Private online transaction system

A merchant computer system for transaction processing, comprising:

• a memory device;
• and
• at least one processor coupled to the memory device, the at least one processor configured:
• to receive customer account identification information and customer identification information from a customer;
• to encrypt transaction data corresponding to a transaction between a merchant and the customer, the transaction data encrypted with an encryption key generated from the customer identification information, the customer identification information obtained from a customer identification instrument that is different from a financial instrument comprising the customer account identification information, such that the customer account identification information and the customer identification are obtained from separate instruments;
• to transmit, to a financial institution, the customer account identification information and the encrypted transaction data;
• to receive, from the financial institution, a notification indicating whether to proceed with the transaction based on whether the encrypted transaction data was successfully decrypted with a decryption key generated from account holder identification information derived from the customer account identification information;
• and
• to perform the transaction when the notification indicates to proceed with the transaction.

A non-transitory computer-readable medium having program code recorded thereon to conduct transactions at a merchant computer system, the program code comprising:

• program code to receive customer account identification information and customer identification information from a customer;
• program code to encrypt transaction data corresponding to a transaction between a merchant and the customer, the transaction data encrypted with an encryption key generated from the customer identification information, the customer identification information obtained from a customer identification instrument that is different from a financial instrument comprising the customer account identification information, such that the customer account identification information and the customer identification are obtained from separate instruments;
• program code to transmit, to a financial institution, the customer account identification information and the encrypted transaction data;
• program code to receive, from the financial institution, a notification indicating whether to proceed with the transaction based on whether the encrypted transaction data was successfully decrypted with a decryption key generated from account holder identification information derived from the customer account identification information;
• and
• program code to perform the transaction when the notification indicates to proceed with the transaction.