Secure electronic payment system

Abstract

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.

What is claimed is: 
     
         1 . A computerized payment verification system for the authentication of a consumer's identity in relation to said consumer's funds transfer account, said system comprising:
 a) an authentication notification server, b) a token generation and information storage server, and c) an electronic and wireless subscription service, wherein said subscription service creates a communication and information transfer connection between said consumer and said authentication notification server and permits uploading of said consumer's funds transfer account information for authentication during initial system setup for the correlation to a generated token that represents said consumer's authenticated funds transfer account; wherein said authentication notification server allows for receipt of said consumer's funds transfer account information and transference thereof to said token generation and information storage server;   wherein said token generation and information storage server includes means to communicate with an MPI to authenticate the correlation between said consumer and said funds transfer account information;   wherein said token generation and information storage server further includes means to generate a token correlated to said resultant authenticated funds transfer account information correlated to said consumer;   wherein said authentication notification server stores said resultant token; and wherein only said token generation and information storage server retains any funds transfer account information of said consumer.   
     
     
         2 . The payment verification system of  claim 1  wherein said subscription service is an app associated with a mobile communication device operated by said consumer. 
     
     
         3 . The payment verification system of  claim 2  wherein said app further permits subscriptions by merchants for acceptance of payments from a subscribed consumer in relation to a purchase transaction. 
     
     
         4 . A method for undertaking a purchase transaction between a consumer and a merchant, wherein both consumer and merchant are subscribed to a system as in  claim 1 , wherein said transaction includes a payment activity through funds transfer from said consumer's funds transfer account, wherein said funds transfer account is issued by a bank and handled through a funds transfer entity, and wherein said funds transfer is processed by an independent service organization, said method comprising:
 the presentment of a piece of identifying information to said merchant by said consumer as a proper indicator to send a request for authentication to said authentication notification server to permit funds transfer to said merchant from said consumer's funds transfer account;   correlation of said identifying information to said established token related to said consumer's funds transfer account by said authentication notification server;   transfer of said correlated token to said token generation and information storage server to generate a request for utilization of said funds transfer account from the proper ISO for such an account;   transfer from said proper ISO to consumer's issuing bank and/or card provider to establish approval or denial of utilization of said consumer's funds transfer account for such a payment transaction;   transfer to said proper ISO of approval or denial from said issuing bank and/or card provider;   transfer of such a result to said authentication notification server from said proper ISO; and   transfer of such a result from said authentication notification server to said merchant;   whereupon if approval has been granted and transferred to said merchant, then the requested funds are transferred to said merchant from said consumer's funds transfer account;   wherein such a method is undertaken without any need for said consumer to present or otherwise provide information pertaining to said funds transfer account to said merchant; and wherein said method is undertaken through the utilization of at least one computer program within a non-transitory medium.   
     
     
         5 . A method for undertaking a purchase transaction between a consumer and a merchant, wherein both consumer and merchant are subscribed to a system as in  claim 2 , wherein said transaction includes a payment activity through funds transfer from said consumer's funds transfer account, wherein said funds transfer account is issued by a bank and handled through a funds transfer entity, and wherein said funds transfer is processed by an independent service organization, said method comprising:
 the presentment of a piece of identifying information to said merchant by said consumer as a proper indicator to send a request for authentication to said authentication notification server to permit funds transfer to said merchant from said consumer's funds transfer account;   correlation of said identifying information to said established token related to said consumer's funds transfer account by said authentication notification server;   transfer of said correlated token to said token generation and information storage server to generate a request for utilization of said funds transfer account from the proper ISO for such an account;   transfer from said proper ISO to consumer's issuing bank and/or card provider to establish approval or denial of utilization of said consumer's funds transfer account for such a payment transaction;   transfer to said proper ISO of approval or denial from said issuing bank and/or card provider;   transfer of such a result to said authentication notification server from said proper ISO; and   transfer of such a result from said authentication notification server to said merchant;   whereupon if approval has been granted and transferred to said merchant, then the requested funds are transferred to said merchant from said consumer's funds transfer account;   wherein such a method is undertaken without any need for said consumer to present or otherwise provide information pertaining to said funds transfer account to said merchant; and wherein said method is undertaken through the utilization of at least one computer program within a non-transitory medium.   
     
     
         6 . A method for undertaking a purchase transaction between a consumer and a merchant, wherein both consumer and merchant are subscribed to a system as in  claim 3 , wherein said transaction includes a payment activity through funds transfer from said consumer's funds transfer account, wherein said funds transfer account is issued by a bank and handled through a funds transfer entity, and wherein said funds transfer is processed by an independent service organization, said method comprising:
 the presentment of a piece of identifying information to said merchant by said consumer as a proper indicator to send a request for authentication to said authentication notification server to permit funds transfer to said merchant from said consumer's funds transfer account;   correlation of said identifying information to said established token related to said consumer's funds transfer account by said authentication notification server;   transfer of said correlated token to said token generation and information storage server to generate a request for utilization of said funds transfer account from the proper ISO for such an account;   transfer from said proper ISO to consumer's issuing bank and/or card provider to establish approval or denial of utilization of said consumer's funds transfer account for such a payment transaction;   transfer to said proper ISO of approval or denial from said issuing bank and/or card provider;   transfer of such a result to said authentication notification server from said proper ISO; and   transfer of such a result from said authentication notification server to said merchant;   whereupon if approval has been granted and transferred to said merchant, then the requested funds are transferred to said merchant from said consumer's funds transfer account;   wherein such a method is undertaken without any need for said consumer to present or otherwise provide information pertaining to said funds transfer account to said merchant; and wherein said method is undertaken through the utilization of at least one computer program within a non-transitory medium.   
     
     
         7 . The system of  claim 1  wherein said funds transfer account is a credit card account. 
     
     
         8 . The system of  claim 2  wherein said funds transfer account is a credit card account. 
     
     
         9 . The system of  claim 3  wherein said funds transfer account is a credit card account. 
     
     
         10 . The system of  claim 4  wherein said funds transfer account is a credit card account. 
     
     
         11 . The system of  claim 5  wherein said funds transfer account is a credit card account. 
     
     
         12 . The system of  claim 6  wherein said funds transfer account is a credit card account.