System and method of a passphrase account identifier for use in a network environment
View Patent ↗A system and method for facilitating a financial transaction over a network including use of a passphrase account identifier is described herein. In one embodiment, a system for facilitating a financial transaction over a network comprises a communication interface; and a payment provider system configured to receive via the communication interface a passphrase account identifier from a merchant system, match the passphrase account identifier to a corresponding funding instrument number of a corresponding funding instrument, communicate the corresponding funding instrument number to an issuer system, receive from the issuer system a notification indication of one of acceptance of the funding instrument or decline of the funding instrument, and communicate back to the merchant system the notification indication.
1. A system for facilitating a financial transaction over a network, comprising:
a memory storing user account information, wherein the information comprises a passphrase corresponding to a user account; and
one or more processors in communication with the memory adapted to:
receive over a financial network a passphrase account identifier, wherein the passphrase account identifier is provided by a consumer to make a purchase from a merchant;
match the passphrase account identifier to a corresponding funding instrument number of the consumer stored in a database accessible by a payment provider system;
communicate the corresponding funding instrument number corresponding to a funding instrument of the consumer to a third party system;
receive from the third party system a notification indication comprising acceptance of the funding instrument or decline of the funding instrument; and
communicate back to the merchant the notification indication.
2. The system of claim 1 , wherein the passphrase account identifier is received from a merchant device.
3. The system of claim 1 , wherein the third party system is a credit issuer system.
4. The system of claim 1 , wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length.
5. The system of claim 1 , wherein the funding instrument is a credit card.
6. The system of claim 1 , wherein the passphrase account identifier is an alpha-numerical combination unique to an account number of the funding instrument.
7. The system of claim 1 , wherein the purchase is made at a physical point of sale of the merchant.
8. The system of claim 1 , wherein the purchase is made online at a merchant site.
9. A non-transitory machine-readable medium comprising a plurality of machine-readable instructions which when executed by one or more processors of a server are adapted to cause the server to perform a method comprising:
receiving over a financial network a passphrase account identifier, wherein the passphrase account identifier is provided by a consumer to make a purchase from a merchant;
matching the passphrase account identifier to a corresponding funding instrument number of the consumer stored in a database accessible by a payment provider system;
communicating the corresponding funding instrument number corresponding to a funding instrument of the consumer to a third party system;
receiving from the third party system a notification indication comprising acceptance of the funding instrument or decline of the funding instrument; and
communicating back to the merchant the notification indication.
10. The non-transitory machine-readable medium of claim 9 , wherein the passphrase account identifier is received from a merchant device.
11. The non-transitory machine-readable medium of claim 9 , wherein the third party system is a credit issuer system.
12. The non-transitory machine-readable medium of claim 9 , wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length.
13. The non-transitory machine-readable medium of claim 9 , wherein the purchase is made at a physical point of sale of the merchant.
14. The non-transitory machine-readable medium of claim 9 , wherein the purchase is made online at a merchant site.
15. A method, comprising:
receiving, electronically over a financial network from a user device, a passphrase account identifier, wherein the passphrase account identifier is provided by a consumer to make a purchase from a merchant;
matching, by a hardware processor of a payment provider, the passphrase account identifier to a corresponding funding instrument number of the consumer stored in a database accessible by a payment provider system;
communicating, electronically by the payment provider, the corresponding funding instrument number corresponding to a funding instrument of the consumer to a third party system;
receiving, electronically by the payment provider, from the third party system a notification indication comprising acceptance of the funding instrument or decline of the funding instrument; and
communicating, electronically by the payment provider, back to the merchant the notification indication.
16. The method of claim 15 , wherein the passphrase account identifier is received from a merchant device.
17. The method of claim 15 , wherein the third party system is a credit issuer system.
18. The method of claim 15 , wherein the passphrase account identifier is an alpha-numerical combination having a predetermined character length.
19. The method of claim 15 , wherein the purchase is made at a physical point of sale of the merchant.
20. The method of claim 15 , wherein the purchase is made online at a merchant site.