Patent ID: 8725638

Claim:
A method performed by an issuer or a payment processing system, and involving a presenter for completing a transaction, wherein the presenter uses a network access device, the method comprising: providing, using a processor, virtual cards to the presenter, wherein each virtual card relates to an identity of the presenter and is stored on the network access device; receiving, using the processor, authentication data relating to a selected virtual card; verifying, using the processor, said authentication data; receiving, using the processor, a message routed by the network access device of the presenter from a relying party, wherein the message represents a policy and includes an identifier for the relying party, a transaction identifier, date and time of the transaction, a message signature, location of the relying party, type of currency, and a transaction amount; verifying, using the processor, the identifier for the relying party; verifying, using the processor, customer account provisions, wherein verifying the customer account provisions includes determining that the presenter has sufficient funds for the transaction and determining fraud risk; generating, using the processor, an authentication token for the transaction, the authentication token including an authentication number and a random security number, and the authentication token having a cryptographic value including data fields enabling verification that the token was issuer-generated; sending, using the processor, a transaction message through the network access device of the presenter to the relying party, wherein the transaction message contains transaction information, the transaction information including a transaction authentication comprising the authentication token, and data related to the identity associated with the selected virtual card including an authentication of the identity of the presenter, such that the transaction message allows the relying party to proceed with the transaction including payment and settlement after receiving the transaction message containing transaction information, wherein the presenter is a consumer; and transferring funds to the relying party, for the transaction.