Patent ID: 8892474

Claim:
An apparatus for executing a transaction between a customer and a merchant, the apparatus comprising: an electronic receiver of an issuer system configured to receive from the merchant, via a transmission path that bypasses a transaction processing network, a request to charge an amount to a credit account, the amount corresponding to a transaction executed using a virtual purchasing instrument of the customer, the virtual purchasing instrument issued by an identity platform of the issuer system, wherein the identity platform is not the customer and not the merchant; a processor of the issuer system configured to perform, in response to receiving the request to charge the amount to the credit account, a clearance procedure that determines whether the customer has sufficient credit to cover the amount; and an electronic transmitter of the issuer system configured to transmit, in response to receiving the request to charge the amount to the credit account, an authorization-of-use request to a customer device; wherein: the receiver is further configured to receive, from the customer device, authorization to execute the transaction between the merchant and the customer based on a digitally signed identity claim associated with the virtual purchasing instrument, the digitally signed identity claim containing customer or billing information used for authenticating the customer to the merchant; the digitally signed identity claim is authenticated by the identity platform prior to receipt of the request to charge the credit account; based on the identity claim and a result of the clearance procedure, the transmitter is further configured to transmit to the merchant, via the transmission path that bypasses the transaction processing network, an authorization to charge the amount to the credit account; and the processor is further configured to commit to a payment of funds to the merchant, the funds being equivalent to the amount.