System and method for new execution and management of financial and data transactions

A computerized method comprising:

• reading, by a POS device, an account identifier from a transaction device for use in a transaction;
• receiving, by said POS device and via a PIN entry device, a personal identification number (PIN) associated with said transaction device;
• encrypting, by said POS device, said PIN and at least one of a merchant identifier, a store identifier, and a point-of-sale device identifier to create a first encrypted object;
• appending, by said POS device, said PIN, said account identifier and said first encrypted object;
• encrypting, by said POS device, said appended account identifier and first encrypted object with a merchant password as an encryption key, yielding a second encrypted object;
• creating, by said POS device, an encrypted authorization request comprising said second encrypted object;
• transmitting, by said POS device, said encrypted authorization request via an open network to a remote computing system for authorization of a transaction;
• receiving, by said POS device and via said open network, a transaction authorization.