multilateral arrangement, which is usually more cumbersome to establish. Furthermore, the initiative to establish a cross-border arrangement lies with the banking institution.

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Engineering & Computer Science (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Strategic Management (AREA)
  • Technology Law (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

L'invention concerne un système de transactions financières transfrontalières dans lequel une institution financière locale (1) comporte une installation de serveur informatisé (2) dans lequel de multiples membres du système se sont vu chacun attribuer un compte (3) et une institution financière étrangère s'est également vu attribuer un compte (5) et ladite installation de serveur étant programmée pour faire fonctionner un système de transactions financières activé par un membre, un membre du système étant capable de mener des transactions financières par l'opération à distance d'un dispositif de communication (7, 8, 9, 10) pour transférer de l'argent d'un compte financier dans l'institution financière locale à un autre compte financier. Le système est en outre habilité à mettre en réserve des fonds (d) disponibles dans un quelconque compte au cours du processus d'exécution d'une transaction financière initiée par un membre du système. L'installation de serveur est programmée pour recevoir des instructions de la part d'un membre du système pour exécuter une transaction financière transfrontalière (a); pour mettre en réserve les fonds appropriés à partir du compte du membre du système donnant les instructions (d); pour communiquer des informations concernant la transaction financière à ladite institution financière étrangère (e) et pour recevoir un rapport de la part de l'institution financière étrangère rendant compte du succès, ou sinon de la transaction (h) et transférer les fonds en réserve de façon appropriée (i, m).
PCT/IB2008/002735 2007-10-29 2008-10-15 Système de transactions inter-devises ou transfrontalières WO2009056929A1 (fr)

Priority Applications (2)

Application Number Priority Date Filing Date Title
US12/740,369 US20100280949A1 (en) 2007-10-29 2008-10-15 Cross-border or inter-currency transaction system
ZA2010/03228A ZA201003228B (en) 2007-10-29 2010-05-07 Cross-border or inter-currency transaction system

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
ZA200709282 2007-10-29
ZA2007/09282 2007-10-29

Publications (1)

Publication Number Publication Date
WO2009056929A1 true WO2009056929A1 (fr) 2009-05-07

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PCT/IB2008/002735 WO2009056929A1 (fr) 2007-10-29 2008-10-15 Système de transactions inter-devises ou transfrontalières

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SG (1) SG182140A1 (fr)
WO (1) WO2009056929A1 (fr)
ZA (1) ZA201003228B (fr)

Cited By (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN108492178A (zh) * 2018-02-07 2018-09-04 深圳前海金融资产交易所有限公司 资产跨境交易中的出金预警方法、服务器及存储介质
CN111353877A (zh) * 2020-03-31 2020-06-30 中国建设银行股份有限公司 两级跨境交易系统及方法

Non-Patent Citations (1)

* Cited by examiner, † Cited by third party
Title
"STATEMENT IN ACCORDANCE WITH THE NOTICE FROM THE EUROPEAN PATENT OFFICE DATED 1 OCTOBER 2007 CONCERNING BUSINESS METHODS - PCT / ERKLAERUNG GEMAESS DER MITTEILUNG DES EUROPAEISCHEN PATENTAMTS VOM 1.OKTOBER 2007 UEBER GESCHAEFTSMETHODEN - PCT / DECLARATION CONFORMEMENT AU COMMUNIQUE DE L'OFFICE EUROP", JOURNAL OFFICIEL DE L'OFFICE EUROPEEN DES BREVETS.OFFICIAL JOURNAL OF THE EUROPEAN PATENT OFFICE.AMTSBLATTT DES EUROPAEISCHEN PATENTAMTS, OEB, MUNCHEN, DE, 1 November 2007 (2007-11-01), pages 592 - 593, XP007905525, ISSN: 0170-9291 *

Cited By (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN108492178A (zh) * 2018-02-07 2018-09-04 深圳前海金融资产交易所有限公司 资产跨境交易中的出金预警方法、服务器及存储介质
CN111353877A (zh) * 2020-03-31 2020-06-30 中国建设银行股份有限公司 两级跨境交易系统及方法

Also Published As

Publication number Publication date
ZA201003228B (en) 2011-03-30
SG182140A1 (en) 2012-07-30

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