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. While not overtly related to the tech, the system, according to the description, is applicable to the realm of cryptocurrencies. Rather, it’s a broader effort to develop a means to analyze “location-based transaction system[s]”, one that could be adjusted to incorporate transactions involving bitcoin or other digital currencies. Bitcoin itself is named once in the application, along with litecoin and peercoin.
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.