Open network virtual prepaid instrument

A transaction processing system comprising:

• a database;
• a network interface;
• and
• a processor communicatively coupled with the database and the network interface, the processor configured to:
• create a primary account number for a merchant;
• communicate the primary account number to the merchant via the network interface;
• receive a first transaction message from the merchant through an open-loop financial transaction network, wherein the first transaction message includes a first plurality of transaction data including at least two of the following:
• the primary account number, a first merchant ID, a first merchant description, a first application identifier, a first acquiring bank identifier, and a first merchant category code;
• store the first plurality of transaction data in the database in association with the merchant;
• receive a second transaction message from the merchant through the open-loop financial transaction network, wherein the second transaction message includes a second plurality of transaction data including at least two of the following:
• the primary account number, a second merchant ID, a second merchant description, a second application identifier, a second acquiring bank identifier, and a second merchant category code;
• and
• store the second plurality of transaction data in the database in association with the merchant.

A method comprising:

• creating a merchant identifier that is associated with a specific merchant;
• creating a primary account number for the merchant;
• storing the merchant identifier and the primary account number in a database;
• receiving a first transaction message from a first merchant location through an open-loop financial transaction network, wherein the first transaction message includes first transaction data including at least two of the primary account number, a first merchant ID, a first merchant description, and a first merchant category code;
• storing the first transaction data in the database in association with the merchant identifier;
• receiving a second transaction message from the merchant through the open-loop financial transaction network, wherein the second transaction message includes second transaction data that including at least two of the primary account number, a second merchant ID, a second merchant description, and a second merchant category code;
• storing the second transaction data in the database in association with the merchant identifier;
• receiving a third transaction message through the open-loop financial transaction network wherein the third transaction message includes third transaction data including a second primary account number, a third merchant ID, a third merchant description, and a third merchant category code;
• and
• determining whether the third transaction message originated from the merchant based on a comparison of one or more of the third merchant ID, the third merchant description, and the third merchant category code with either or both the first transaction data and the second transaction data stored in the database.