Demand deposit account payment system

A non-transitory computer-readable storage medium including instructions that, when executed by a processing device, cause the processing device to process demand deposit account (“DDA”) payment transactions by performing a computer process comprising:

• generating a private virtual identifier, the private virtual identifier being unknown to an account holder;
• associating the private virtual identifier with a DDA number of an account holder;
• generating a public virtual identifier associated with the private virtual identifier;
• distributing the public virtual identifier to the account holder;
• receiving a DDA payment request from a billing entity, wherein the DDA payment request includes the public virtual identifier;
• retrieving the private virtual identifier in response to receipt of the public virtual identifier;
• transmitting the private virtual identifier to a financial institution maintaining the DDA;
• restricting access to the private virtual identifier to the payment network and the financial institution maintaining the DDA;
• and
• processing the DDA payment request using the private virtual identifier and facilitating payment to the billing entity on behalf of the account holder.

A system for processing demand deposit account (“DDA”) payment transactions comprising:

• a memory having instructions stored thereon;
• and
• a processor, wherein the processor upon execution the instructions, is configured to:
• generate a private virtual identifier, the private virtual identifier being unknown to an account holder;
• associate the private virtual identifier with a DDA number of an account holder;
• generate a public virtual identifier associated with the private virtual identifier;
• distribute the public virtual identifier to the account holder;
• receive a DDA payment request from a billing entity, wherein the DDA payment request includes the public virtual identifier;
• retrieve the private virtual identifier in response to receipt of the public virtual identifier;
• transmit the private virtual identifier to a financial institution maintaining the DDA;
• restrict access to the private virtual identifier to the payment network and the financial institution maintaining the DDA;
• and
• process the DDA payment request using the private virtual identifier and facilitating payment to the billing entity on behalf of the account holder.