Methods and systems for online transaction processing

A method for coordinating an Internet-based financial transaction between an Internet merchant and a customer, the method comprising:

• receiving, with a payment network, a first information packet comprising an electronic file having encrypted content and transaction information specifying at least a cost of the Internet-based financial transaction;
• decrypting the electronic file, with the payment network, to recover a primary account number (“PAN”) that identifies a financial account maintained by the customer at a financial institution and to recover a personal identification number (“PIN”) assigned to the customer for accessing the identified financial account;
• generating, with the payment network, a second information packet comprising the transaction information, the PAN, and the PIN;
• transmitting, with the payment network, the second information packet to the financial institution with a request to perform a debit transaction from the identified financial account for the specified cost of the Internet-based financial transaction;
• receiving, with the payment network, a response from the financial institution indicating approval or denial of the debit transaction;
• determining, with the payment network, whether to provide a guarantee of the Internet-based transaction to the Internet merchant;
• determining, with the payment network, whether to credit a loyalty program for the customer;
• and
• transmitting, with the payment network, an authorization code indicating approval or denial of the Internet-based transaction.