A method for processing transactions receives from a customer, at a merchant computer system, customer account identification information and customer identification information. The method includes encrypting, at the merchant computer system, transaction data corresponding to a transaction between a merchant and the customer. The transaction data is encrypted with an encryption key generated from the customer identification information. The method transmits, from the merchant computer system to a financial institution, the customer account identification information and the encrypted transaction data. The method receives, at the merchant computer system from the financial institution, a notification indicating whether to proceed with the transaction based on whether the encrypted transaction data was successfully decrypted with a decryption key generated from account holder identification information derived from the customer account identification information. The method includes performing, at the merchant computer system, the transaction when the notification indicates to proceed with the transaction.
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