System and method for electronic payment

A system for conducting electronic payment transactions between transaction initiators and transaction responders, the system comprising a transaction server of a transaction initiator in communication with a server system of a transaction controller, the transaction server comprising:

• a transaction initiation component for compiling a transaction initiation request including a transaction initiator identifier and parameters of a transaction to be concluded between the transaction initiator and one or more transaction responders, the transaction initiation request excluding any transaction responder specific information;
• a communication component for communicating the transaction initiation request to the server system of the transaction controller;
• a token receiving component for receiving a first, responder independent, token representing the transaction, from the server system of the transaction controller;
• a token conveying component for conveying the first token to a consumer for onward transmission by the consumer to the transaction controller over an independent communication channel;
• and
• a transaction result component for receiving a transaction result from the server system of the transaction controller.

A method for conducting electronic payment transactions between transaction initiators and transaction responders, the method being conducted at a server system, the method comprising:

• receiving, at a transaction initiation component of the server system, a transaction initiation request from transactional infrastructure of a transaction initiator, the transaction initiation request including a transaction initiator identifier and parameters of a transaction to be concluded between the transaction initiator and one or more transaction responders, the transaction initiation request excluding transaction responder specific information;
• creating, by way of a token generation component of the server system, a first, responder independent, token representing the transaction;
• storing the first token in a database associated with the server system;
• communicating, by way of a communication component of the server system, the first token to the transactional infrastructure of the transaction initiator;
• receiving, by way of a transaction response component of the server system, a transaction response request from the transactional infrastructure of at least one transaction responder, the transaction response request including a responder identifier and a second token;
• comparing, by way of a token comparator component of the server system, the first and second tokens;
• and
• settling, by way of a transaction settlement component of the server system, the transaction between the transaction initiator and transaction responder if the first and second tokens are found by the token comparator to correspond.

A method for conducting electronic payment transactions between transaction initiators and transaction responders, the method being conducted at a transaction server of a transaction initiator, the method comprising:

• compiling, by way of a transaction initiation component of the transaction server, a transaction initiation request including a transaction initiator identifier and parameters of a transaction to be concluded between the transaction initiator and one or more transaction responders, the transaction initiation request excluding any transaction responder specific information;
• transmitting, by way of a communication component, the transaction initiation request to a server system of a transaction controller;
• receiving a first, responder independent, token representing the transaction, from the server system of the transaction controller;
• conveying, by way of a token conveying component of the transaction server, the first token to a consumer for onward transmission by the consumer to the transaction controller over an independent communication channel;
• and
• receiving, by way of a transaction result component, a transaction result from the server system of the transaction controller.

A computer program product, the computer program product comprising a computer readable storage medium having stored thereon computer-readable program code that when executed is configured to carry out a method for conducting electronic payment transactions between transaction initiators and transaction responders, the method comprising:

• receiving a transaction initiation request from transactional infrastructure of a transaction initiator, the transaction initiation request including a transaction initiator identifier and parameters of a transaction to be concluded between the transaction initiator and one or more transaction responders, the transaction initiation request excluding any transaction responder specific information;
• creating a first, responder independent, token representing the transaction;
• storing the first token in a database associated with the server system;
• communicating the first token to the transactional infrastructure of the transaction initiator;
• receiving a transaction response request from transactional infrastructure of at least one transaction responder, the transaction response request including a responder identifier and a second token;
• comparing the first and second tokens;
• and
• settling the transaction between the transaction initiator and transaction responder if the first and second tokens are found by the token comparator to correspond.

A computer program product, the computer program product comprising a computer readable storage medium having stored thereon computer-readable program code that when executed is configured to carry out a method for conducting electronic payment transactions between transaction initiators and transaction responders, the method comprising:

• compiling a transaction initiation request including a transaction initiator identifier and parameters of a transaction to be concluded between the transaction initiator and one or more transaction responders, the transaction initiation request excluding any transaction responder specific information;
• transmitting the transaction initiation request to a server system of a transaction controller;
• receiving a first, responder independent, token representing the transaction, from the server system of the transaction controller;
• conveying the first token, in printed, electronic or other format, to a consumer, for onward transmission by the consumer to the transaction controller over an independent communication channel;
• and
• receiving a transaction result from the server system of the transaction controller.