Patent ID: 11416853

Abstract:
A system and method to conduct secure electronic financial transactions are provided. The system includes one or more processors and one or more memories having stored thereon instructions that, when executed by the one or more processors, cause the one or more processors to identify a first payment source account held by an account holder and a second account held by the account holder; receive transaction data associated with a transaction initiated by the account holder with a merchant using the first payment source account, the transaction having a transaction amount; request via a first network a first transfer of the transaction amount from the first payment source account within a predetermined time; perform a pre-authorization charge of the second account in a pre-authorized amount; transfer the transaction amount to pay the merchant; and if the first transfer is not completed within the predetermined time, request via the second network a second transfer of the pre-authorized amount from the second account; and release the pre-authorization charge of the second account if the transaction amount was successfully transferred from the first account within the predetermined time.