Secure text initiated payment processing system

A payment processing system comprising:

• a non-transitory, computer readable memory;
• one or more processors;
• and
• a computer-readable medium containing programming instructions that, when executed by the one or more processors, cause the system to:
• receive, from an electronic device of a payor, a request for a first authorization code for an authorized payment amount;
• ascertain a unique identifier associated with the payor by parsing the request for the first authorization code for the authorized payment amount;
• verify the payor's identity using the unique identifier;
• generate a first authorization code for a payment transaction;
• store the first authorization code in association with the authorized payment amount in the memory;
• send the first authorization code to a mobile device associated with the payor;
• receive, from a third party payee, a request for payment, wherein the request comprises a payor identifier, a requested payment amount and a second authorization code;
• determine whether the second authorization code matches the first authorization code, and whether the requested payment amount is at most less than or equal to the authorized payment amount;
• and
• if the second authorization code matches the first authorization code, and the requested payment amount is at most less than or equal to the authorized payment amount, then transmit an instruction to process the payment in the authorized payment amount to the third party payee, otherwise deny payment to the third party payee.

A method of processing a secure transfer of funds, the method comprising, by a processor:

• receiving, from an electronic device of a payor, a request comprising a unique identifier, an authorized amount and a transferee account number;
• verifying the payor's identity, wherein the verifying comprises:
• ascertaining the mobile device associated with the payor using the unique identifier,
• generating a telephone call to the mobile device,
• receiving a personal identification code from the payor over the telephone call, and
• determining whether the received personal identification code matches an expected personal identification code for the payor;
• and
• if the received personal identification code matches the expected personal identification code for the payor, then transmitting an instruction to proceed with the transfer of funds to the transferee account number in the authorized amount, otherwise denying transfer to the transferee account number.

A method of processing a purchase order from a product catalog, the method comprising, by a processor:

• receiving, from an electronic device of a customer, a request comprising a unique identifier and a purchase order;
• verifying the customer's identity, wherein the verifying comprises:
• ascertaining the mobile device associated with the customer using the unique identifier,
• generating a telephone call to the mobile device,
• receiving a personal identification code from the customer over the telephone call, and
• determining whether the received personal identification code matches an expected personal identification code for the customer;
• and
• if the received personal identification code matches the expected personal identification code for the customer, then transmitting an instruction to proceed with the purchase order, otherwise denying the purchase order to the transferee account number.