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In mid-March, the U.S. Patent and Trademark Office posted Western Union statement on its resource. The company is filing a patent on the system determining the location of users conducting transactions, including cryptocurrency ones.
Unique Western Union digital data network is designed to improve security of traditional and well-known digital currencies. According to the technology description, the system includes a receiver, determining a transaction device, and a processor, checking obtained information and conducting money transfers.
This system allows to operate with Bitcoin, Litecoin and Peercoin.
It is not the first time that the well-known financial giant submits patent applications on innovative solutions related with the fintech sector. Two years ago, the company started developing the infrastructure for online payment control.