System and method for merchant and personal transactions using mobile identification credential

For a transaction between a first party using a first party system and a second party using a second party system whereby the first party agrees to transfer a first item to the second party and the second party agrees to transfer a second item to the first party, the second party system comprising a computer programmed to:

• receive, from the first party system, a request for transfer of the second item of the transaction to the first party system;
• send, to the first party system, a request for identification information of the first party;
• receive part or all of first party information associated with a first mobile identification credential (MIC) which the first party system received from a first authorizing party system (APS), the first party having consented to release the part or all of first party information to the second party system, and the part or all of first party information having been verified by the first APS before the second party system sends the request for identification information of the first party to the first party system;
• use the verified part or all of first party information associated with the first MIC to verify or not verify an identity of the first party;
• verify the identity of the first party before granting the request to transfer the second item to the first party in exchange for transferring the first item from the first party to the second party.

A method, for a transaction between a first party using a first party system and a second party using a second party system whereby the first party agrees to transfer a first item to the second party and the second party agrees to transfer a second item to the first party, via an escrow provider using an escrow provider system, comprising:

• receiving, by the escrow provider system from the first party system, a request for transfer of the second item of the transaction to the first party system;
• sending, by the escrow provider system to the first party system, a request for identification information of the first party;
• receiving, by the escrow provider system, part or all of first party information associated with a first mobile identification credential (MIC) which the first party system received from a first authorizing party system (APS), the first party having consented to release the part or all of first party information to the escrow provider system, and the part or all of first party information having been verified by the first APS before the escrow provider system sends the request for identification information of the first party to the first party system;
• using, by the escrow provider system, the verified part or all of first party information associated with the first MIC to verify or not verify an identity of the first party;
• sending, by the escrow provider system to the first party, a request for information showing that the first party has met escrow obligations to receive the second item;
• receiving, by the escrow provider system, part or all of first party escrow fulfillment information associated with an escrow MIC which the first party system received from an escrow APS, which is the first MIC issued by the first APS or another MIC issued by another APS, the first party having consented to release the part or all of first party escrow fulfillment information to the escrow provider system, and the part or all of first party escrow fulfillment information having been verified by the escrow APS before the second party system sends the request for information showing that the first party has met the escrow obligations to the escrow provider system;
• using, by the escrow provider system, the verified part or all of first party escrow fulfillment information to verify or not verify escrow fulfillment of the first party;
• verifying an identity of the first party and verifying the escrow fulfillment of the first party before granting the request, by the second party system to the escrow provider system, for transfer of the second item to the first party.

A system for a transaction between a first party using a first party system and a second party using a second party system whereby the first party agrees to transfer a first item to the second party and the second party agrees to transfer a second item to the first party, the first party system including a first computer programmed to perform operations according to first instructions, the second party system including a second computer programmed to perform operations according to second instructions, the first party system having received from a first authorizing party system (APS) a first mobile identification credential (MIC), the first APS including an APS computer programmed to perform operations according to APS instructions,

• the first party system sending, to the second party system, a request for transfer of the second item of the transaction to the first party system;
• the second party system sending, to the first party system, a request for identification information of the first party;
• the first party system receiving, from the first party, consent to release part or all of first party information associated with the first MIC;
• (i) the first party system sending, to the second party system, the consented part or all of first party information, and the first APS verifying the part or all of first party information associated with the first MIC before the second party system sends the request for identification information of the first party to the first party system or (ii) the first APS sending, to the second party system, the consented part or all of first party information as verified part or all of first party information associated with the first MIC which the first party system receives from the first APS before the second party system sends the request for identification information of the first party to the first party system;
• the second party system using the verified part or all of first party information associated with the first MIC to verify or not verify an identity of the first party;
• and
• the identity of the first party being verified before the second party system grants the request to transfer the second item to the first party in exchange for transferring the first item from the first party to the second party.