Demand deposit account payment system
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.
1. A method for processing, via a payment network, a payment transaction for an account holder having a demand deposit account (DDA account) with an entity maintaining the DDA account, the method comprising:
generating, by a payment network transaction server, a private virtual identifier that is different from an account number for the DDA account for use by the entity maintaining the DDA account;
generating, by the payment network transaction server, a public virtual identifier associated with the private virtual identifier;
storing, by the payment network transaction server in a database, the association between the public virtual identifier and the private virtual identifier;
transmitting, by the payment network transaction server, the public virtual identifier to the account holder;
receiving, by the payment network transaction server, via the payment network, a payment request from a billing entity for payment from the DDA account, wherein the payment request includes the public virtual identifier;
converting, by the payment network transaction server, the public virtual identifier into the associated private virtual identifier in response to receiving the public virtual identifier in the payment request; and
transmitting, by the payment network transaction server over the payment network, the payment request with the private virtual identifier to the entity maintaining the DDA account, wherein the entity maintaining the DDA account determines the account number of the corresponding DDA account and processes a payment transaction, based on the payment request, from the corresponding DDA account in favor of the billing entity.
2. The method as defined in claim 1 , including generating a second public virtual identifier and associating the second public virtual identifier with a credit card primary account number (“PAN”) and permitting payment based on the PAN using the second public virtual identifier, the second public virtual identifier being associated with the private virtual identifier.
3. The method as defined in claim 1 , wherein the association between the public virtual identifier and the private virtual identifier is maintained in a password protected database administered by the payment network.
4. The method as defined in claim 3 , wherein the password protected database is accessible by the account holder through a computer network of the billing entity.
5. The method as defined in claim 1 , including generating a second public virtual identifier and associating the second public virtual identifier with the private virtual identifier.
6. The method as defined in claim 5 , wherein the public virtual identifier is associated with a first billing entity account holder entity relationship and the second public virtual identifier is associated with a second billing entity account holder entity relationship distinct from the first billing entity account holder entity relationship and both public virtual identifiers being associated with the same private virtual identifier.
7. The method as defined in claim 1 , wherein the entity maintaining the account is a financial entity.
8. A non-transitory computer-readable storage medium including instructions that, when executed by a payment network transaction server having a processing device, cause the processing device to process via a payment network a payment transaction for an account holder having a demand deposit account (DDA account) with an entity maintaining the DDA account by performing a computer process comprising:
generating a private virtual identifier that is different from an account number for the DDA account for use by the entity maintaining the DDA account;
generating a public virtual identifier associated with the private virtual identifier;
storing, in a database, the association between the public virtual identifier and the private virtual identifier;
transmitting the public virtual identifier to the account holder;
receiving a payment request from a billing entity for payment from the DDA account, via the payment network, wherein the payment request includes the public virtual identifier;
converting the public virtual identifier into the associated private virtual identifier in response to receiving the public virtual identifier in the payment request; and
transmitting over the payment network the payment request with the private virtual identifier to the entity maintaining the DDA account, wherein the entity maintaining the DDA account determines the account number of the corresponding DDA account and processes a payment transaction, based on the payment request, from the corresponding DDA account in favor of the billing entity.
9. A system for processing via a payment network a payment transaction for an entity maintaining a demand deposit account (DDA account) for an account holder comprising:
a payment network transaction server including:
a memory having instructions stored thereon; and
a processor operably coupled to the memory,
wherein the processor, upon execution of the instructions during the payment transaction over the payment network, performs steps comprising:
generating a private virtual identifier that is different from an account number for the DDA account for use by the entity maintaining the DDA account;
generating a public virtual identifier associated with the private virtual identifier;
storing, in a database, the association between the public virtual identifier and the private virtual identifier;
transmitting the public virtual identifier to the account holder;
receiving a payment request from a billing entity for payment from the DDA account, via the payment network, wherein the payment request includes the public virtual identifier;
converting the public virtual identifier into the associated private virtual identifier in response to receiving the public virtual identified in the payment request; and
transmitting over the payment network the payment request with the private virtual identifier to the entity maintaining the DDA account, wherein the entity maintaining the DDA account determines the account number of the corresponding DDA account and processes a payment transaction, based on the payment request, from the corresponding DDA account in favor of the billing entity.
10. The system as defined in claim 9 , wherein the payment network transaction server further includes a network interface for communicating with the payment network, and wherein the processor, upon execution of the instructions, further performs the steps of routing the payment request through the payment network and verifying the payment request.