Abstract: Method and system for authenticating the identity of a party to a transaction being executing over wired or wireless networks, using a personal device. A transaction system is adapted to receive messages over a network from a connected device, where the messages are intended to initiate a transaction. The system comprises authentication rules and an associated engine for identifying the type of transaction and, for each type of transaction, whether MFA is required. If so, the necessary MFA attributes are requested, thus permitting completion of the transaction in a comparatively secure manner and also permitting management of the accounts associated with the party.

Abstract: A system and method for transferring funds among registered and unregistered users of a value exchange system comprises a server system for receiving value exchange instructions from a sender, where the value exchange instructions include a recipient who may not be registered with the system. The value exchange instructions initiate a computer-generated sequence for authenticating the identity of the recipient, permitting the recipient to designate a payment method, and transferring funds to properly authenticated recipients.