Bank of America has filed a US patent application for a system and method that uses cryptocurrency technology for wire transfers.
The application, filed last March but published by the US Patent & Trademark Office last week, describes a system where to move money around the world a processor would transfer funds to a cryptocurrency exchange, convert it to Bitcoin or similar, and send it to another exchange where it is converted into another currency for the recipient.
Explaining the benefits of such a system, the filing, first picked up by Bitcoin news site CoinDesk, says: "Initiating fund transfers using cryptocurrency allows for the technical effect of conducting a foreign fund transfer in less time than a foreign fund transfer currently, as it avoids delays that may be caused by relying on third-party systems and services."