System and method for securely transferring funds between persons

A method comprising:

• receiving, at an authorization system configured to authorize a fund transfer, a first request from a first person to send an amount of funds from the first person to a second person;
• generating a random number at the authorization system in response to receiving the first request from the first person;
• encrypting the random number to generate encrypted data at the authorization system;
• hashing the encrypted data to generate hashed encrypted data at the authorization system;
• storing the hashed encrypted data and the amount of funds associated with the first request in a database in the authorization system;
• communicating the random number to the first person;
• receiving, at the authorization system, a second request from the second person to receive the funds, the second request including an encrypted combination of the random number that the second person received from the first person and an identifier associated with the second person;
• decrypting, at the authorization system, the encrypted combination extracted from the received second request to derive the random number;
• comparing, at the authorization system, the derived random number to the random number associated with the first request and stored in the database in the authorization system based on the stored hashed encrypted data;
• and
• authorizing payment of the amount of funds to the second person based on the comparison.