According to published on the website of the office of the United States patent and trademark office (USPTO) application, Bank of America intends to provide its customers with a service for the exchange of cryptocurrencies. In accordance with the description, it will be automated, the exchange rate between two currencies will be determined on the basis of external data feeds.
The application describes a three-component system, in which the first part is the account of the client, and the other two accounts owned by the business that controls the system. The user will store the selected cryptocurrency via a customer account.
The second account, called a «floating account» that will act as a so-called storage area of cryptocurrency, which the client sells, and the third account to contain the equivalent amount of cryptocurrency which the client converts.
This third account can then be used to Deposit cryptocurrency back to the original client account to withdraw funds.
This system will collect data from external sources at the rates of exchange of cryptocurrency and to use these data to establish its optimal rate.
The proposed system also aims to evaluate transactions, identifying suspicious transactions and deflecting them considered illegal. The patent notes that it is intended for clients on the corporate level.
«Enterprises can daily process a large number of financial transactions. With the development of technology, cryptocurrency transactions become more common. For some businesses, currency exchange and cryptocurrency could be interesting», – stated in the patent application.