DEMAND DEPOSIT ACCOUNT PAYMENT SYSTEM

摘要

A method and system for processing DDA payment transactions including generating a private virtual identifier, associating the private virtual identifier with a DDA, and generating a public virtual identifier associated with the private virtual identifier. The method can also include distributing the public virtual identifier to consumers, receiving a DDA payment request from a billing entity including the public virtual identifier, retrieving the private virtual identifier in response to receipt of the public virtual identifier, and processing the DDA payment request using the private virtual identifier to facilitate payment to the billing entity on behalf of the consumer. The method and system also authenticates the identity of a user during a transaction.

主权项

1. A method for processing payment transactions comprising:
generating a private virtual identifier and associating the private virtual identifier with a financial account identifier used for transferring funds to pay a billing entity; generating with a processing device a public virtual identifier corresponding to the private virtual identifier and storing the private virtual identifier and public virtual identifier in a database of a payment network; the payment network communicating with a billing entity using the public virtual identifier to receive a request for payment; the payment network communicating with a financial institution using the private virtual identifier to obtain funds from the financial institution to settle a payment with the billing entity on behalf of a consumer.