Secure electronic payment system

A method for undertaking a purchase transaction between a customer and a merchant comprising:

• receiving, by an authentication notification server, from a merchant, a request to permit transfer of funds from a funds transfer account associated with a customer to the merchant,
• wherein the request comprises identifying information;
• correlating, by the authentication notification server, the identifying information to a token received from a token generation and information storage server,
• wherein the token corresponds to the funds transfer account;
• upon correlating the identifying information to the token, transmitting, by the authentication notification server, the token to the token generation and information storage server to thereby cause a request for utilization of the funds transfer account to be transmitted;
• receiving, by the authentication notification server, an approval relating to the request for utilization of the funds transfer account;
• and
• transferring, by the authentication notification server, the approval to the merchant,
• wherein the method does not disclose to, transfer to, or store funds transfer account information associated with the funds transfer account with the merchant or the authentication notification server,
• wherein the funds transfer account information further comprises one or more of:
• funds transfer account numbers, CVV numbers, and expiration dates.