System and method of securely transferring payment for an online transaction

A method of securing financial data in a network, comprising:

• storing the financial data, credentials and access restriction data in a storage system of a payment server, the financial data, the credentials and the access restriction data associated with a first client having a financial relationship with the payment server;
• receiving a payment request by a merchant server at the payment server in response to an online transaction made at a website of the merchant server, the online transaction prompting payment by the first client;
• authenticating the first client in response to the payment request, after selection of a form of payment identifying the payment server and restricting access of the financial data to the merchant server based on rules governing the access restriction data, the first client having been redirected from a website of the merchant server directly to a website of the payment server, the authentication performed by validating the credentials read from the storage system of the first client accepted at a login screen of the website of the payment server;
• authorizing the merchant server for payment, in an amount associated with the online transaction, in response to the authentication when the credentials are read from the storage system and validated by the payment server, and obtaining details of the online transaction from the merchant client after confirming authorization, the authorization establishing a trusted relationship between the payment server and the merchant client using a first token to grant the merchant client access to the payment server and indicating a scope of the payment;
• and
• transmitting the payment by the payment server to the merchant client using a mutually secure connection after establishing the trusted relationship, and providing profile information of the first client to the merchant client with the transmitted payment using a second token when authorized by the first client.

A computer program product comprising:

• a computer readable storage medium having computer readable program code embodied therewith, the computer readable program code comprising:
• computer readable program code configured to authenticate a client at a website of a payment processor, the payment processor associated with a financial institution of the client and storing client credentials and access restriction data, and receive login credentials from the client to verify a payment associated with an online transaction made on a merchant website, the client being transparently redirected to the website of the payment processor;
• computer readable program code configured to authorize the payment to a financial institution associated with the merchant website using a first token to grant access to the financial institution of the merchant website and provide a scope of the payment, after the client credentials read from and validated by the payment processor;
• computer readable program code configured to establish a trusted relationship between the financial institution of the payment processor and the financial institution of the merchant website using the first token;
• computer readable program code configured to provide a mutually secure connection between the financial institution of the payment processor and the financial institution of the merchant website after establishing the trusted relationship;
• and
• computer readable program code configured to remit the payment to a financial institution of the merchant website upon completion of the online transaction by the client, and restricting access of payment details to the merchant website or the financial institution of the merchant website based on rules governing the access restriction data.