Method, system, and computer program product for network bound proxy re-encryption and pin translation

A system, comprising:

• a payment network including one or more processors, wherein the payment network is programmed and/or configured to:
• generate a first value (a) and a second value (ga), the second value (ga) generated based on the first value (a) and a generator value (g);
• generate a plurality of random merchant numbers (mi) for a respective plurality of merchant banks;
• determine a merchant product (M) based on a product of the plurality of random merchant numbers (mi) for the respective plurality of merchant banks;
• generate a public key (pki) based on the second value (ga), the merchant product (M), and the random merchant number (mi) and a random key (rki) based on the merchant product (M) and the random merchant number (mi) for each respective merchant bank of the plurality of merchant banks;
• and
• communicate the public key (pki) and the random key (rki) to at least one respective merchant bank.

A computer program product comprising at least one non-transitory computer-readable medium including program instructions that, when executed by at least one processor, cause the at least one processor to:

• generate, with a payment network, a first value (a) and a second value (ga), the second value (ga) generated based on the first value (a) and a generator value (g);
• generate, with the payment network, a plurality of random merchant numbers (mi) for a respective plurality of merchant banks;
• determine, with the payment network, a merchant product (M) based on a product of the plurality of random merchant numbers (mi) for the respective plurality of merchant banks;
• generate, with the payment network, a public key (pki) based on the second value (ga), the merchant product (M), and the random merchant number (mi) and a random key (rki) based on the merchant product (M) and the random merchant number (mi) for each respective merchant bank of the plurality of merchant banks;
• and
• communicate, with the payment network, the public key (pki) and the random key (rki) to at least one respective merchant bank.