System and method for partner key management

A system for securely processing an online transaction between a user and a first institution, the system comprising:

• a first institution computer communicatively coupled over a network to a user module, the first institution computer comprising:
• a memory configured to store a file comprising a stored policy statement mutually agreed upon by the first institution and the user, wherein the stored policy statement comprises security procedures governing transactions between the first institution and the user;
• and
• a processor configured to:
• generate a credential to execute a plurality of online transactions with the first institution and a second institution;
• generate a digital signature with the credential using Portable Security Transaction Protocol;
• register the credential to represent the user with regard to a plurality of online transactions with the first institution based on a determination that a request for registration of the credential by the user complies with registration requirements established by the first institution;
• receive a request from the user for a transaction comprising a received policy statement and the digital signature, wherein the received policy statement comprises security procedures governing transactions between the first institution and the user;
• verify the identity of the user by examining the digital signature;
• determine whether the received policy statement complies with the stored policy statement;
• and
• execute the requested online transaction based on successful verification of the identity of the user and determining that the received policy statement complies with the stored policy statement.

A computer-readable medium comprising computer executable software code tangibly embodied thereon, the code for conducting an online transaction using an established interoperable credential, the code, when executed, causes a processor to perform the following:

• storing a file comprising a stored policy statement mutually agreed upon by the first institution and the user, wherein the stored policy statement comprises security procedures governing transactions between the first institution and the user;
• generating a credential to execute a plurality of online transactions with the first institution and a second institution;
• generating a digital signature with the credential using Portable Security Transaction Protocol;
• registering the credential to represent the user with regard to a plurality of online transactions with the first institution based on a determination that a request for registration of the credential by the user complies with registration requirements established by the first institution;
• receiving a request from the user for a transaction comprising a received policy statement and the digital signature, wherein the received policy statement comprises security procedures governing transactions between the first institution and the user;
• verifying the identity of the user by examining the digital signature;
• determining whether the received policy statement complies with the stored policy statement;
• and
• executing the requested online transaction based on successful verification of the identity of the user and determining that the received policy statement complies with the stored poliy statement.