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 demand deposit account (“DDA”) payment transactions for an account holder comprising:
generating a private virtual identifier by a payment network transaction server including a processor and memory, the private virtual identifier being unknown to an account holder; the payment network transaction server associating the private virtual identifier with a DDA number of the account holder; generating by the payment network transaction server a public virtual identifier associated with the private virtual identifier; distributing the public virtual identifier to the account holder; receiving a DDA payment request from a billing entity, wherein the DDA payment request includes the public virtual identifier; in response to the step of receiving the public virtual identifier in the DDA payment request, the payment network transaction server retrieving the private virtual identifier; transmitting the private virtual identifier to a financial institution maintaining the DDA; restricting access to the private virtual identifier to a payment network and the financial institution maintaining the DDA; and processing the DDA payment request using the private virtual identifier and facilitating payment to the billing entity on behalf of the account holder.