Secure electronic payment system
A novel method of allowing secure payments from a purchaser to a seller through the utilization of a combined server platform/vault server system. Such a system entails the generation of a subscription service that allows for authentication of a consumer's credit card in terms of pre-approved identification for future transactions. Such a system initiates a tokenization procedure through transfer of credit card information to the server platform through the vault program and to issuing banks/card providers. Upon acceptance thereof, the vault server generates a token that correlates to a specific credit card of a specific user that is then stored on the server platform. Upon request from a subscribing merchant for acceptance of a tokenized card for payments, the user merely needs to provide an identifying code to access the card for such a purpose.
1. A method for undertaking a purchase transaction between a customer and a merchant comprising:
receiving, by an authentication notification server, from a merchant, a request to permit transfer of funds from a funds transfer account associated with a customer to the merchant,
wherein the request comprises identifying information that does not comprise an account number associated with the funds transfer account;
correlating, by the authentication notification server, the identifying information to a token received from a token generation and information storage server,
wherein the token corresponds to the funds transfer account, and
wherein the token does not comprise the account number associated with the funds transfer account;
upon correlating the identifying information to the token, transmitting, by the authentication notification server, the token to the token generation and information storage server to thereby cause a request for utilization of the funds transfer account to be transmitted;
receiving, by the authentication notification server, an approval relating to the request for utilization of the funds transfer account; and
transferring, by the authentication notification server, the approval to the merchant.
2. A method according to claim 1 , further comprising:
receiving, by the authentication notification server, account information associated with the funds transfer account; and
transferring, by the authentication notification server, to the token generation and information storage server, the account information.
3. A method according to claim 2 , further comprising:
receiving, by the token generation and information storage server, the account information;
generating, by the token generation and information storage server, the token;
storing, by the token generation and information storage server, the token and the account information; and
transmitting, by the token generation and information storage server, to the authentication notification server, the token.
4. A method according to claim 3 , further comprising:
Correlating, by the token generation and information storage server, the funds transfer account to a financial institution associated with the funds transfer account;
Transmitting, by the token generation and information storage server, from the financial institution, a verification,
Wherein the token is generated by the token generation and information storage server upon receiving the verification.
5. A method according to claim 4 , further comprising storing, by the token generation and information storage server, the token.
6. A method according to claim 5 , further comprising removing, from the authentication notification server, the account information.
7. A method according to claim 6 , wherein:
the request for utilization of the funds transfer account is transmitted by the token generation and information storage server to an independent service organization (“ISO”) associated with the funds transfer account; and
wherein the approval relating to the request for utilization of the funds transfer account is received by the authentication notification server, from the ISO.
8. A method according to claim 1 , further comprising:
receiving, by the authentication notification server, from the customer, a passcode,
wherein the transaction request is transmitted to the token generation and information storage server upon determining, by the authentication notification server, that the received passcode matches a stored passcode associated with the customer.
9. A method according to claim 1 , wherein the funds transfer account is selected from the group consisting of: a credit card account, a bank account, a debit card account and a gift card account.
10. A method according to claim 9 , wherein the funds transfer account is a credit card account.
11. A method according to claim 1 , wherein the identifying information is a pin number.
12. A method according to claim 1 , further comprising transferring, by the authentication notification server, the approval to the customer.