PAYMENT IDENTIFICATION CODE SYSTEM

摘要

A method for effecting electronic payment, safeguarding banking and account information, while utilizing existing payment systems. The method comprises generating a system routing number and a payment identification code (PIC) (2.3) relating to the beneficiary's account information, distributing payment identification codes to the existing payment system and financial institutions (2.1) owning the account related to the payment identification codes, and the originator (2.1) receiving a system routing number and the beneficiary's PIC number (2.1). The method also includes the originator (2.1) communicating a payment instruction to a financial institution of the originator (2.1), wherein the payment instruction includes the system routing number beneficiary's payment identification code, the originator's financial institution receiving the payment instruction from the originator (2.1).