By a News Reporter-Staff News Editor at Robotics & Machine Learning Daily News Daily News-According to news reporting originatin g from Washington, D.C., by NewsRx journalists, a patent application by the inve ntor SOMAYAJULA, Asha (Eureka, MO, US), filed on December 5, 2022, was made avai lable online on June 6, 2024. No assignee for this patent application has been made. Reporters obtained the following quote from the background information supplied by the inventors: "Current settlement processes allow for standard credit card p urchases to be settled through a clearing process via the global clearing manage ment system (GCMS). The process of completing a transaction typically involves a uthorization of the customer's payment card linked to an issuer bank, clearing o f the transaction to reconcile the acquirer/merchant bank and the issuer bank, a nd settlement process sending payment from the issuer bank to the acquirer/merch ant bank. The settlements are made using the same standard currency type present ed by the customer during purchase of the goods or services. This standard curre ncy type is typically a fiat currency, such as, dollars, pounds, euros, etc. The current exchange clearing process accommodates transaction settlements using th e standard fiat transaction currency presented by the customer. The issuer canno t complete settlement using a different fiat currency or other type of currency (e.g., cryptocurrency). After settlement, a separate process for converting betw een currencies must occur with existing systems. This is computationally ineffic ient, requiring additional computing resources such as network bandwidth, proces sing cycles, and memory usage."
CyborgsEmerging TechnologiesFinance and InvestmentMachine LearningPatent Application
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