Methods and systems for online transaction processing

1. A method for coordinating an Internet-based financial transaction between an Internet merchant and a customer, the method comprising:

receiving, with a payment network, a first information packet comprising an electronic file having encrypted content and transaction information specifying at least a cost of the Internet-based financial transaction;

decrypting the electronic file, with the payment network, to recover a primary account number (“PAN”) that identifies a financial account maintained by the customer at a financial institution and to recover a personal identification number (“PIN”) assigned to the customer for accessing the identified financial account;

generating, with the payment network, a second information packet comprising the transaction information, the PAN, and the PIN;

transmitting, with the payment network, the second information packet to the financial institution with a request to perform a debit transaction from the identified financial account for the specified cost of the Internet-based financial transaction;

receiving, with the payment network, a response from the financial institution indicating approval or denial of the debit transaction;

determining, with the payment network, whether to provide a guarantee of the Internet-based transaction to the Internet merchant;

determining, with the payment network, whether to credit a loyalty program for the customer; and

transmitting, with the payment network, an authorization code indicating approval or denial of the Internet-based transaction.

2. The method recited in claim 1 wherein:

the first information packet includes an identification of the Internet merchant; and

determining whether to provide the guarantee of the Internet-based transaction comprises determining whether the Internet merchant is one of an identified list of Internet merchants who request guarantees of all Internet-based financial transactions.

3. The method recited in claim 1 wherein determining whether to provide the guarantee of the Internet-based transaction comprises determining whether the transaction information is consistent with a predefined set of parameters.

4. The method recited in claim 1 wherein the first information packet further comprises a request from the Internet merchant for the guarantee of the Internet-based transaction.

5. A payment network comprising:

a communications device;

a processor;

a storage device; and

a memory coupled with the processor, the memory comprising a computer-readable medium having a computer-readable program embodied therein for directing operation of the payment network, the computer-readable program including:

instructions for receiving, with the communications device, a first information packet from the Internet merchant, the first information packet comprising a credential assigned to the customer and transaction information specifying at least a cost of the Internet-based financial transaction;

instructions for determining from the credential, with the processor, account information that identifies a financial account maintained by the customer at a financial institution and authorization information that allows debit access to the identified financial account;

instructions for generating, with the processor, a second information packet comprising the transaction information, the account information, and the authorization information;

instructions for transmitting, with the communications device, the second information packet to the financial institution with a request to perform a debit transaction from the identified financial account for the specified cost of the Internet-based financial transaction; and

instructions for crediting, with the processor, a loyalty program for the customer in response to execution of the Internet-based financial transaction.