A method comprising a server computer performing the steps of: receiving from a computing apparatus of a participant a message comprising a consumer identity alias; sending a message comprising a first payment reference identifier identifying an authentication thread to the computing apparatus of the participant; receiving from the computing apparatus of the participant a second payment reference identifier identifying the authentication thread, a consumer payment nickname and a merchant key; authenticating the information received from the computing apparatus of the participant by determining if the second payment reference identifier matches the first payment reference identifier and determining an authorizing entity by analyzing the consumer payment nickname; communicating to a computing apparatus of the authorizing entity a message comprising the first payment reference identifier, the consumer payment nickname and the merchant key; receiving from the computing apparatus of the authorizing entity an authentication address, an issuer key, and a third payment reference identifier identifying the authentication thread; authenticating the information received from the computing apparatus of the authorizing entity by determining if the third payment reference identifier matches the first payment reference identifier, the method further comprising: the server computer sending the authentication address, the issuer key, the merchant key, and the first payment reference identifier to the participant, wherein the participant sends the authentication address, the issuer key, the merchant key, and the first payment reference identifier to a sending entity (102; 402, 404) and redirects the sending entity to the authentication address, wherein the sending entity authenticates with the authorizing entity by providing the issuer key and a passcode, wherein the authorizing entity determines if the issuer key received from the sending entity matches the issuer key the authorizing entity sent, and where after the sending entity is redirected to the participant with the first payment reference identifier and wherein the sending entity authenticates with the participant by providing the merchant key and wherein the participant determines if the merchant key received from the sending entity matches the merchant key the participant sent. receiving from a computing apparatus of a participant a message comprising a consumer identity alias; sending a message comprising a first payment reference identifier identifying an authentication thread to the computing apparatus of the participant; receiving from the computing apparatus of the participant a second payment reference identifier identifying the authentication thread, a consumer payment nickname and a merchant key; authenticating the information received from the computing apparatus of the participant by determining if the second payment reference identifier matches the first payment reference identifier and determining an authorizing entity by analyzing the consumer payment nickname; communicating to a computing apparatus of the authorizing entity a message comprising the first payment reference identifier, the consumer payment nickname and the merchant key; receiving from the computing apparatus of the authorizing entity an authentication address, an issuer key, and a third payment reference identifier identifying the authentication thread; authenticating the information received from the computing apparatus of the authorizing entity by determining if the third payment reference identifier matches the first payment reference identifier, the method further comprising: the server computer sending the authentication address, the issuer key, the merchant key, and the first payment reference identifier to the participant, wherein the participant sends the authentication address, the issuer key, the merchant key, and the first payment reference identifier to a sending entity (102; 402, 404) and redirects the sending entity to the authentication address, wherein the sending entity authenticates with the authorizing entity by providing the issuer key and a passcode, wherein the authorizing entity determines if the issuer key received from the sending entity matches the issuer key the authorizing entity sent, and where after the sending entity is redirected to the participant with the first payment reference identifier and wherein the sending entity authenticates with the participant by providing the merchant key and wherein the participant determines if the merchant key received from the sending entity matches the merchant key the participant sent.