Patent ID: 8626653

Claim:
A computer system for processing electronic cross-border payments, said computer system comprising a memory device and a processor, said computer system coupled to a payment network, said computer system programmed to: receive an identification of a payee from a payor, the payee having a payee bank account, the payor having a payor bank account, the payor making a cross-border payment to the payee; receive, from the payor, a destination currency and a destination payment amount in the destination currency, the destination payment amount representing the cross-border payment being made by the payor; determine an exchange rate based on the destination currency and an origination currency, wherein the origination currency is based on the payor bank account; determine an origination payment amount in the origination currency based on the destination payment amount in the destination currency and the exchange rate; determine a transaction cost in the origination currency; determine a total transaction amount in the origination currency that includes the origination payment amount and the transaction cost; settle the cross-border payment directly between the payor bank and the payee bank, wherein the settlement of the cross-border payment includes (i) debiting a settlement account of the payor bank for the total transaction amount in the origination currency, and (ii) crediting a settlement account of the payee bank with the destination payment amount in the destination currency; and provide a transaction status indicating a status of the cross-border payment from the payor bank to the payee bank.