Money transfer giant Western Union is seeking a patent for a transaction analysis system that could be applied to digital currencies like bitcoin.
The US Patent and Trademark Office (USTPO) published Western Union’s patent application for methods and systems related to “multi-network transaction analysis” on 16th March. The application, which lists 6 inventors, was originally submitted in September of last year.
The application states:
“…in various embodiments, electronic data transfer network may be configured to support and perform transfers of various currency types, including traditional and/or digital currencies, centralized and/or de-centralized currencies, cryptocurrencies, and any other medium of exchange…between client devices and/or external systems in different areas, regions, or jurisdictions.”
The firm also advocated for the imposition of AML controls on digital currency businesses in the run-up to New York’s BitLicense regulatory framework.
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