[001] The present invention relates to securing electronic payment transactions. In particular, the invention provides methods, systems and computer program products that enable electronic payments from a payment transferor to a payment transferee while preserving confidentiality of each party's identity information and / or financial information.
Background
[002] Electronic payment transactions involving transfer of payment from a payor account to a payee account have become increasingly common. Wide acceptance of electronic payment mechanisms, and the corresponding ubiquity of personal terminal device 202 such as mobile phones or smart phones has contributed to the development of various software applications that enable such payments. A common requirement across all of these software applications used to be knowledge of the payor's account number and banking information, and of the payee's account number and banking information. Given the lack of familiarity that individuals may have with complex software applications and banking information, adoption of such solutions was nevertheless found to be limited.
[003] A specific digital payment system that has been developed in India to address this need is the unified payment interface (UPI) — which allows users to simply and conveniently perform electronic payment transactions between a payor and a payee based on unique identifiers that have been respectively allocated to the payor and payee by the Unique Identification Authority of India (UIDAI).
[004] Figure 1 (prior art) summarily illustrates key components required to implement payments through a system environment 100 configured to effect electronic payments through the UPI as implemented in India.

[005] System environment 100 comprises one or more terminal devices 102, settlement platform 104 and identity verification platform 106, each configured for network communication through network 112. In various embodiments of the invention, terminal devices 102 may communicate through network 112 with settlement platform 104. Likewise, communications between settlement platform 104 and identity verification platform 106 may be routed through network 112. Settlement platform 104 may additionally be configured for network based communication with payee's bank 108 and with payor's bank 110.
[006] Terminal devices 102 may comprise any electronic communication device having data processing capabilities and network communication capabilities, and may in various embodiments comprise a mobile phone or smart phone 102a, computer 102b or point of sale (POS) terminal 102c. Terminal device 102 may be configured to enable network communication between said terminal device 102 and a settlement platform 104 —which settlement platform 104 comprises settlement platform server 1042 and settlement platform gateway interface 1044. Settlement platform server 1042 may be configured to perform clearinghouse and / or settlement related functions to enable fund transfers between accounts maintained at payee's bank 108 (i.e. the bank at which a payee account is maintained) and accounts maintained at payor's bank 110 (i.e. the bank at which the payor's account is maintained). In an embodiment, settlement platform server 1042 may comprise at least one processor, and one or more transitory and / or non-transitory memories. Settlement platform gateway interface 1044 may include a hardware or software network gateway configured to enable transmission and receipt of communications by settlement platform server 1042. In an embodiment, settlement platform 104 may be understood to be the settlement platform provided by the National Payments Corporation of India.
[007] Settlement platform 104 is configured for network communication with identity verification platform 106. The identity verification platform 106 is a platform configured to store identity information regarding registrants, said identity information including at least a unique registrant ID that is uniquely associated with the corresponding registrant, along with additional identity data / metadata corresponding to said registrant. The additional identity data / metadata corresponding to a registrant includes at the very least, registrant biometric data (i.e. one or more biometric templates generated based on biometric features of such registrant). In an embodiment,

the identity verification platform 104 may be understood to comprise the UIDAI platform made available by the Government of India for the purposes of its Aadhar project, and the registrant IDs maintained by identity verification platform 104 consist of the unique IDs / Aadhar numbers issued to individuals under the Aadhar project. In other embodiments of the invention, the identity verification platform 104 may comprise any government or private sector backed unique identification platform that issues unique identifiers to enrolled individuals — and which unique identifiers can be linked to the corresponding enrolled individual's bank account(s). Examples of other such unique identifiers may include driving license IDs, social security number(s), identification number(s) issued by the national taxation / revenue services (for example, a Permanent Account Number (PAN) issued by the Indian Income Tax Department) etc.
[008] Identity verification platform 106 comprises identify verification platform server 1062 and identity verification platform gateway interface 1064. Identity verification platform server 1062 may be configured to store (i) a unique identifier corresponding to each registrant who is registered with the platform and (ii) associated one or more additional items of identity related data corresponding to said registrant. Identity verification platform gateway interface 1064 is a data interface that enables external entities to query data records generated and maintained by identity verification platform 106. Identity verification platform server 1062 may in an embodiment comprise any server configuration having access to internal or external database storage. In an embodiment, identity verification platform server 1062 may comprise at least one processor, and one or more transitory and / or non-transitory memories.
[009] To enable making or receiving of payments through system environment 100, both the payor and payee require to have previously registered themselves for payment by linking their respective bank accounts with a unique registrant ID that has been allocated to and associated to each such individual by identity verification platform 106. The settlement platform 104 is configured to be able to access and retrieve the Thereafter, to initiate a payment, the payor requires to transmit to the settlement platform (i) the payor's unique registrant ID (as issued by identity verification platform 106), (ii) a bank ID identifying the payor's bank (i.e. a bank at which the payor has an account that has been linked to the payor's unique registrant ID), (iii) payor's biometric information representing a biometric feature of the payor that has been registered with

the identity verification platform, (iv) the payee's unique registrant ID (as issued by identity verification platform 106), (v) a bank ID identifying the payee's bank (i.e. a bank at which the payee has an account that has been linked to the payee's unique registrant ID), and (vi) a transaction amount.
[0010] On receiving this information, the settlement platform 104 first requests validation of the payor's identity by transmitting a validation request to identity verification platform 106, said request including the payor's unique registrant ID and the received biometric information. Identity verification platform 106 determines whether the received biometric information matches biometric information that has been associated with the payor's unique registrant ID in an identity verification platform data record corresponding to the payor's unique registrant ID. Determination of a match results in validation of the payor's identity — which validation is transmitted by identity verification platform 106 to settlement platform 104.
[0011] Responsive to receiving validation of the payor's identity from identity verification platform 106, settlement platform identifies payor's bank 110 and payee's bank 108 based on the respective bank IDs that have been received from the payor. Settlement platform 104 thereafter (i) queries payee's bank 108 and obtains a payee bank account number identifying the payee's bank account held with payee's bank 108 that has been linked to the payee's unique registrant ID, and (ii) queries payor's bank 110 and obtains a payor bank account number identifying the payor's bank account held with payor's bank 108 that has been linked to the payor's unique registrant ID.
[0012] Settlement platform 104 thereafter initiates an electronic payment transaction between payor's bank 110 and payee's bank 108 —which results in debiting the transaction amount from the payor's bank account and crediting the transaction amount to the payee's bank account.
[0013] While the existing system enables electronic payment transactions, it nevertheless has some serious drawbacks — principally that regardless of whether the payment transaction is initiated from a payor device or a payee device, the initiating device necessarily requires access to both the payor's and payee's unique registrant IDs, and also the bank IDs corresponding to the payor's and payee's bank accounts. Given concerns relating to financial theft and identity theft,

exposing one party's information to the other party or to a device in the possession of the other party for transmission of a transaction.
[0014] There is accordingly a need for a solution that enable payment transactions within system environment 100, without exposing the private / financially sensitive / confidential information of either party to the other.
Summary
[0015] The invention provides methods, systems and computer program products that enable electronic payments from a payment transferor to a payment transferee while preserving confidentiality of each party's identity information and / or financial information.
[0016] The invention presents a system for secure performance of an electronic payment transaction from a payor to a payee. The system comprises a trusted intermediary server configured for network based communication with one or more terminal devices, a settlement platform server configured to initiate payment transactions between bank accounts, and an identity verification platform server configured to maintain a unique identity verification platform data record corresponding to each registrant enrolled at the identity verification platform server, each said unique data record including a unique registrant ID assigned to the corresponding registrant and biometric information representing at least one biometric feature of the corresponding registrant.
[0017] The trusted intermediary server comprises at least one processor configured to (i) maintain a unique trusted intermediary data record corresponding to each individual enrolled at the trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account, (ii) receive a trusted intermediary ID that has been assigned to a payor by the trusted intermediary server, (iii) receive payee identity information comprising at least the payee's name and a unique registrant ID assigned to the payee by the identity verification platform server, (iv) receive a transaction amount

corresponding to a transaction, (v) receive biometric information representing a detected biometric feature of the payor, (vi) identify a trusted intermediary data record corresponding to the received trusted intermediary ID, (vii) retrieve from the identified trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, (viii) receive an identity verification decision corresponding to the payor's identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor, and (ix) responsive to the received identity verification decision confirming the payor's identity, transmit to the settlement platform server (a) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (b) the unique registrant ID assigned to the payor (c) the payor's bank ID, (d) the unique registrant ID assigned to the payee, and (e) the payee's bank ID.
[0018] The trusted intermediary server may be additionally configured to generated a machine readable object corresponding to a trusted intermediary data record, wherein said machine readable object encodes the trusted intermediary ID and a bank ID stored within said trusted intermediary data record.
[0019] In an embodiment, the trusted intermediary server receives at least one of the payor's trusted intermediary ID, the payee identity information, the transaction amount, and the biometric information corresponding to the payor from a terminal device operated by the payor, wherein said terminal device is in network communication with the trusted intermediary server.
[0020] The identity verification decision may be generated at the identification verification platform server and may be transmitted to the trusted intermediary server.
[0021] In an embodiment, the settlement platform server may be configured to initiate electronic transfer of the transaction amount from a bank account that has been associated with the unique registrant ID assigned to the payor to a bank account that has been associated with the unique

registrant ID assigned to the payee, in response to receiving the instruction for initiation of a payment transaction for the transaction amount from the payor to the payee.
[0022] In a system embodiment, the identification verification server is an identity verification server configured for identity verification by Unique Identification Authority of India. Each unique registrant ID for enrolling individuals’ at the trusted intermediary server may be an aadhar number issued under authority of the Unique Identification Authority of India. Additionally, the trusted intermediary server may comprise a server configured for providing network based payment wallet services.
[0023] The invention additionally provides another system for secure performance of an electronic payment transaction from a payor to a payee, said system comprising a trusted intermediary server configured for network based communication with one or more terminal devices, a settlement platform server configured to initiate payment transactions between bank accounts, and an identity verification platform server configured to maintain a unique identity verification platform data record corresponding to each registrant enrolled at the identity verification platform server, each said unique data record including a unique registrant ID assigned to the corresponding registrant and biometric information representing at least one biometric feature of the corresponding registrant.
[0024] In this embodiment, the trusted intermediary server comprises at least one processor configured to (i) maintain a unique trusted intermediary data record corresponding to each individual enrolled at the trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account, (ii) receive a first trusted intermediary ID that has been assigned to a payee by the trusted intermediary, (iii) identify a first trusted intermediary data record corresponding to the payee, wherein said identification is based on the received first trusted intermediary ID, (iv) retrieve from the identified first trusted intermediary data record, a unique registrant ID assigned to the payee by the identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account, (v) receive a second trusted intermediary ID that has been
8

assigned to a payor by the trusted intermediary server, (vi) identify a second trusted intermediary data record corresponding to the payor, wherein said identification is based on the received second trusted intermediary ID, (vii) retrieve from the identified second trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account, (viii) receive a transaction amount corresponding to a transaction, (ix) receive biometric information representing a detected biometric feature of the payor, (x) receive an identity verification decision corresponding to the payor’s identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor, and (xi) responsive to the received identity verification decision confirming the payor’s identity, transmit to the settlement platform server (a) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (b) the unique registrant ID assigned to the payor (c) the payor’s bank ID, (d) the unique registrant ID assigned to the payee, and (e) the payee’s bank ID.
[0025] In an embodiment, the trusted intermediary server receives at least one of the first trusted intermediary ID, the second trusted intermediary ID, the transaction amount, and the biometric information corresponding to the payor from a terminal device operated by the payee, wherein said terminal device is in network communication with the trusted intermediary server.
[0026] Further, the identity verification decision may be generated at the identification verification platform server and is transmitted to the trusted intermediary server.
[0027] The settlement platform server may be configured to initiate electronic transfer of the transaction amount from a bank account that has been associated with the unique registrant ID assigned to the payor to a bank account that has been associated with the unique registrant ID assigned to the payee, in response to receiving the instruction for initiation of a payment transaction for the transaction amount from the payor to the payee.
9

[0028] In a particular embodiment, the identification verification server may comprise an identity verification server configured for identity verification by Unique Identification Authority of India. Each unique registrant ID for enrolling individuals’ at the trusted intermediary server may comprise an aadhar number issued under authority of the Unique Identification Authority of India. Further, the trusted intermediary server may include a server configured for providing network based payment wallet services.
[0029] The invention provides a further system for secure performance of an electronic payment transaction from a payor to a payee, comprising a trusted intermediary server configured for network based communication with one or more terminal devices, a settlement platform server configured to initiate payment transactions between bank accounts, and an identity verification platform server configured to maintain a unique identity verification platform data record corresponding to each registrant enrolled at the identity verification platform server, each said unique data record including a unique registrant ID assigned to the corresponding registrant and biometric information representing at least one biometric feature of the corresponding registrant, wherein the trusted intermediary server comprises at least one processor configured to (i) maintain a unique trusted intermediary data record corresponding to each individual enrolled at the trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account, (ii) receive a first trusted intermediary ID that has been assigned to a payor by the trusted intermediary, (iii) identify a first trusted intermediary data record corresponding to the payor, wherein said identification is based on the received first trusted intermediary ID, (iv) retrieve from the identified first trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account, (v) receive a second trusted intermediary ID that has been assigned to a payee by the trusted intermediary server, (vi) identify a second trusted intermediary data record corresponding to the payee, wherein said identification is based on the received second trusted intermediary ID, (vii) retrieve from the identified second trusted intermediary data record, a unique registrant ID assigned to the payee by the identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account, (viii) receive an additional unique registrant
10

ID, wherein said additional unique registrant ID has been received through user input at a terminal device, (ix) receive a transaction amount corresponding to a transaction, (x) generate an identity verification decision corresponding to the payor’s identity, wherein said identity verification decision is based on a comparison between (a) the payee’s unique registrant ID as retrieved from the second trusted intermediary data record and (b) the received additional unique registrant ID, and (xi) responsive to the identity verification decision confirming the payee’s identity, transmit to the settlement platform server (c) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (d) the unique registrant ID assigned to the payor (e) the payor’s bank ID, (f) the unique registrant ID assigned to the payee, and (g) the payee’s bank ID.
[0030] The trusted intermediary server may be configured to receive at least one of the first trusted intermediary ID, the second trusted intermediary ID, the additional unique registrant ID, and the transaction amount, and the biometric information corresponding to the payor from a terminal device, wherein said terminal device is in network communication with the trusted intermediary server.
[0031] The settlement platform server is in an embodiment configured to initiate electronic transfer of the transaction amount from a bank account that has been associated with the unique registrant ID assigned to the payor to a bank account that has been associated with the unique registrant ID assigned to the payee, in response to receiving the instruction for initiation of a payment transaction for the transaction amount from the payor to the payee.
[0032] In an embodiment, (i) the identification verification server is an identity verification server configured for identity verification by Unique Identification Authority of India, (ii) each unique registrant ID for enrolling individuals’ at the trusted intermediary server is an aadhar number issued under authority of the Unique Identification Authority of India, and (iii) the trusted intermediary server is a server configured for providing network based payment wallet services.
[0033] The invention also provides a method for secure performance of an electronic payment transaction from a payor to a payee, comprising performing the steps of (i) maintaining a unique
11

trusted intermediary data record corresponding to each individual enrolled at a trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account, (ii) receiving a trusted intermediary ID that has been assigned to a payor by the trusted intermediary server, (iii) receiving payee identity information comprising at least the payee’s name and a unique registrant ID assigned to the payee by an identity verification platform server, (iv) receiving a transaction amount corresponding to a transaction, (v) receiving biometric information representing a detected biometric feature of the payor, (vi) identifying a trusted intermediary data record corresponding to the received trusted intermediary ID, (vii) retrieving from the identified trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, (viii) receiving an identity verification decision corresponding to the payor’s identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor, and (ix) responsive to the received identity verification decision confirming the payor’s identity, transmitting to the settlement platform server (a) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (b) the unique registrant ID assigned to the payor (c) the payor’s bank ID, (d) the unique registrant ID assigned to the payee, and (e) the payee’s bank ID.
[0034] The invention additionally provides a method for secure performance of an electronic payment transaction from a payor to a payee, comprising performing the steps of (i) maintaining a unique trusted intermediary data record corresponding to each individual enrolled at a trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account, (ii) receiving a first trusted intermediary ID that has been assigned to a payee by the trusted intermediary server, (iii) identifying a first trusted intermediary data record corresponding to the payee, wherein said identification is based on the received first trusted intermediary ID, (iv) retrieving from the identified first trusted intermediary data record, a unique registrant ID assigned to the payee by
12

an identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account, (v) receiving a second trusted intermediary ID that has been assigned to a payor by the trusted intermediary server, (vi) identifying a second trusted intermediary data record corresponding to the payor, wherein said identification is based on the received second trusted intermediary ID, (vii) retrieving from the identified second trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account, (viii) receiving a transaction amount corresponding to a transaction, (ix) receiving biometric information representing a detected biometric feature of the payor, (x) receiving an identity verification decision corresponding to the payor’s identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor, and (xi) responsive to the received identity verification decision confirming the payor’s identity, transmitting to a settlement platform server (a) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (b) the unique registrant ID assigned to the payor (c) the payor’s bank ID, (d) the unique registrant ID assigned to the payee, and (e) the payee’s bank ID.
[0035] The invention provides another method embodiment for secure performance of an electronic payment transaction from a payor to a payee, comprising performing the steps of (i) maintaining a unique trusted intermediary data record corresponding to each individual enrolled at a trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account, (ii) receiving a first trusted intermediary ID that has been assigned to a payor by the trusted intermediary server, (iii) identifying a first trusted intermediary data record corresponding to the payor, wherein said identification is based on the received first trusted intermediary ID, (iv) retrieving from the identified first trusted intermediary data record, a unique registrant ID assigned to the payor by an identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account, (v) receiving a second trusted intermediary ID that has been assigned to a payee by the trusted intermediary server, (vi) identifying a second trusted intermediary data
13

record corresponding to the payee, wherein said identification is based on the received second trusted intermediary ID, (vii) retrieving from the identified second trusted intermediary data record, a unique registrant ID assigned to the payee by the identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account, (viii) receiving an additional unique registrant ID, wherein said additional unique registrant ID has been received through user input at a terminal device, (ix) receiving a transaction amount corresponding to a transaction, (x) generating an identity verification decision corresponding to the payor’s identity, wherein said identity verification decision is based on a comparison between (i) the payee’s unique registrant ID as retrieved from the second trusted intermediary data record and (ii) the received additional unique registrant ID, and (xi) responsive to the identity verification decision confirming the payee’s identity, transmitting to a settlement platform server (a) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (b) the unique registrant ID assigned to the payor (c) the payor’s bank ID, (d) the unique registrant ID assigned to the payee, and (e) the payee’s bank ID.
Brief Description of the Accompanying Drawings
[0036] Figure 1 illustrates an environment within which conventional electronic payment transactions are performed based on participation of a settlement platform and an identity verification platform.
[0037] Figure 2A illustrates a system for secure electronic payment transactions in accordance with the teachings of the present invention.
[0038] Figure 2B is a simplified block diagram of a settlement platform server of the type illustrated in Figure 2A, in accordance with an embodiment of the present disclosure.
[0039] Figure 2C is a simplified block diagram of an identity verification platform server of the type illustrated in Figure 2A, in accordance with an embodiment of the present disclosure.
14

[0040] Figure 2D is a simplified block diagram of a trusted intermediary server of the type illustrated in Figure 2A, in accordance with an embodiment of the present disclosure.
[0041] Figures 3A and 4A illustrate methods enabling enrollment of merchants and consumers respectively for electronic payment transactions in accordance with the teachings of the present invention.
[0042] Figures 3B and 4B illustrate sequence flow diagrams representing communication flow in implementing the methods of Figures 3A and 4A respectively.
[0043] Figure 5A illustrates a data record schema of a type that may be implemented within a trusted intermediary of the type illustrated in Figure 2A.
[0044] Figure 5B illustrates a data record schema of a type that may be implemented within an identity verification platform of the type illustrated in Figure 2A.
[0045] Figures 6A, 7 and 8A comprise flowcharts illustrating method embodiments for performing electronic payment transactions in accordance with the teachings of the present invention.
[0046] Figures 6B and 8B are sequence flow diagrams illustrating the communication flow in implementing the methods of Figures 6A, 7 and 8A.
[0047] Figures 9 to 11 illustrate the methods of Figures 6A, 7 and 8A as implemented at a trusted intermediary server, in accordance with embodiments of the present invention.
[0048] Figure 12 illustrates an exemplary computer system according to which various embodiments of the present invention may be implemented.
15

Detailed Description
[0049] The present invention provides novel and inventive systems, methods and computer programs for enabling electronic payment transactions from a first party to a second party within a system environment comprising a settlement platform and an identity verification platform, while simultaneously enabling each party to protect its confidential identity information and confidential banking information from the other party.
[0050] Figure 2A illustrates system 200, comprising one or more terminal devices 202, settlement platform 204, identity verification 206 and trusted intermediary 214, each configured for network communication through network 212. In various embodiments of the invention, terminal devices may communicate to network 212 with trusted intermediary 214. Likewise, communication between (i) trusted intermediary 214 and settlement platform 204, and (ii) settlement platform 204 and identity verification platform 206 may be touted through network 212. Settlement platform 204 may additionally be configured for network based communication with payor’s bank 208 and payee’s bank 210.
[0051] Terminal devices 202 may comprise any terminal device 202 having data processing capabilities and network communication capabilities, and may in various embodiments comprise a mobile phone or smart phone 202a, computer 202b or automated teller machine (ATM) terminal 202c. Terminal device 202 may be configured to enable network communication between said terminal device 202 and trusted intermediary 214. In certain embodiments the communication between terminal device 202 and trusted intermediary 214 may be effected through a software application implemented on terminal device 202 and which is configured for ensuring the network communication with trusted intermediary 214.
[0052] Trusted intermediary 214 may comprise a third party service provider that is trusted by various other entities within system 200. Trusted intermediary 214 may in various embodiments be configured to implement the various methods of the invention that are discussed in more detail herein below, and which is configured to perform the function of information compartmentalization so as to ensure that neither the payor nor the payee receives access to
16

confidential identity information or confidential financial account information of the other party. In an embodiment trusted intermediary 214 comprises trusted intermediary server 2142 and trusted intermediary gateway interface 2144. In an embodiment trusted intermediary server 2142 may comprise at least one processor, and one or more transitory and / or non-transitory memories. Trusted intermediary gateway interface 2144 may include a hardware or software network gateway to enable transmission and receipt of communications by trusted intermediary 214. In an embodiment, trusted intermediary 214 may comprise may comprise an intermediary platform or server cluster provided by a digital wallet service provider (e.g. PayPal™ or Paytm™ or Masterpass™).
[0053] Trusted intermediary 214 may be configured to enable network communication between said trusted intermediary 214 and settlement platform 204 – which settlement platform 204 comprises settlement platform server 2042 and settlement platform gateway interface 2044. Settlement platform server 2042 may be configured to perform clearinghouse and / or settlement related functions to enable fund transfers between accounts maintained at payee’s bank 208 (i.e. the bank at which a payee account is maintained) and accounts maintained at payor’s bank 210 (i.e. the bank at which the payor’s account is maintained). In an embodiment, settlement platform server 2042 may comprise at least one processor, and one or more transitory and / or non-transitory memories. Settlement platform gateway interface 2044 may include a hardware or software network gateway configured to enable transmission and receipt of communications by settlement platform server 2042. In an embodiment, settlement platform 204 may be understood to be the settlement platform provided by the National Payments Corporation of India.
[0054] Figure 5A illustrates an exemplary data record schema 502 of a type that is capable of being used for implementing the desired configuration and functionality of trusted intermediary 214. Exemplary data record schema 502 comprises a first data field 5022a configured to record a unique trusted intermediary ID, which unique trusted intermediary ID comprises a unique identifier that identifies a user that is registered with trusted intermediary 214. In one embodiment of the invention said unique trusted intermediary ID may comprise any identifier that is capable of uniquely identifying an individual. In an embodiment a trusted intermediary ID is generated corresponding to each registered user of the trusted intermediary’s 214 services at the time of
17

enrollment of said user with the trusted intermediary 214. In an embodiment where trusted intermediary 214 comprises a digital wallet service provider, the unique trusted intermediary ID is the account ID or user ID or other unique account identifier that is assigned to a user at the time of signing up for an account with the digital wallet service.
[0055] Exemplary data record schema 502 also includes a set of additional data fields 5022b associated with data field 5022. The set of additional data fields 5022b may comprise any of (i) second data field 5024 configured to record the unique registrant ID that has been allocated to the corresponding user by identity verification platform 214 (for example, where identity verification platform 214 is the UIDAI platform, the unique registrant ID for a user is that user’s unique ID – i.e. the user’s UID/Aadhar number), (ii) third data field 5026 configured to record a bank ID that uniquely identifies a bank at which the user holds a bank account that has been linked with the unique registrant ID corresponding to said user (for example, in an embodiment said bank ID may comprise a bank identification number), and (iii) fourth data field 5028, which may include location information of the registered user (the specific application of location information and embodiments in which such location information may be recorded are discussed in more detail below).
[0056] Settlement platform 204 is configured for network communication with identity verification platform 206. The identity verification platform 206 is a platform configured to store identity information regarding registrants, said identity information including at least a unique registrant ID that is uniquely associated with the corresponding registrant, along with additional identity data / metadata corresponding to said registrant. The additional identity data / metadata corresponding to a registrant includes at the very least, registrant biometric data (i.e. one or more biometric templates generated based on biometric features of such registrant). In an embodiment, the identity verification platform 204 may be understood to comprise the UIDAI platform made available by the Government of India for the purposes of its Aadhar project, and the registrant IDs maintained by identity verification platform 204 consists of the unique IDs / Aadhar numbers issued to individuals under the Aadhar project.
18

[0057] Figure 2B is a simplified block diagram of an embodiment of settlement platform server 2042 within settlement platform 204. Settlement platform server 2042 comprises at least one processor 2046 for executing instructions. Said instructions may be stored in memory 2050. Processor 2046 may include one or more processing units. The processor 2046 may be communicably coupled with communication interface 2048 such that settlement platform server 2042 is enabled for communication with any electronic device having network communication capabilities (e.g. with any one or more of client terminal 202, trusted intermediary 214 or identity verification platform 206) or with any entity connected to network 212.
[0058] Processor 2046 may additionally be communicably coupled to database 2052 – which database 2052 includes one or more non-transient memory devices configured for storing and retrieving data, which data corresponds to one or more participating banks or institutions that have enrolled with settlement platform 204 for settlement services provided by said settlement platform 204. Database 2052 may include multiple storage units such as hard disks or solid state disks in a redundant array of inexpensive disks (RAID) configuration. Database 2052 may also include a storage area network and/or a network attached storage (NAS) system.
[0059] In some embodiments database 2052 may be integrated within settlement platform server 2042 and in other embodiments may be external to said settlement platform server 2042 and may be accessed by the settlement platform server 2042 through communication interface 2048 or through a storage interface (not shown). Said storage interface may include for example, any of an Advanced Technology Attachment (ATA) adapter, a Serial ATA (SATA) adapter, a network adapter, or any other component providing processor 2046 with access to database 2052.
[0060] Identity verification platform 206 comprises identify verification platform server 2062 and identity verification platform gateway interface 2064. Identity verification platform server 2062 may be configured to store (i) a unique identifier corresponding to each registrant who is registered with the platform and (ii) associated one or more additional items of identity related data corresponding to said registrant. Identity verification platform gateway interface 2064 is a data interface that enables external entities to query data records generated and maintained by identity verification platform 206. Identity verification platform server 2062 may in an
19

embodiment comprise any server configuration having access to internal or external database storage. In an embodiment, identity verification platform server 2062 may comprise at least one processor, and one or more transitory and / or non-transitory memories.
[0061] Figure 5B illustrates an exemplary data record schema 504 of a type that is capable of being used for implementing the desired configuration and functionality of identity verification platform 206. In the illustrated embodiment, each data record comprises at least a first data field 5042a for storing a unique registrant ID – comprising a unique ID corresponding to each individual registered with identify verification platform 206. In an embodiment of the invention, the unique registrant ID may comprise an identifier that is capable of uniquely identifying a registrant / individual. In an embodiment of the invention where the identity verification platform 206 comprises the UIDAI platform of the Government of India, said unique registrant ID consists of the UID/Aadhar number generated by the UIDAI platform.
[0062] Exemplary data record schema 504 also includes a set of additional data fields 5042b associated with data field 5042. The set of additional data fields 5042b may include any one or more of data fields 5044 to 5050. Exemplary data field 5044 stores registrant name information. Data field 5046 stores registrant’s date of birth information. Data field 5048 stores the registrant’s biometric data (e.g. one or more biometric templates generated based on biometric features of the registrant). Data field 5050 stores one or more phone numbers corresponding to the registrant. It would be understood that the data field described above are only exemplary and the complete set of data fields within data record schema 504 may include any other data fields that are configured to store registrant data / metadata.
[0063] Figure 2C is a simplified block diagram of an exemplary embodiment of identity verification platform server 2062 that has been previously described more generally in connection with Figure 2. Identity verification platform server 2062 of Figure 2C comprises processor 2066, memory 2070, communication interface 2068 and database 2072.
[0064] Processor 2066 may be communicably coupled with memory 2070 – which memory 2070 is configured to enable storage and retrieval of processing instructions for retrieval and execution
20

by processor 2066. Processor 2066 is additionally communicably coupled with communication interface 2068 – which communication interface 2068 enables identity verification platform server 2062 for network communication with any electronic device having network communication capabilities (e.g. with settlement platform 204 or trusted intermediary 214).
[0065] Processor 2066 may additionally be communicably coupled to a database of unique identifiers 2072 – which database includes one or more non-transient memory devices configured for storing and retrieving data, which data includes data of the type stored in data records of the type discussed in connection with Figure 5B. Database 2072 may include multiple storage units such as hard disks or solid state disks in a redundant array of inexpensive disks (RAID) configuration. Database 2072 may also include a storage area network and/or a network attached storage (NAS) system.
[0066] In some embodiments database 2072 may be integrated within identity verification platform 206 and in other embodiments may be external to said identity verification platform and may be accessed by the identity verification platform through a database interface (not shown). Said database interface may include for example, any of an Advanced Technology Attachment (ATA) adapter, a Serial ATA (SATA) adapter, a network adapter, or any other component providing processor 2066 with access to database 2072.
[0067] Database of unique identifiers 2072 is a database configured to store (i) a unique identifier corresponding to each individual whose records are maintained in said database and (ii) associated one or more further items of identity related data corresponding to said individual(s). Database of unique identifiers 2072 may include a data interface that enables external entities to query data stored in said database of unique identifiers 2072. Identity verification platform server 2062 may in an embodiment comprise any server configuration having access to internal or external database storage. In an embodiment, identity verification platform server 2062 may comprise at least one processor, and one or more transitory and / or non-transitory memories.
[0068] Figure 2D is a simplified block diagram of an embodiment of trusted intermediary server 2142 within trusted intermediary 214. Trusted intermediary server 2142 comprises at least one
21

processor 2146 for executing instructions. Said instructions may be stored in memory 2150. Processor 2146 may include one or more processing units. The processor 2146 may be communicably coupled with communication interface 2148 such that trusted intermediary server 2142 is enabled for communication with any electronic device having network communication capabilities (e.g. with any one or more of client terminal 202, settlement platform 204 or identity verification platform 206) or with any entity connected to network 212.
[0069] Processor 2146 may additionally be communicably coupled to database 2154 – which database 2154 includes one or more non-transient memory devices configured for storing and retrieving data, which data corresponds to individuals enrolled with trusted intermediary 214 for services provided by said trusted intermediary 214. Database 2154 may include multiple storage units such as hard disks or solid state disks in a redundant array of inexpensive disks (RAID) configuration. Database 2154 may also include a storage area network and/or a network attached storage (NAS) system.
[0070] In some embodiments database 2154 may be integrated within trusted intermediary server 2142 and in other embodiments may be external to said trusted intermediary server 2142 and may be accessed by the trusted intermediary server 2142 through communication interface 2148 or through a storage interface 2152. Said storage interface 2152 may include for example, any of an Advanced Technology Attachment (ATA) adapter, a Serial ATA (SATA) adapter, a network adapter, or any other component providing processor 2146 with access to database 2154.
[0071] Figure 3A is a flowchart illustrating a method of registering an individual who is a merchant with trusted intermediary 214.
[0072] Step 302 comprises receiving at trusted intermediary 214, merchant identity information comprising the merchant’s unique registrant ID (as generated by identity verification platform 206), the merchant’s bank ID (i.e. an identifier corresponding to a bank at which the merchant holds a payment account), merchant biometric information (i.e. information representing one or more biometric features of the merchant) and optionally location information identifying the location of the merchant’s premises or services.
22

[0073] The above information may be received by trusted intermediary 214 through a terminal device 202 that is being used for the purposes of registering the merchant with trusted intermediary 214 – and which terminal device 202 is in network communication with trusted intermediary 214.
[0074] At step 304, at least a subset of the received merchant identity information is transmitted from trusted intermediary 214 to settlement platform 204. In an embodiment the transmitted subset of received merchant identity information includes at least the merchant’s unique registrant ID and the merchant’s biometric information.
[0075] At step 306 settlement platform 204 requests verification of the identity of the merchant seeking to be registered at trusted intermediary 214 – which request for verification is forwarded to identity verification platform 206, and includes at least the merchant’s unique registrant ID and merchant biometric information.
[0076] It would be understood that identity verification platform 206 may verify the merchant’s identity by comparing the received merchant biometric information against biometric information extracted from a corresponding data record maintained by identity verification platform 206, which data record has been identified on the basis of the received unique registrant ID.
[0077] At step 308, responsive to verification of the merchant identity by identity verification platform 206, trusted intermediary 214 generates (i) a trusted intermediary data record corresponding to the merchant, (ii) a trusted intermediary ID corresponding to said trusted intermediary data record and (iii) a machine readable object encoding one or more of the merchant’s unique registrant ID, merchant’s bank ID, merchant biometric information and merchant location information.
[0078] It would be understood that trusted intermediary 214 may receive confirmation that the merchant identity has been validated by identity verification platform 206 in a communication from settlement platform 204 – and may in an embodiment only thereafter proceed to step 308.
23

It would be understood that the trusted intermediary data record generated at step 308 may thereafter be retrievably stored in a database accessible by trusted intermediary 214.
[0079] The machine readable object generated by trusted intermediary 214 may comprise any machine readable object or code including any code, cipher, machine readable data representation, or 1-dimensional or 2-dimensional bar codes (including by way of example linear bar codes or QR codes) that is optically readable by an appropriately configured machine reader.
[0080] In an embodiment the generated machine readable object may be forwarded to the merchant for display to customers / consumers / payors.
[0081] Figure 3B is a simplified sequence flow diagram 300B representing an exemplary embodiment of the method of registering an individual who is a merchant with trusted intermediary 214, that has been discussed in connection with Figure 3A.
[0082] The sequence flow diagram 300B includes the method steps 302 to 308 of Figure 3A – but which steps have not been described again for the sake of brevity. The steps illustrated in Figure 3B comprise steps 3022 to 3032 implemented between terminal device 202, trusted intermediary 214, settlement platform 204 and identity verification platform 206.
[0083] Step 3022 comprises transmitting merchant identity information from terminal device 202 to trusted intermediary 214. Said merchant identity information includes at least some (and preferably all of) the merchant’s unique registrant ID, the merchant’s bank ID, merchant biometric information and optionally location information identifying the location of the merchant’s premises or services – as discussed in connection with step 302 of Figure 3A.
[0084] Step 3024 comprises transmitting at least a subset of the received merchant identity information from trusted intermediary 214 to settlement platform 204 – in accordance with the above discussion at step 304 of Figure 3A.
24

[0085] Step 3026 comprises transmitting from settlement platform 204 to identity verification platform 206, a request for verification of the identity of the merchant seeking to be registered at trusted intermediary 214, and said request includes at least the merchant’s unique registrant ID and merchant biometric information (see step 306 of Figure 3A).
[0086] Responsive to verification of the merchant’s identity at identity verification platform 206 (in accordance with the method steps discussed in connection with Figure 3A), step 3028 comprises transmission of confirmation of successful verification of the merchant identity from identity verification platform 206 to settlement platform 204. Step 3030 comprises onward transmission of the confirmation of successful verification of the merchant identity from settlement platform 204 to trusted intermediary 214.
[0087] Thereafter at step 3032, trusted intermediary transmits a machine readable object and / or a trusted intermediary ID (that have been generated in accordance with the teachings of step 308) to terminal device 202.
[0088] Figure 4A is a flowchart illustrating a method embodiment for registering an individual who is not a merchant, but nevertheless may seek to transact electronically through trusted intermediary 214.
[0089] Step 402 comprises receiving at trusted intermediary 214, the individual’s identity information - comprising the individual’s unique registrant ID (as generated by identity verification platform 206), said individual’s consumer’s bank ID (i.e. an identifier corresponding to a bank at which the individual holds a payment account), and such individual’s biometric information (i.e. information representing one or more biometric features of the concerned individual).
[0090] The above information may be received by trusted intermediary 214 through terminal device 202 being used for the purposes of registering the individual with trusted intermediary 214 – and which terminal device 202 is in network communication with trusted intermediary 214.
25

[0091] At step 404, at least a subset of the received identity information is transmitted from trusted intermediary 214 to settlement platform 204. In an embodiment, the transmitted subset of received identity information includes at least the individual’s unique registrant ID and the individual’s biometric information.
[0092] At step 406 settlement platform 204 requests verification of the identity of the individual seeking to be registered at trusted intermediary 214 – which request for verification is forwarded to identity verification platform 206, and includes at least the individual’s unique registrant ID and biometric information.
[0093] It would be understood that identity verification platform 206 may verify the individual’s identity by comparing the received consumer biometric information against biometric information extracted from a corresponding data record maintained by identity verification platform 206, which data record has been identified on the basis of the received unique registrant ID.
[0094] At step 408, responsive to validation of the individual’s identity by identity verification platform 206, trusted intermediary 214 generates (i) a trusted intermediary data record corresponding to the individual, (ii) a trusted intermediary ID corresponding to said trusted intermediary data record and (iii) a machine readable object encoding one or more of the individual’s unique registrant ID, bank ID, and biometric information. It would be understood that unlike the method of Figure 3A, location information is not stored in trusted intermediary data records for individuals who are not merchants.
[0095] It would be understood that trusted intermediary 214 may receive confirmation that the individual’s identity has been validated by identity verification platform 206 in a communication from settlement platform 204 – and may in an embodiment only thereafter proceed to step 408. It would further be understood that the trusted intermediary data record generated at step 408 may thereafter be retrievably stored in a database accessible by trusted intermediary 214.
[0096] As in the case of Figure 3A, the machine readable object generated by trusted intermediary 214 in Figure 4A may comprise any machine readable object or code including any code, cipher,
26

machine readable data representation, or 1-dimensional or 2-dimensional bar codes (including by way of example linear bar codes or QR codes) that is optically readable by an appropriately configured machine reader.
[0097] Figure 4B is a simplified sequence flow diagram 400B representing an exemplary embodiment of the method of registering an individual who is not a merchant with trusted intermediary 214, that has been discussed in connection with Figure 4A.
[0098] The sequence flow diagram 400B includes the method steps 402 to 408 of Figure 4A – but which steps have not been described again for the sake of brevity. The steps illustrated in Figure 4B comprise steps 4022 to 4032 implemented between terminal device 202, trusted intermediary 214, settlement platform 204 and identity verification platform 206.
[0099] Step 4022 comprises transmitting the individual’s identity information from terminal device 202 to trusted intermediary 214. Said individual’s identity information includes at least some (and preferably all of) the individual’s unique registrant ID, the individual’s bank ID, and biometric information – as discussed in connection with step 402 of Figure 4A.
[00100] Step 4024 comprises transmitting at least a subset of the received identity
information from trusted intermediary 214 to settlement platform 204 – in accordance with the above description of step 404 of Figure 4A.
[00101] Step 4026 comprises transmitting from settlement platform 204 to identity verification platform 206, a request for verification of the identity of the individual seeking to be registered at trusted intermediary 214, wherein said request includes at least the individual’s unique registrant ID and biometric information (see step 406 of Figure 4A).
[00102] Responsive to verification of the individual’s identity at identity verification
platform 206 (in accordance with the method steps discussed in connection with Figure 4A), step 4028 comprises transmission of confirmation of successful verification of the individual’s identity from identity verification platform 206 to settlement platform 204. Step 4030 comprises onward
27

transmission of the confirmation of successful verification of the individual’s identity from settlement platform 204 to trusted intermediary 214.
[00103] Thereafter at step 4032, trusted intermediary transmits a machine readable object
and / or a trusted intermediary ID (that have been generated in accordance with the teachings of step 408) to terminal device 202.
[00104] Figure 6A illustrates a method for securely performing an electronic payment
transaction from a payor to a payee in accordance with the teachings of the present invention. It would be understood that the method of Figure 6A may be implemented within a system 200 of the kind illustrated in Figure 2A. The method of Figure 6A shall be understood to enable a payor to initiate a payment transaction using an electronic payment device owned or controlled by the payor – without exposing the confidential and private identity information and financial information of the payee to the payor.
[00105] Step 602 comprises receiving a trusted intermediary ID that has been allocated to
a payor by trusted intermediary 214 (at the time of enrollment of the payor with trusted intermediary 214). In an embodiment of the method, the payor’s trusted intermediary ID is either input by the payor at terminal device 202 that is owned, controlled or operated by the payor, or that is retrieved from a digital software wallet application installed on the terminal device 202 .
[00106] Step 604 comprises scanning a machine readable object corresponding to the
payee, and extracting payee identity information from the scanned machine readable object, said extracted payee identity information comprising at least the payee name, the payee’s unique registrant ID (allocated to the payee on enrollment of the payee with identity verification platform 206) and the payee’s bank ID (i.e. a bank ID corresponding to a bank with which the payee holds a payment account). It would be understood that the machine readable object corresponding to the payee may comprise a machine readable object generated by trusted intermediary at the time of enrollment of the payee with trusted intermediary 214 in accordance with the teachings of Figures 3 or 4. In an embodiment, scanning of the machine readable object, and extraction of payee identity information from said machine readable object may be performed through the
28

terminal device 202 that is owned, controlled or operated by the payor. In an embodiment, the machine readable object may be scanned using an imaging apparatus within said terminal device 202, and payor identity information is extracted from the scanned machine readable object by a processor within said terminal device 202. In an embodiment where the payee is a merchant, the identity information extracted from the machine readable object includes the location information specifying the location at which the merchant is providing product or service offerings.
[00107] Step 606 comprises displaying the payee’s name, and part or whole of the payee’s
unique registrant ID on a display coupled to the terminal device 202 owned, controlled or operated by the payor – to enable pre-transaction verification of the payee data by the payee. In a specific embodiment, step 606 comprises the additional step of masking or concealing a part of the payee’s unique registrant ID during the information display – such that confidentiality of the payee’s unique registrant ID is maintained. In an embodiment where the payee is a merchant, the displayed identity information additionally includes the location at which the merchant is providing product or service offerings. By displaying the payee identity information on a display, the payee is provided the opportunity to confirm that the payee information that is intended to be used in the subsequent payment steps is correct – thereby minimizing the likelihood of payment inadvertently being forwarded to the wrong recipient.
[00108] Step 608 comprises receiving user input identifying a transaction amount for the
transaction under process. Said user input may be received through the terminal device 202 .
[00109] Step 610 additionally comprises receiving biometric information representing a
detected biometric feature of the payor. Said biometric information may comprise biometric information received through one or more biometric feature sensor(s) incorporated within or communicably coupled with the terminal device 202 .
[00110] Step 612 comprises identifying a trusted intermediary data record corresponding to the payor’s trusted intermediary ID, and retrieving from the identified trusted intermediary data record, the payor’s unique registrant ID (assigned to the payor by identity verification platform
29

206 at the time of enrolling the payor with identity verification platform 206) and the payor’s band ID (i.e. a bank ID of a bank at which the payor holds a payment account).
[00111] Step 614 comprises verifying the identity of the payor by comparing the biometric information received at step 610 against biometric information retrieved from an identity verification platform data record corresponding to the payor’s unique registrant ID that has been identified at step 612.
[00112] At step 616, responsive to positive or successful verification of identity of the payor at step 614, trusted intermediary 214 transmits to settlement platform 204 (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, and (ii) the payor’s unique registrant ID, payor’s bank ID, payee’s unique registrant ID and payee’s bank ID.
[00113] Step 618 comprises effecting the payment transaction from the payor’s bank account to the payee’s bank account through settlement platform 204, based on the information received at step 616.
[00114] It would be understood that by implementing the method steps of Figure 6A, a payor may initiate and complete a payment transaction from the payor’s bank account to the payee’s bank account, without at any time requiring the payee to specify the payee unique registrant ID or the payee’s bank ID. In various embodiment, the method steps of Figure 6A would be implemented when a payor seeks to execute a payment transaction to a payee through terminal device 202 that is owned or controlled by the payor – without subjecting the payee’s private and confidential information to risk, since the payor’s access to the payee’s unique registrant ID and bank ID information can be controlled by the trusted intermediary and / or the digital wallet application or application software installed on the terminal device 202 .
[00115] Figure 7 illustrates a second method embodiment for securely performing an electronic payment transaction from a payor to a payee in accordance with the teachings of the present invention. It would be understood that the method of Figure 7 may be implemented within a
30

system 200 of the kind illustrated in Figure 2A. The method of Figure 7 shall be understood to enable a payor to initiate a payment transaction using an electronic payment device owned or controlled by the payee – without exposing the confidential and private identity information and financial information of the payor to the payee.
[00116] Step 702 comprises receiving a first trusted intermediary ID that has been allocated to a payee by trusted intermediary 214 (at the time of enrollment of the payee with trusted intermediary 214). In an embodiment of the method, the payee’s trusted intermediary ID is either input by the payee at a terminal device 202 that is owned, controlled or operated by the payee, or that is retrieved from a digital software wallet application installed on such terminal device 202 . Based on the received first trusted intermediary ID, trusted intermediary 214 identifies a corresponding first trusted intermediary data record corresponding to the payee. Thereafter, the payee’s unique registrant ID (allocated to the payee on enrollment of the payee with identity verification platform 206) and the payee’s bank ID (i.e. a bank ID corresponding to a bank with which the payee holds a payment account) are extracted / retrieved from the first trusted intermediary data record.
[00117] Step 704 comprises receiving a second trusted intermediary ID that has been allocated to a payor by trusted intermediary 214 (at the time of enrollment of the payor with trusted intermediary 214). In an embodiment of the method, the payor’s trusted intermediary ID is input by the payor / payee at the terminal device 202 that is owned, controlled or operated by the payee. Based on the second trusted intermediary ID, trusted intermediary 214 identifies a corresponding second trusted intermediary data record corresponding to the payor. Thereafter, the payor’s unique registrant ID (allocated to the payor on enrollment of the payor with identity verification platform 206) and the payor’s bank ID (i.e. a bank ID corresponding to a bank with which the payor holds a payment account) are extracted / retrieved from the second trusted intermediary data record.
[00118] Step 706 comprises displaying the payor’s name, and part or whole of the payor’s unique registrant ID on a display coupled to the terminal device 202 owned, controlled or operated by the payee – to enable pre-transaction verification of the payor data by the payor. In a specific
31

embodiment, step 706 comprises the additional step of masking or concealing a part of the payor’s unique registrant ID during the information display – such that confidentiality of the payor’s unique registrant ID is maintained. By displaying the payor’s identity information on a display, the payor is provided the opportunity to confirm that the payor information that is intended to be used in the subsequent payment steps is correct – thereby minimizing the likelihood of a transaction refusal / transaction failure.
[00119] Step 708 comprises receiving user input identifying a transaction amount for the transaction under process. Said user input may be received through the terminal device 202 .
[00120] Step 710 additionally comprises receiving biometric information representing a
detected biometric feature of the payor. Said biometric information may comprise biometric information received through one or more biometric feature sensor(s) incorporated within or communicably coupled with the terminal device 202 .
[00121] Step 712 comprises verifying the identity of the payor by comparing the biometric information received at step 710 against biometric information retrieved from an identity verification platform data record corresponding to the payor’s unique registrant ID that has been retrieved at step 704.
[00122] At step 714, responsive to positive or successful verification of identity of the
payor at step 712, trusted intermediary 214 transmits to settlement platform 204 (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, and (ii) the payor’s unique registrant ID, payor’s bank ID, payee’s unique registrant ID and payee’s bank ID.
[00123] Step 716 comprises effecting the payment transaction from the payor’s bank
account to the payee’s bank account through settlement platform 204, based on the information received at step 714.
32

[00124] It would be understood that by implementing the method steps of Figure 7, a
payor may initiate and complete a payment transaction from the payor’s bank account to the payee’s bank account, without at any time requiring the payee to disclose his / her unique registrant ID to the payee. In various embodiment, the method steps of Figure 7 would be implemented when a payor seeks to execute a payment transaction to a payee through a terminal device 202 that is owned or controlled or operated by the payee – without subjecting the payor’s private and confidential information to risk, since the payee’s access to the payor’s unique registrant ID and bank ID information can be controlled by the trusted intermediary and / or the digital wallet application or the application software installed on the terminal device 202 .
[00125] Figure 6B is a simplified sequence flow diagram 600B representing an exemplary
embodiment of the method of effecting a transaction payment in accordance with the methods discussed above in connection with Figures 6A and 7 respectively.
[00126] Depending on the method embodiment under illustration, the sequence flow
diagram 600B includes either of the method steps 602 to 618 of Figure 6A or the method steps 702 to 716 of Figure 7 – but which steps have not been described again for the sake of brevity. The steps illustrated in Figure 6B comprise steps 6022 to 6032 implemented between terminal device 202, trusted intermediary 214, identity verification platform 206 and settlement platform 204.
[00127] Step 6022 comprises transmitting the payor’s identity information, payee identity
information, transaction amount and payor biometric information from terminal device 202 to trusted intermediary 214. In an embodiment where the method steps comprise the method of Figure 6A, the information transmitted at step 6022 is information transmitted from an electronic payment device owned or controlled by the payor – and the information transmitted at step 6022 comprises at least some and preferable all of the information obtained at steps 602 to 610 of Figure 6A. In an embodiment where the method steps comprise the method of Figure 7, the information transmitted at step 6022 is information transmitted from an electronic payment device owned or controlled by the payee - and the information transmitted at step 6022 comprises at least some and preferable all of the information obtained at steps 702 to 710 of Figure 7.
33

[00128] At step 6024, subsequent to trusted intermediary 214 retrieving a trusted
intermediary data record corresponding to the payor’s trusted intermediary ID and thereafter retrieving the payor’s unique registrant ID and bank ID (from said retrieved trusted intermediary data record), a request for verification of the payor identity is communicated to identity verification platform 206. Identity verification platform 206 verifies the identity of the payor based on this information (see steps 614 and 712 respectively of Figures 6A and 7) and responsive to verification of the payor’s identity, transmits at step 6026, a payor identity confirmation message to trusted intermediary 214.
[00129] At step 6028, responsive to receiving verification of the payor's identity, trusted
intermediary 214 transmits instructions for initiation of a payment transaction from the payor to the payee in accordance with steps 616 or 714 of Figure 6A and Figure 7 respectively.
[00130] At step 6030, settlement platform 204 effects the payment transaction and
transmits a transaction payment confirmation message back to trusted intermediary 214 – which confirmation is transmitted onward from trusted intermediary 214 to terminal device 202 at step 6032.
[00131] Figure 8A illustrates a third method embodiment for securely performing a peer-to-peer type electronic payment transaction from a payor to a payee in accordance with the teachings of the present invention. It would be understood that the method of Figure 8A may be implemented within a system 200 of the kind illustrated in Figure 2A – and in a particular embodiment through a system 200 where terminal device 202 is an automated teller machine (ATM) terminal 202c. The method of Figure 8A shall be understood to enable a payor to initiate a payment transaction for transferring funds to a payee without requiring access to the payee’s unique registrant ID.
[00132] Step 802 comprises receiving a first trusted intermediary ID that has been
allocated to a payor by trusted intermediary 214 (at the time of enrollment of the payor with trusted intermediary 214). In an embodiment of the method, the payor’s trusted intermediary ID is input by the payor at terminal device 202. Based on the received first trusted intermediary ID,
34

trusted intermediary 214 identifies a corresponding first trusted intermediary data record corresponding to the payor. Thereafter, the payor’s unique registrant ID (allocated to the payor on enrollment of the payor with identity verification platform 206) and the payor’s bank ID (i.e. a bank ID corresponding to a bank with which the payor holds a payment account) are extracted / retrieved from the first trusted intermediary data record.
[00133] Step 804 comprises receiving a second trusted intermediary ID that has been
allocated to a payee by trusted intermediary 214 (at the time of enrollment of the payee with trusted intermediary 214). In an embodiment of the method, the payee’s trusted intermediary ID is input by the payee at terminal device 202. Based on the second trusted intermediary ID, trusted intermediary 214 identifies a corresponding second trusted intermediary data record corresponding to the payee. Thereafter, the payee’s unique registrant ID (allocated to the payee on enrollment of the payee with identity verification platform 206) and the payee’s bank ID (i.e. a bank ID corresponding to a bank with which the payee holds a payment account) are extracted / retrieved from the second trusted intermediary data record.
[00134] Step 806 comprises the additional step of receiving user input specifying the
payee’s unique registrant ID through terminal device 202.
[00135] Step 808 comprises receiving user input identifying a transaction amount for the
transaction under process. Said user input may be received through terminal device 202.
[00136] Step 810 comprises verifying the identity of the payee by comparing the payee’s
unique registrant ID as received through input at terminal device 202 (in step 806) against the unique registrant ID retrieved from the second trusted intermediary data record at step 804.
[00137] At step 812, responsive to positive or successful verification of identity of the
payee at step 810, trusted intermediary 214 transmits to settlement platform 204 (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, and (ii) the payor’s unique registrant ID, payor’s bank ID, payee’s unique registrant ID and payee’s bank ID.
35

[00138] Step 814 comprises effecting the payment transaction from the payor’s bank
account to the payee’s bank account through settlement platform 204, based on the information received at step 812.
[00139] It would be understood that by implementing the method steps of Figure 8A, a
payor may initiate and complete a payment transaction from the payor’s bank account to the payee’s bank account, without at any time requiring the payee’s biometric information for verification of the payee’s identity. In various embodiment, the method steps of Figure 7 would be implemented when a payor seeks to execute a per-to-peer type payment transaction to a payee through a terminal device 202.
[00140] Figure 8B is a simplified sequence flow diagram 800B representing an exemplary
embodiment of the method of effecting a transaction payment in accordance with the method discussed above in connection with Figure 8A respectively.
[00141] The sequence flow diagram 800B includes method steps 802 to 814 of Figure 8A – but which steps have not been described again for the sake of brevity. The steps illustrated in Figure 8B comprise steps 8022 to 8034 implemented between terminal device 202, trusted intermediary 214, and settlement platform 204.
[00142] Steps 8022 to 8028 comprise transmission of the payor’s trusted intermediary ID,
payee’s trusted intermediary ID, payee’s unique registrant ID and the transaction amount from terminal device 202 to trusted intermediary 214. Said information may be obtained at terminal device 202 in accordance with steps 802 to 808 of Figure 8A. Thereafter, and subsequent to retrieving (i) the payor’s unique registrant ID and payor’s bank ID from a first trusted intermediary data record corresponding to the payor and that has been identified for said retrieval based on the received payor’s trusted intermediary ID, and (ii) the payee’s unique registrant ID and payee’s bank ID from a second trusted intermediary data record corresponding to the payee and that has been identified for retrieval based on the received payee’s trusted intermediary ID – trusted intermediary 214 verifies the identity of the specified payee by comparing the payee’s
36

unique registrant ID as received from the terminal device 202 against the payee’s registrant ID as retrieved from the second trusted intermediary data record (see step 810 of Figure 8A). Subject to a positive (successful) verification of the payee’s identity, trusted intermediary 214 transmits a payment instruction to settlement server 204 – in accordance with the specifics described at step 812 of Figure 8A.
[00143] Settlement platform 204 effects the payment transaction from the bank account
of the payor to the bank account of the payee (see step 814 of Figure 8A), and subsequent to effecting said payment transaction, transmits at step 8032 a transaction payment confirmation from settlement platform to trusted intermediary 214. A transaction payment confirmation is thereafter transmitted onward from trusted intermediary 214 to terminal device 202.
[00144] Figure 9 illustrates a particular method embodiment of the method more generally
described above in connection with Figure 6A – as implemented at trusted intermediary 214. As in the case of Figure 6A, the method of Figure 9 enables a payor to initiate a payment transaction using an electronic payment device owned or controlled by the payor – without exposing the confidential and private identity information and financial information of the payee to the payor.
[00145] Step 902 comprises receiving at trusted intermediary 214, a trusted intermediary
ID that has been allocated to a payor by trusted intermediary 214 at the time of enrollment of the payor with trusted intermediary 214. In an embodiment of the method, the payor’s trusted intermediary ID is either input by the payor at terminal device 202 that is owned, controlled or operated by the payor, or that is retrieved from a digital software wallet application installed on the terminal device 202 – and is thereafter transmitted to trusted intermediary 214.
[00146] Step 904 comprises receiving payee identity information comprising at least the
payee name, the payee’s unique registrant ID (allocated to the payee on enrollment of the payee with identity verification platform 206) and the payee’s bank ID (i.e. a bank ID corresponding to a bank with which the payee holds a payment account) – which payee identity information has been extracted from a machine readable object corresponding to the payee. The machine readable object corresponding to the payee may comprise a machine readable object generated by trusted
37

intermediary at the time of enrollment of the payee with trusted intermediary 214 in accordance with the teachings of Figures 3 or 4. In an embodiment, scanning of the machine readable object, and extraction of payee identity information from said machine readable object may be performed through the terminal device 202 that is owned, controlled or operated by the payor – and the extracted information may be transmitted to trusted intermediary 214. In an embodiment, the machine readable object may be scanned using an imaging apparatus within said terminal device 202, and payor identity information is extracted from the scanned machine readable object by a processor within said terminal device 202. In an embodiment where the payee is a merchant, the identity information extracted from the machine readable object includes the location information specifying the location at which the merchant is providing product or service offerings.
[00147] Step 906 comprises receiving a transaction amount for the transaction under
process – which transaction amount may have been defined by a user input received through the terminal device 202 and transmitted to trusted intermediary 214.
[00148] Step 908 additionally comprises receiving biometric information representing a
detected biometric feature of the payor. Said biometric information may comprise biometric information received through one or more biometric feature sensor(s) incorporated within or communicably coupled with the terminal device 202 and thereafter transmitted to trusted intermediary 214.
[00149] Step 910 comprises identifying a trusted intermediary data record corresponding
to the payor’s trusted intermediary ID, and retrieving from the identified trusted intermediary data record, the payor’s unique registrant ID (assigned to the payor by identity verification platform 206 at the time of enrolling the payor with identity verification platform 206) and the payor’s band ID (i.e. a bank ID of a bank at which the payor holds a payment account).
[00150] Step 912 comprises receiving a verification decision concerning verification of the
identity of the payor – wherein the verification decision is generated by comparing the biometric information received at step 908 against biometric information retrieved from an identity
38

verification platform data record corresponding to the payor’s unique registrant ID that has been identified at step 910. In an embodiment, the verification decision may be generated by identity verification platform 206 and thereafter transmitted to trusted intermediary 214.
[00151] At step 914, responsive to positive or successful verification of identity of the payor at step 912, trusted intermediary 214 transmits to settlement platform 204 (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, and (ii) the payor’s unique registrant ID, payor’s bank ID, payee’s unique registrant ID and payee’s bank ID – which instruction effects the payment transaction from the payor’s bank account to the payee’s bank account through settlement platform 204.
[00152] Figure 10 illustrates a particular method embodiment of the method more
generally described above in connection with Figure 7 – as implemented at trusted intermediary 214. As in the case of Figure 7, the method of Figure 10 enables a payor to initiate a payment transaction using an electronic payment device owned or controlled by the payee – without exposing the confidential and private identity information and financial information of the payor to the payee.
[00153] Step 1002 comprises receiving at trusted intermediary 214, a first trusted
intermediary ID that has been allocated to a payee by trusted intermediary 214 (at the time of enrollment of the payee with trusted intermediary 214). In an embodiment of the method, the payee’s trusted intermediary ID is either input by the payee at a terminal device 202 that is owned, controlled or operated by the payee, or that is retrieved from a digital software wallet application installed on such terminal device 202 – and is thereafter transmitted to trusted intermediary 214. Based on the received first trusted intermediary ID, trusted intermediary 214 identifies a corresponding first trusted intermediary data record corresponding to the payee. Thereafter, the payee’s unique registrant ID (allocated to the payee on enrollment of the payee with identity verification platform 206) and the payee’s bank ID (i.e. a bank ID corresponding to a bank with which the payee holds a payment account) are extracted / retrieved from the first trusted intermediary data record.
39

[00154] Step 1004 comprises receiving at trusted intermediary 214, a second trusted
intermediary ID that has been allocated to a payor by trusted intermediary 214 (at the time of enrollment of the payor with trusted intermediary 214). In an embodiment of the method, the payor’s trusted intermediary ID is input by the payor / payee at the terminal device 202 that is owned, controlled or operated by the payee – and is thereafter transmitted to trusted intermediary 214. Based on the second trusted intermediary ID, trusted intermediary 214 identifies a corresponding second trusted intermediary data record corresponding to the payor. Thereafter, the payor’s unique registrant ID (allocated to the payor on enrollment of the payor with identity verification platform 206) and the payor’s bank ID (i.e. a bank ID corresponding to a bank with which the payor holds a payment account) are extracted / retrieved from the second trusted intermediary data record.
[00155] Step 1006 comprises receiving a transaction amount for the transaction under
process – which transaction amount may have been defined by a user input received through the terminal device 202 and transmitted to trusted intermediary 214.
[00156] Step 1008 additionally comprises receiving biometric information representing a
detected biometric feature of the payor. Said biometric information may comprise biometric information received through one or more biometric feature sensor(s) incorporated within or communicably coupled with the terminal device 202 and thereafter transmitted to trusted intermediary 214.
[00157] Step 1010 comprises receiving a verification decision concerning verification of
the identity of the payor – wherein the verification decision is generated by comparing the biometric information received at step 1008 against biometric information retrieved from an identity verification platform data record corresponding to the payor’s unique registrant ID that has been retrieved at step 1004. In an embodiment, the verification decision may be generated by identity verification platform 206 and thereafter transmitted to trusted intermediary 214.
[00158] At step 1012, responsive to positive or successful verification of identity of the
payor at step 1010, trusted intermediary 214 transmits to settlement platform 204 (i) an instruction
40

for initiation of a payment transaction for the transaction amount from the payor to the payee, and (ii) the payor’s unique registrant ID, payor’s bank ID, payee’s unique registrant ID and payee’s bank ID – which instruction effects the payment transaction from the payor’s bank account to the payee’s bank account through settlement platform 204.
[00159] Figure 11 illustrates a particular method embodiment of the method more
generally described above in connection with Figure 8A – as implemented at trusted intermediary 214. As in the case of Figure 8A, the method of Figure 11 enables secure performance of a peer-to-peer type electronic payment transaction from a payor to a payee.
[00160] Step 1102 comprises receiving at trusted intermediary 214, a first trusted
intermediary ID that has been allocated to a payor by trusted intermediary 214 (at the time of enrollment of the payor with trusted intermediary 214). In an embodiment of the method, the payor’s trusted intermediary ID is input by the payor at terminal device 202 and transmitted by terminal device 202 to trusted intermediary 214. Based on the received first trusted intermediary ID, trusted intermediary 214 identifies a corresponding first trusted intermediary data record corresponding to the payor. Thereafter, the payor’s unique registrant ID (allocated to the payor on enrollment of the payor with identity verification platform 206) and the payor’s bank ID (i.e. a bank ID corresponding to a bank with which the payor holds a payment account) are extracted / retrieved from the first trusted intermediary data record.
[00161] Step 1104 comprises receiving at trusted intermediary 214 a second trusted intermediary ID that has been allocated to a payee by trusted intermediary 214 (at the time of enrollment of the payee with trusted intermediary 214). In an embodiment of the method, the payee’s trusted intermediary ID is input by the payee at terminal device 202 – and is transmitted by terminal device 202 to trusted intermediary 214. Based on the second trusted intermediary ID, trusted intermediary 214 identifies a corresponding second trusted intermediary data record corresponding to the payee. Thereafter, the payee’s unique registrant ID (allocated to the payee on enrollment of the payee with identity verification platform 206) and the payee’s bank ID (i.e. a bank ID corresponding to a bank with which the payee holds a payment account) are extracted / retrieved from the second trusted intermediary data record.
41

[00162] Step 1106 comprises the additional step of receiving the payee’s unique registrant
ID. The payee’s unique registrant ID may be received by way of user input through terminal device 202 and may be transmitted by terminal device 202 to trusted intermediary 214.
[00163] Step 1108 comprises receiving a transaction amount for the transaction under
process. Said transaction amount may be received or defined through user input received at terminal device 202 and is thereafter transmitted by terminal device 202 to trusted intermediary 214.
[00164] Step 1110 comprises verifying the identity of the payee by comparing the payee’s
unique registrant ID as received through input at terminal device 202 (in step 806) against the unique registrant ID retrieved from the second trusted intermediary data record at step 804.
[00165] At step 1112, responsive to positive or successful verification of identity of the
payee at step 810, trusted intermediary 214 transmits to settlement platform 204 (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, and (ii) the payor’s unique registrant ID, payor’s bank ID, payee’s unique registrant ID and payee’s bank ID – which instruction effects the payment transaction from the payor’s bank account to the payee’s bank account through settlement platform 204.
[00166] In various embodiments of the invention, including any one or more of the
method embodiments discussed in connection with Figures 6 to 11, data transmitted from terminal devices 202 to trusted intermediary 214 may be encrypted in a manner that enables decryption at trusted intermediary 214. In an embodiment, a terminal device or digital wallet/ software application implemented on said terminal device relies on public-key cryptography / public key infrastructure to ensure secure encryption and decryption. Briefly each terminal device / digital wallet / software application may generate a private – public key pair. The public key may thereafter be forwarded to a certificate authority along with a request for certificate signing / issue of a digital identity certificate. Once the digital identity certificate is issued, the public key may be uploaded on or made available to the trusted intermediary 214. Thereafter, messages /
42

data transmitted by the terminal device / digital wallet / software application may be encrypted using said terminal device / digital wallet / software application private key – and can be decrypted by the trusted intermediary 214 using the corresponding public key. By implementing an encryption-decryption solution, the invention additionally ensures that registrant IDs and / or biometric data transmitted from a terminal device 202 to trusted intermediary 214 cannot be misused even in case such data is intercepted or received by an unauthorized third party – thereby ensuring a suitable data protection framework as required by applicable data protection / data privacy regulations.
[00167] Figure 12 illustrates an exemplary computer system 1202 for implementing the
present invention.
[00168] The illustrated system comprises computer system 1202 which in turn comprises
one or more processors 1204 and at least one memory 1206. Processor 1204 is configured to execute program instructions - and may be a real processor or a virtual processor. It will be understood that computer system 1202 does not suggest any limitation as to scope of use or functionality of described embodiments. The computer system 1202 may include, but is not be limited to, one or more of a general-purpose computer, a programmed microprocessor, a micro¬controller, an integrated circuit, and other devices or arrangements of devices that are capable of implementing the steps that constitute the method of the present invention. Exemplary embodiments of a computer system 1202 in accordance with the present invention may include one or more servers, desktops, laptops, tablets, smart phones, mobile phones, mobile communication devices, tablets, phablets and personal digital assistants. In an embodiment of the present invention, the memory 1206 may store software for implementing various embodiments of the present invention. The computer system 1202 may have additional components. For example, the computer system 1202 may include one or more communication channels 1208, one or more input devices 1210, one or more output devices 1212, and storage 1214. An interconnection mechanism (not shown) such as a bus, controller, or network, interconnects the components of the computer system 1202. In various embodiments of the present invention, operating system software (not shown) provides an operating environment for various softwares
43

executing in the computer system 1202 using a processor 1204, and manages different functionalities of the components of the computer system 1202.
[00169] The communication channel(s) 1208 allow communication over a
communication medium to various other computing entities. The communication medium provides information such as program instructions, or other data in a communication media. The communication media includes, but is not limited to, wired or wireless methodologies implemented with an electrical, optical, RF, infrared, acoustic, microwave, Bluetooth or other transmission media.
[00170] The input device(s) 1210 may include, but is not limited to, a touch screen, a
keyboard, mouse, pen, joystick, trackball, a voice device, a scanning device, or any another device that is capable of providing input to the computer system 1202. In an embodiment of the present invention, the input device(s) 1210 may be a sound card or similar device that accepts audio input in analog or digital form. The output device(s) 1212 may include, but not be limited to, a user interface on CRT, LCD, LED display, or any other display associated with any of servers, desktops, laptops, tablets, smart phones, mobile phones, mobile communication devices, tablets, phablets and personal digital assistants, printer, speaker, CD/DVD writer, or any other device that provides output from the computer system 1202.
[00171] The storage 1214 may include, but not be limited to, magnetic disks, magnetic tapes, CD-ROMs, CD-RWs, DVDs, any types of computer memory, magnetic stripes, smart cards, printed barcodes or any other transitory or non-transitory medium which can be used to store information and can be accessed by the computer system 1202. In various embodiments of the present invention, the storage 1214 may contain program instructions for implementing any of the described embodiments.
[00172] In an embodiment of the present invention, the computer system 1202 is part of
a distributed network or a part of a set of available cloud resources.
44

[00173] The present invention may be implemented in numerous ways including as a
system, a method, or a computer program product such as a computer readable storage medium or a computer network wherein programming instructions are communicated from a remote location.
[00174] The present invention may suitably be embodied as a computer program product
for use with the computer system 1202. The method described herein is typically implemented as a computer program product, comprising a set of program instructions that is executed by the computer system 1202 or any other similar device. The set of program instructions may be a series of computer readable codes stored on a tangible medium, such as a computer readable storage medium (storage 1214), for example, diskette, CD-ROM, ROM, flash drives or hard disk, or transmittable to the computer system 1202, via a modem or other interface device, over either a tangible medium, including but not limited to optical or analogue communications channel(s) 1208. The implementation of the invention as a computer program product may be in an intangible form using wireless techniques, including but not limited to microwave, infrared, Bluetooth or other transmission techniques. These instructions can be preloaded into a system or recorded on a storage medium such as a CD-ROM, or made available for downloading over a network such as the Internet or a mobile telephone network. The series of computer readable instructions may embody all or part of the functionality previously described herein.
[00175] Based on the above, it would be apparent that the present invention enables
implementation of unique registrant ID based electronic payment transactions to be securely performed on devices that are owned or controlled by one of the two parties to the transaction – while simultaneously protecting private and confidential information of the other of said two parties to the transaction from disclosure to the party that owns or controls the device.
[00176] While the exemplary embodiments of the present invention are described and
illustrated herein, it will be appreciated that they are merely illustrative. It will be understood by those skilled in the art that various modifications in form and detail may be made therein without departing from or offending the spirit and scope of the invention as defined by the appended claims. Additionally, the invention illustratively disclose herein suitably may be practiced in the
45

absence of any element which is not specifically disclosed herein — and in a particular embodiment that is specifically contemplated, the invention is intended to be practiced in the absence of any one or more element which are not specifically disclosed herein.

We claim:

1.A system for secure performance of an electronic payment transaction from a payor
to a payee, comprising:
a trusted intermediary server configured for network based communication with one or more terminal devices, a settlement platform server configured to initiate payment transactions between bank accounts, and an identity verification platform server configured to maintain a unique identity verification platform data record corresponding to each registrant enrolled at the identity verification platform server, each said unique data record including a unique registrant ID assigned to the corresponding registrant and biometric information representing at least one biometric feature of the corresponding registrant, the trusted intermediary server comprising at least one processor configured to:
maintain a unique trusted intermediary data record corresponding to each individual enrolled at the trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account;
receive a trusted intermediary ID that has been assigned to a payor by the trusted intermediary server;
receive payee identity information comprising at least the payee's name and a unique registrant ID assigned to the payee by the identity verification platform server;
receive a transaction amount corresponding to a transaction;
receive biometric information representing a detected biometric feature of the payor;
identify a trusted intermediary data record corresponding to the received trusted intermediary ID;

retrieve from the identified trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server;
receive an identity verification decision corresponding to the payor's identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor;
responsive to the received identity verification decision confirming the payor's identity, transmit to the settlement platform server (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (ii) the unique registrant ID assigned to the payor (iii) the payor's bank ID, (iv) the unique registrant ID assigned to the payee, and (v) the payee's bank ID.
2. The system as claimed in claim 1, wherein the trusted intermediary server is additionally configured to generated a machine readable object corresponding to a trusted intermediary data record, wherein said machine readable object encodes the trusted intermediary ID and a bank ID stored within said trusted intermediary data record.
3. The system as claimed in claim 1, wherein the trusted intermediary server receives at least one of the payor's trusted intermediary ID, the payee identity information, the transaction amount, and the biometric information corresponding to the payor from a terminal device operated by the payor, wherein said terminal device is in network communication with the trusted intermediary server.
4. The system as claimed in claim 1, wherein the identity verification decision is generated at the identification verification platform server and is transmitted to the trusted intermediary server.
5. The system as claimed in claim 1, wherein the settlement platform server is configured to initiate electronic transfer of the transaction amount from a bank account that has been

associated with the unique registrant ID assigned to the payor to a bank account that has been associated with the unique registrant ID assigned to the payee, in response to receiving the instruction for initiation of a payment transaction for the transaction amount from the payor to the payee.
6. The system as claimed in claim 1, wherein:
the identification verification server is an identity verification server configured for identity verification by Unique Identification Authority of India;
each unique registrant ID for enrolling individuals' at the trusted intermediary server is an aadhar number issued under authority of the Unique Identification Authority of India; and
the trusted intermediary server is a server configured for providing network based payment wallet services.
7. A system for secure performance of an electronic payment transaction from a payor
to a payee, comprising:
a trusted intermediary server configured for network based communication with one or more terminal devices, a settlement platform server configured to initiate payment transactions between bank accounts, and an identity verification platform server configured to maintain a unique identity verification platform data record corresponding to each registrant enrolled at the identity verification platform server, each said unique data record including a unique registrant ID assigned to the corresponding registrant and biometric information representing at least one biometric feature of the corresponding registrant, the trusted intermediary server comprising at least one processor configured to:
maintain a unique trusted intermediary data record corresponding to each individual enrolled at the trusted intermediary server, each said trusted intermediary data record including a

unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account;
receive a first trusted intermediary ID that has been assigned to a payee by the trusted intermediary server;
identify a first trusted intermediary data record corresponding to the payee, wherein said identification is based on the received first trusted intermediary ID;
retrieve from the identified first trusted intermediary data record, a unique registrant ID assigned to the payee by the identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account;
receive a second trusted intermediary ID that has been assigned to a payor by the trusted intermediary server;
identify a second trusted intermediary data record corresponding to the payor, wherein said identification is based on the received second trusted intermediary ID;
retrieve from the identified second trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account;
receive a transaction amount corresponding to a transaction;
receive biometric information representing a detected biometric feature of the payor;
receive an identity verification decision corresponding to the payor's identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor; and

responsive to the received identity verification decision confirming the payor's identity, transmit to the settlement platform server (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (ii) the unique registrant ID assigned to the payor (iii) the payor's bank ID, (iv) the unique registrant ID assigned to the payee, and (v) the payee's bank ID.
8. The system as claimed in claim 7, wherein the trusted intermediary server receives at least one of the first trusted intermediary ID, the second trusted intermediary ID, the transaction amount, and the biometric information corresponding to the payor from a terminal device operated by the payee, wherein said terminal device is in network communication with the trusted intermediary server.
9. The system as claimed in claim 7, wherein the identity verification decision is generated at the identification verification platform server and is transmitted to the trusted intermediary server.
10. The system as claimed in claim 7, wherein the settlement platform server is configured to initiate electronic transfer of the transaction amount from a bank account that has been associated with the unique registrant ID assigned to the payor to a bank account that has been associated with the unique registrant ID assigned to the payee, in response to receiving the instruction for initiation of a payment transaction for the transaction amount from the payor to the payee.
11. The system as claimed in claim 7, wherein:
the identification verification server is an identity verification server configured for identity verification by Unique Identification Authority of India;
each unique registrant ID for enrolling individuals' at the trusted intermediary server is an aadhar number issued under authority of the Unique Identification Authority of India; and

the trusted intermediary server is a server configured for providing network based payment wallet services.
12. A system for secure performance of an electronic payment transaction from a payor
to a payee, comprising:
a trusted intermediary server configured for network based communication with one or more terminal devices, a settlement platform server configured to initiate payment transactions between bank accounts, and an identity verification platform server configured to maintain a unique identity verification platform data record corresponding to each registrant enrolled at the identity verification platform server, each said unique data record including a unique registrant ID assigned to the corresponding registrant and biometric information representing at least one biometric feature of the corresponding registrant, the trusted intermediary server comprising at least one processor configured to:
maintain a unique trusted intermediary data record corresponding to each individual enrolled at the trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account;
receive a first trusted intermediary ID that has been assigned to a payor by the trusted intermediary;
identify a first trusted intermediary data record corresponding to the payor, wherein said identification is based on the received first trusted intermediary ID;
retrieve from the identified first trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account;

receive a second trusted intermediary ID that has been assigned to a payee by the trusted intermediary server;
identify a second trusted intermediary data record corresponding to the payee, wherein said identification is based on the received second trusted intermediary ID;
retrieve from the identified second trusted intermediary data record, a unique registrant ID assigned to the payee by the identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account;
receive an additional unique registrant ID, wherein said additional unique registrant ID has been received through user input at a terminal device;
receive a transaction amount corresponding to a transaction;
generate an identity verification decision corresponding to the payor's identity, wherein said identity verification decision is based on a comparison between (i) the payee's unique registrant ID as retrieved from the second trusted intermediary data record and (ii) the received additional unique registrant ID; and
responsive to the identity verification decision confirming the payee's identity, transmit to the settlement platform server (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (ii) the unique registrant ID assigned to the payor (iii) the payor's bank ID, (iv) the unique registrant ID assigned to the payee, and (v) the payee's bank ID.
13. The system as claimed in claim 12, wherein the trusted intermediary server receives
at least one of the first trusted intermediary ID, the second trusted intermediary ID, the additional unique registrant ID, and the transaction amount, and the biometric information corresponding to the payor from a terminal device, wherein said terminal device is in network communication with the trusted intermediary server.

14. The system as claimed in claim 12, wherein the settlement platform server is configured to initiate electronic transfer of the transaction amount from a bank account that has been associated with the unique registrant ID assigned to the payor to a bank account that has been associated with the unique registrant ID assigned to the payee, in response to receiving the instruction for initiation of a payment transaction for the transaction amount from the payor to the payee.
15. The system as claimed in claim 12, wherein:
the identification verification server is an identity verification server configured for identity verification by Unique Identification Authority of India;
each unique registrant ID for enrolling individuals' at the trusted intermediary server is an aadhar number issued under authority of the Unique Identification Authority of India; and
the trusted intermediary server is a server configured for providing network based payment wallet services.
16. A method for secure performance of an electronic payment transaction from a payor
to a payee, comprising performing the steps of:
maintaining a unique trusted intermediary data record corresponding to each individual enrolled at a trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account;
receiving a trusted intermediary ID that has been assigned to a payor by the trusted intermediary server;

receiving payee identity information comprising at least the payee's name and a unique registrant ID assigned to the payee by an identity verification platform server;
receiving a transaction amount corresponding to a transaction;
receiving biometric information representing a detected biometric feature of the payor;
identifying a trusted intermediary data record corresponding to the received trusted intermediary ID;
retrieving from the identified trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server;
receiving an identity verification decision corresponding to the payor's identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor;
responsive to the received identity verification decision confirming the payor's identity, transmitting to the settlement platform server (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (ii) the unique registrant ID assigned to the payor (iii) the payor's bank ID, (iv) the unique registrant ID assigned to the payee, and (v) the payee's bank ID.
17. A method for secure performance of an electronic payment transaction from a payor
to a payee, comprising performing the steps of:
maintaining a unique trusted intermediary data record corresponding to each individual enrolled at a trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account;

receiving a first trusted intermediary ID that has been assigned to a payee by the trusted intermediary server;
identifying a first trusted intermediary data record corresponding to the payee, wherein said identification is based on the received first trusted intermediary ID;
retrieving from the identified first trusted intermediary data record, a unique registrant ID assigned to the payee by an identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account;
receiving a second trusted intermediary ID that has been assigned to a payor by the trusted intermediary server;
identifying a second trusted intermediary data record corresponding to the payor, wherein said identification is based on the received second trusted intermediary ID;
retrieving from the identified second trusted intermediary data record, a unique registrant ID assigned to the payor by the identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account;
receiving a transaction amount corresponding to a transaction;
receiving biometric information representing a detected biometric feature of the payor;
receiving an identity verification decision corresponding to the payor's identity, wherein said identity verification decision is based on a comparison between the received biometric information and biometric information retrieved from an identity verification platform data record corresponding to the unique registrant ID assigned to the payor; and

responsive to the received identity verification decision confirming the payor's identity, transmitting to a settlement platform server (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (ii) the unique registrant ID assigned to the payor (iii) the payor's bank ID, (iv) the unique registrant ID assigned to the payee, and (v) the payee's bank ID.
18. A method for secure performance of an electronic payment transaction from a payor
to a payee, comprising performing the steps of:
maintaining a unique trusted intermediary data record corresponding to each individual enrolled at a trusted intermediary server, each said trusted intermediary data record including a unique trusted intermediary ID assigned to the corresponding enrolled individual, and a bank identifier identifying a bank at which the enrolled individual maintains a bank account;
receiving a first trusted intermediary ID that has been assigned to a payor by the trusted intermediary server;
identifying a first trusted intermediary data record corresponding to the payor, wherein said identification is based on the received first trusted intermediary ID;
retrieving from the identified first trusted intermediary data record, a unique registrant ID assigned to the payor by an identity verification platform server, and a bank identifier identifying a bank at which the payor maintains a bank account;
receiving a second trusted intermediary ID that has been assigned to a payee by the trusted intermediary server;
identifying a second trusted intermediary data record corresponding to the payee, wherein said identification is based on the received second trusted intermediary ID;

retrieving from the identified second trusted intermediary data record, a unique registrant ID assigned to the payee by the identity verification platform server, and a bank identifier identifying a bank at which the payee maintains a bank account;
receiving an additional unique registrant ID, wherein said additional unique registrant ID has been received through user input at a terminal device;
receiving a transaction amount corresponding to a transaction;
generating an identity verification decision corresponding to the payor's identity, wherein said identity verification decision is based on a comparison between (i) the payee's unique registrant ID as retrieved from the second trusted intermediary data record and (ii) the received additional unique registrant ID; and
responsive to the identity verification decision confirming the payee's identity, transmitting to a settlement platform server (i) an instruction for initiation of a payment transaction for the transaction amount from the payor to the payee, (ii) the unique registrant ID assigned to the payor (iii) the payor's bank ID, (iv) the unique registrant ID assigned to the payee, and (v) the payee's bank ID.