Systems and methods for implementing a blockchain-based money transfer

Abstract

Systems and methods for implementing blockchain-based money transfer transactions between a sending party and a receiving party are disclosed. The money transfer transactions may utilize one or more cryptocurrency transactions. The disclosed systems and methods may identify optimum cryptocurrencies and/or cryptocurrency exchanges to be used to facilitate the money transfer transactions, and may utilize aggregation techniques and/or forecasting techniques to more efficiently handle money transfer transactions. The disclosed systems and methods may also implement various authentication and identification techniques to improve the security and compliance of money transfer transactions.

1 . A method for blockchain-based money transfer transactions, the method comprising:
 monitoring, by a processor, a plurality of cryptocurrency exchanges;   deriving, by the processor, exchange data for each cryptocurrency exchange of the plurality of cryptocurrency exchanges based on the monitoring;   storing, by the processor, the exchange data derived for each cryptocurrency exchange at a database communicatively coupled to the processor;   receiving, by the processor, a request to initiate a money transfer transaction between a sending party and a receiving party, wherein the money transfer transaction comprises a send transaction and a receive transaction, and wherein the request includes information that identifies at least the sending party, the receiving party, and a send amount;   generating, by the processor, a set of parameters for the money transfer transaction based on the information included in the request;   evaluating, by the processor, the set of parameters and the exchange data against a set of rules to select a first cryptocurrency for executing the money transfer transaction, wherein the first cryptocurrency is available via at least one of the plurality of exchanges;   receiving, by the processor, funding information that indicates an amount of funds at least equal to the send amount has been received at a money transfer agent location from the sending party;   subsequent to receiving the funding information, initiating the send transaction based on a quantity of the first cryptocurrency, wherein a value of the quantity of the first cryptocurrency corresponds to the send amount; and   transmitting, by the processor, instructions to the receiving party for completing the receive transaction, wherein the receive transaction is funded using the quantity of the first cryptocurrency.   
     
     
         2 . The method of  claim 1 , wherein deriving the exchange data comprises:
 calculating demand metrics and price metrics associated with the plurality of cryptocurrency exchanges based on the monitoring, wherein the demand metrics indicate demand within different geographic regions for cryptocurrencies available via the plurality of exchanges, and wherein the price metrics include information associated with market prices for the cryptocurrencies available via the plurality of exchanges, wherein the exchange data comprises the demand metrics and the price metrics.   
     
     
         3 . The method of  claim 2 , wherein the set of parameters includes information that identifies a sending party location and a receiving party location, and wherein evaluating the set of parameters and the exchange data against the set of rules comprises:
 determining a corridor associated with the money transfer transaction based on the sending party location and the receiving party location;   identifying at least one cryptocurrency exchange serving a geographic region associated with the corridor;   determining a set of cryptocurrencies available from the at least one cryptocurrency exchange; and   evaluating each cryptocurrency included in the set of cryptocurrencies against the demand metrics and price metrics to identify a particular cryptocurrency of the set of cryptocurrencies that satisfies an optimization criterion.   
     
     
         4 . The method of  claim 1 , further comprising:
 receiving additional requests to initiate additional money transfer transactions;   selecting cryptocurrencies for executing each of the additional money transfer transactions;   generating one or more money transfer transaction groups, wherein each of the one or more money transfer transaction groups corresponds to a different cryptocurrency;   associating each of the additional money transfer transactions with a particular money transfer transaction group of the one or more money transfer transaction groups based on a cryptocurrency selected for each of the additional money transfer transactions;   determining aggregate send amounts for each of the one or more money transfer transaction groups based on send amounts identified in money transfer requests associated with each money transfer transaction group;   purchasing quantities of cryptocurrency based on the aggregate send amounts determined for each of the one or more money transfer transaction groups; and   initiating send transactions for each of the additional money transfer requests based on the purchased quantities of cryptocurrency.   
     
     
         5 . The method of  claim 4 , wherein the quantities of cryptocurrency are purchased from at least one cryptocurrency exchange of the plurality of cryptocurrency exchanges, the method further comprising:
 selecting the at least one cryptocurrency exchange based on the exchange data, the aggregate send amounts, the cryptocurrencies selected for executing each of the additional money transfer transactions, and one or more cryptocurrency acquisition metrics.   
     
     
         6 . The method of  claim 1 , further comprising:
 obtaining the quantity of the first cryptocurrency from a first exchange of the plurality of exchanges;   transmitting the quantity of the first cryptocurrency to a second exchange of the plurality of exchanges;   selling the quantity of the first cryptocurrency at the second exchange; and   funding the receive transaction using proceeds from the sale of the first quantity of the first cryptocurrency.   
     
     
         7 . The method of  claim 6 , wherein the proceeds comprise a quantity of fiat currency, and wherein funding the receive transaction comprises distributing the quantity of the fiat currency to the receiving party. 
     
     
         8 . The method of  claim 1 , further comprising:
 obtaining the quantity of the first cryptocurrency from a first exchange of the plurality of exchanges; and   sending the quantity of the second cryptocurrency to an address specified by the receiving party to fund the money transfer transaction.   
     
     
         9 . The method of  claim 1 , wherein evaluating the set of parameters and the exchange data against a set of rules to select the first cryptocurrency for executing the money transfer transaction comprises:
 determining, based on the exchange data and a corridor indicated by the set of parameters, metrics associated with a first transaction and a second transaction, the first transaction corresponding to a transaction executed via a first exchange to obtain the quantity of the first cryptocurrency and the second transaction corresponding to a transaction to convert the quantity of the first cryptocurrency to a receive amount that is to be provided to the receiving party in connection with the receive transaction.   
     
     
         10 . The method of  claim 1 , further comprising:
 generating transaction records for each money transfer transaction; and   storing the transaction records in a transaction database.   
     
     
         11 . The method of  claim 10 , further comprising:
 executing a set of forecasting rules against the transaction records to predict future demand for utilization of at least one cryptocurrency to facilitate money transfer transactions;   obtaining a quantity of the at least one cryptocurrency based on the future demand; and   utilizing the quantity of the at least one cryptocurrency to facilitate one or more money transfer transactions associated with money transfer requests received subsequent to obtaining the quantity of the at least one cryptocurrency.   
     
     
         12 . The method of  claim 10 , further comprising:
 receiving a request for information that establishes one or more completed money transfer transactions comply with one or more regulatory requirements imposed on money transfer transactions; and   auditing the transaction records against the request to produce the information that establishes the one or more completed money transfer transactions comply with the one or more regulatory requirements.   
     
     
         13 . The method of  claim 12 , wherein the information that establishes the one or more completed money transfer transactions comply with the one or more regulatory requirements comprises:
 first information that identifies a sending party for each of the one or more completed money transfer transactions;   second information that identifies a receiving party for each of the one or more completed money transfer transactions; and   third information that identifies one or more blockchain records corresponding to cryptocurrency transactions executed in connection with each of the one or more completed money transfer transactions.   
     
     
         14 . A non-transitory computer-readable storage medium storing instructions that, when executed by one or more processors, cause the one or more processors to perform operations for providing blockchain-based money transfer transactions, the operations comprising:
 monitoring a plurality of cryptocurrency exchanges;   deriving exchange data for each cryptocurrency exchange of the plurality of cryptocurrency exchanges based on the monitoring;   storing the exchange data derived for each cryptocurrency exchange at a database communicatively coupled to the processor;   receiving a request to initiate a money transfer transaction between a sending party and a receiving party, wherein the money transfer transaction comprises a send transaction and a receive transaction, and wherein the request includes information that identifies at least the sending party, the receiving party, and a send amount;   generating a set of parameters for the money transfer transaction based on the information included in the request;   evaluating the set of parameters and the exchange data against a set of rules to select a first cryptocurrency for executing the money transfer transaction, wherein the first cryptocurrency is available via at least one of the plurality of exchanges;   receiving funding information that indicates an amount of funds at least equal to the send amount has been received at a money transfer agent location from the sending party;   subsequent to receiving the funding information, initiating the send transaction based on a quantity of the first cryptocurrency, wherein a value of the quantity of the first cryptocurrency corresponds to the send amount; and   transmitting instructions to the receiving party for completing the receive transaction, wherein the receive transaction is funded using the quantity of the first cryptocurrency.   
     
     
         15 . The non-transitory computer-readable storage medium of  claim 14 , the operations comprising:
 calculating demand metrics and price metrics associated with the plurality of cryptocurrency exchanges based on the monitoring, wherein the demand metrics indicate demand within different geographic regions for cryptocurrencies available via the plurality of exchanges, and wherein the price metrics include information associated with market prices for the cryptocurrencies available via the plurality of exchanges, wherein the exchange data includes the demand metrics and the price metrics;   determining a corridor associated with the money transfer transaction based on a sending party location and a receiving party location, wherein the set of parameters includes information that identifies the sending party location and the receiving party location;   identifying, during the evaluation of the set of parameters and the exchange data against the set of rules, at least one cryptocurrency exchange serving a geographic region associated with the corridor;   determining a set of cryptocurrencies available from the at least one cryptocurrency exchange; and   evaluating each cryptocurrency included in the set of cryptocurrencies against the demand metrics and price metrics to identify a particular cryptocurrency of the set of cryptocurrencies that satisfies an optimization criterion.   
     
     
         16 . The non-transitory computer-readable storage medium of  claim 14 , the operations further comprising:
 receiving additional requests to initiate additional money transfer transactions;   selecting cryptocurrencies for executing each of the additional money transfer transactions;   generating one or more money transfer transaction groups, wherein each of the one or more money transfer transaction groups corresponds to a different cryptocurrency;   associating each of the additional money transfer transactions with a particular money transfer transaction group of the one or more money transfer transaction groups based on a cryptocurrency selected for each of the additional money transfer transactions;   determining aggregate send amounts for each of the one or more money transfer transaction groups based on send amounts identified in money transfer requests associated with each money transfer transaction group;   selecting at least one cryptocurrency exchange of the plurality of cryptocurrency exchanges based on the exchange data, the aggregate send amounts, the cryptocurrencies selected for executing each of the additional money transfer transactions, and one or more cryptocurrency acquisition metrics;   purchasing quantities of cryptocurrency from the at least one cryptocurrency exchange based on the aggregate send amounts determined for each of the one or more money transfer transaction groups; and   initiating send transactions for each of the additional money transfer requests based on the purchased quantities of cryptocurrency.   
     
     
         17 . The non-transitory computer-readable storage medium of  claim 14 , the operations further comprising:
 generating transaction records for each money transfer transaction;   storing the transaction records in a transaction database;   executing a set of forecasting rules against the transaction records to predict future demand for utilization of at least one cryptocurrency to facilitate money transfer transactions;   obtaining a quantity of the at least one cryptocurrency based on the future demand; and   utilizing the quantity of the at least one cryptocurrency to facilitate one or more money transfer transactions associated with money transfer requests received subsequent to obtaining the quantity of the at least one cryptocurrency.   
     
     
         18 . The non-transitory computer-readable storage medium of  claim 14 , the operations further comprising:
 generating transaction records for each money transfer transaction;   storing the transaction records in a transaction database;   receiving a request for information that establishes one or more completed money transfer transactions comply with one or more regulatory requirements imposed on money transfer transactions; and   auditing the transaction records against the request to produce the information that establishes the one or more completed money transfer transactions comply with the one or more regulatory requirements.   
     
     
         19 . The non-transitory computer-readable storage medium of  claim 14 , wherein the information that establishes the one or more completed money transfer transactions comply with the one or more regulatory requirements comprises:
 first information that identifies a sending party for each of the one or more completed money transfer transactions;   second information that identifies a receiving party for each of the one or more completed money transfer transactions; and   third information that identifies one or more blockchain records corresponding to cryptocurrency transactions executed in connection with each of the one or more completed money transfer transactions.   
     
     
         20 . A system for providing blockchain-based money transfer transactions, the system comprising:
 a central server comprising one or more processors, and a memory coupled to the one or more processors, wherein the one or more processors are configured to:
 monitor a plurality of cryptocurrency exchanges; 
 derive exchange data for each cryptocurrency exchange of the plurality of cryptocurrency exchanges based on the monitoring; 
 store the exchange data derived for each cryptocurrency exchange at a database communicatively coupled to the processor; 
 receive a request to initiate a money transfer transaction between a sending party and a receiving party from an agent device, wherein the money transfer transaction comprises a send transaction and a receive transaction, and wherein the request includes information that identifies at least the sending party, the receiving party, and a send amount; 
 generate a set of parameters for the money transfer transaction based on the information included in the request; 
 evaluate the set of parameters and the exchange data against a set of rules to select a first cryptocurrency for executing the money transfer transaction, wherein the first cryptocurrency is available via at least one of the plurality of exchanges; 
 receive funding information that indicates an amount of funds at least equal to the send amount has been received at a money transfer agent location from the sending party; 
 subsequent to receiving the funding information, initiate the send transaction based on a quantity of the first cryptocurrency, wherein a value of the quantity of the first cryptocurrency corresponds to the send amount; and 
 transmit instructions to the receiving party for completing the receive transaction, wherein the receive transaction is funded using the quantity of the first cryptocurrency.