This invention relates to a currency conversion method and a currency conversion system.

In this specification, the phrase “currency conversion” should be broadly interpreted to include conversion of hard currency to digital currency and vice versa.

SUMMARY OF THE INVENTION:

In accordance with the invention broadly, there is provided a currency conversion method which includes: capturing a unique banknote identifier and banknote monetary value of a banknote; detaching the monetary value of the banknote by converting the banknote monetary value into a digital monetary value such that use of the banknote may be suspended; and restoring the banknote monetary value by reverse conversion of the digital monetary value to the banknote monetary value such that use of the banknote may be reinstated.

More particularly, according to a first aspect of the invention, there is provided a currency conversion method, the method being conducted at a currency conversion system, and including: capturing a unique banknote identifier and banknote monetary value of a banknote against its user; upon receiving a first instruction, detaching the monetary value of the banknote from the banknote by converting the banknote monetary value into a digital monetary value thereby suspending the banknote’s use; and upon receiving a second instruction, restoring the banknote monetary value to the banknote by reverse conversion of the digital monetary value to the banknote monetary value thereby reinstating the banknote’s use.

Capturing of the unique banknote identifier and banknote monetary value of the banknote against its user may include creating a banknote record and storing the banknote at a banknote server having installed thereon a banknote repository (database). To this end, the banknote record may include the unique banknote identifier, banknote monetary value and user identity. Naturally, the user may be an owner of the banknote.

Capturing of the unique banknote identifier and banknote monetary value of the banknote against the user may include receiving a capture request from the user via any one or more of: a bank terminal, for example an Automatic Teller Machine (ATM), and a user terminal. The user terminal may include, but is not limited to, any one or more of: a user computer; a mobile device of the user having installed thereon a client-side currency conversion software application; and a Point-of-Sale (PCS) terminal having installed thereon a client-side currency conversion software application. The client-side currency conversion software application may include any one or more of a desktop application, mobile application and browser application.

The banknote server may be in operative data communication with the bank server via a bank server interface, for example a bank server integration interface, which may include a front-end browser integration interface or a back-end server interface.

Receiving of the first instruction for detaching the monetary value of the banknote from the banknote may include receiving the first instruction via the user terminal. Detaching of the monetary value of the banknote from the banknote by converting the banknote monetary value into the digital monetary value may include, upon receipt of the first instruction, crediting a bank account of the user with an equivalent value. Crediting of the bank account of the user may include transmitting a credit request to a bank server.

Transmitting of the credit request to the bank server may include transmitting the credit request via a bank server interface.

Naturally, the bank account of the user may be accessed via an existing mobile banking application.

Receiving of the second instruction for restoring the banknote monetary value to the banknote may include receiving the second instruction via the user terminal.

Restoring of the monetary value of the banknote by reverse conversion of the digital monetary value to the banknote monetary value may include, upon receipt of the second instruction, debiting the bank account of the user with the equivalent value. Debiting of the bank account of the user may include transmitting a debit request to the bank server.

Transmitting of the debit request to the bank server may include transmitting the debit request via a bank server interface.

Detaching of the monetary value may include updating of the banknote record at the banknote server. Likewise, restoring of the monetary value of the banknote may include updating of the banknote record at the banknote server.

It should be appreciated that the client-side currency conversion software application may be integrated with the existing mobile banking application. According to another aspect of the invention, there is provided a currency conversion system which includes: a banknote server having installed thereon a banknote repository and being connected to; a user terminal; and a bank server; the system operable to capture a unique banknote identifier and banknote monetary value of a banknote against its user; receive a first instruction to detach the monetary value of the banknote from the banknote by converting the banknote monetary value into a digital monetary value thereby suspending the banknote’s use; and receive a second instruction to restore the banknote monetary value to the banknote by reverse conversion of the digital monetary value to the banknote monetary value for reinstatement of the banknote’s use.

The invention is now described, by way of non-limiting example, with reference to the accompanying diagrammatic drawings.

DRAWINGS:

In the drawings, figure 1 illustrates, schematically, a currency conversion system in accordance with one aspect of the invention; figure 2 shows a swim-lane style diagram illustrating the steps in a currency conversion method being conducted at the currency conversion system of figure 1 according to another aspect of the invention.

In the drawings, like reference numerals denote like parts unless otherwise indicated.

DETAILED DESCRIPTION OF THE INVENTION:

In figure 1 of the drawings, reference numeral (10) denotes, generally, a currency conversion system according to one embodiment of the invention. The system includes a banknote repository in the form of a banknote database (22) being installed on a banknote server (20), the banknote server (20) being in data communication with a number of user terminals (15) of a user (21 ) of a banknote (18), and a bank server (32) that provides the user with access to the user’s bank account via a mobile banking application (30). In this embodiment, the user terminals (15) include a bank terminal, i.e., an Automatic Teller Machine (ATM) (16), a user computer having installed thereon a client-side currency conversion software application in the form of a browser application (12), a user mobile device having installed thereon the client-side currency conversion software application in the form of a mobile application (14), and a Point-of-Sale (POS) terminal (not shown here).

The banknote server (20) is operable to: capture a unique banknote identifier and banknote monetary value of the banknote (18) against its user (21) by creating a banknote record and storing the banknote record in the banknote database (22). To this end, the banknote record includes the unique banknote identifier, a banknote monetary value and the user (21) identity. In this embodiment, the user (21) is the owner of the banknote (18). The banknote server (20) is further operable to: receive a capture request from the user (21) via any one of the bank terminal (16), browser application (12), mobile application (14), and POS terminal; receive a first instruction for detaching the monetary value of the banknote from the banknote via any one of the bank terminal (16), browser application (12), mobile application (14), and POS terminal; detach the monetary value of the banknote from the banknote (18) by converting the banknote monetary value into the digital monetary value and, upon receipt of the first instruction, crediting the user’s bank account with an equivalent value by transmitting a credit request to the bank server (32); receive a second instruction for restoring the banknote monetary value to the banknote (18) by reverse conversion of the digital monetary value to the banknote monetary value and debiting the user bank account with the equivalent value by transmitting a debit request to the bank server (32).

Referring to figure 2 of the drawings, reference numeral (100) denotes, generally, a currency conversion method which includes the steps of: At step (101 ) wherein a unique banknote identifier (60) and banknote monetary value (70) of a banknote is captured against the user (21 ) by creating a banknote record and storing the banknote record in the banknote database (22) upon receipt of a capture request from the user (21 ).

Next at step (102), a first instruction is received and the monetary value of the banknote (18) is detached by converting the banknote monetary value into the digital monetary value.

At step (103), the user’s bank account is credited with an equivalent value by transmitting a credit request to the bank server (32).

At step (104) and upon receipt of a second instruction for restoring the banknote monetary value to the banknote (18), the user’s bank account is debited with the equivalent value by transmitting a debit request to the bank server (32), and subsequently at step (105), the reverse conversion of the digital monetary value to the banknote monetary value and debiting the user bank account with the equivalent value by transmitting a debit request to the bank server (32), the banknote’s monetary value is restored to the banknote (18) by reverse conversion of the digital monetary value to the banknote monetary value thereby reinstating the banknote’s use.