System for harnessing a connected network to securely verify a transaction

A system for harnessing a connected identifier repository to securely verify and execute a transaction, the system comprising:

• a transaction processor operable to execute a transaction;
• a user interface on a point-of-sale device, said user interface providing a front-end for the transaction processor;
• a user interface on a mobile device operable to receive user input relating to the transaction;
• a first line of communication with an unstructured supplementary service data (“USSD”) rail processor, said first line of communication that links the USSD rail processor to the transaction processor;
• a second line of communication, said second line of communication that links the USSD rail processor to the user interface on the mobile device;
• a third line of communication, said third line of communication that links the user interface on the mobile device to the connected identifier repository;
• a fourth line of communication, said fourth line of communication that links the transaction processor to the connected identifier repository;
• wherein:
• the transaction is initiated at the user interface on the point-of-sale device;
• the transaction processor transmits a message to the USSD rail processor over the first line of communication, the message comprising transaction details, said transaction details comprising a phone number associated with the mobile device;
• the USSD rail processor transmits, in response to receipt of the message from the transaction processor, a push notification to the user interface on the mobile device via the second line of communication, said push notification requesting entry of a personal identification number (“PIN”) and/or phrase on the user interface of the mobile device;
• the USSD rail processor receives the personal identification number and/or phrase via the second line of communication;
• the USSD rail processor executes a verification of the personal identification number and/or phrase, and transmits the verification to the transaction processor via the first line of communication;
• the transaction processor instructs the user interface on the mobile device to verify, using the connected identifier repository, a user identity;
• the user interface on the mobile device communicates with the connected identifier repository to verify the user identity via the third line of communication;
• the connected identifier repository verifies the user identity by communicating with a plurality of internet-of-things endpoints, each of the internet-of-things endpoints that comprises a stored verification usage process relating to the user identity;
• the connected identifier repository transmits the verification to the transaction processor via the fourth line of communication;
• and
• upon receipt of the verification from the USSD rail processor via the first line of communication and upon receipt of the verification from the connected identifier repository via the fourth line of communication, the transaction processor executes the transaction.

A method for harnessing a connected network to securely verify and execute a transaction, the method comprising:

• initiating a transaction on a mobile device;
• accessing a third-party network to verify an authentication status of the mobile device, the third-party network comprising a plurality of internet-of-things endpoints, and each internet-of-things endpoint comprising a stored verification usage process relating to a user associated with the mobile device;
• requesting a PIN, via an unstructured supplementary service data (“USSD”) message, from the mobile device;
• receiving the PIN from the mobile device, via a response to the USSD message;
• authenticating the mobile device;
• and
• executing the transaction upon receipt of an authentication signal from the third-party network.