Efficient and protected data transfer system and method

A processing computer comprising:

• a processor;
• and
• a non-transitory computer readable medium comprising code, executable by the processor, for performing operations comprising:
• receiving a set of user data associated with a user, and an encrypted data packet from an authorizing entity computer, the encrypted data packet comprising sensitive data associated with the user encrypted using a first cryptographic key;
• storing the set of user data associated with the user, and the encrypted data packet;
• receiving, from a user device, a request comprising at least some user data in the set of user data;
• determining the encrypted data packet corresponding to the at least some of the user data;
• responsive to determining the encrypted data packet, obtaining a second cryptographic key;
• decrypting the encrypted data packet with the second cryptographic key to obtain the sensitive data;
• and
• processing a transaction using the sensitive data or a derivative thereof.

A method comprising:

• receiving, by an access device from a processing computer, a list of obscured credentials;
• receiving, by the access device from a user device, a selection of an obscured credential from the list of obscured credentials;
• transmitting, by the access device to the processing computer, the selected obscured credential, wherein the processing computer determines the encrypted data packet corresponding to the selected obscured credential, obtains a second cryptographic key corresponding to the obscured credential, and decrypts the encrypted data packet with the second cryptographic key to obtain sensitive data;
• receiving, by the access device, the sensitive data or a derivative thereof from the processing computer;
• and
• transmitting, by the access device, the sensitive data or the derivative thereof to an authorizing entity computer for authorization.