Abstract: A system and method for authorizing a direct debit transaction is provided. A remotely accessible server receives a request from a clearing entity to conduct a direct debit transaction against a financial account of a consumer on behalf of a merchant, and checks whether the consumer has previously approved a debit against the account on behalf of the merchant. If the consumer has previously approved a debit on behalf of the merchant, an authorization message is generated and transmitted to the clearing entity. If the consumer has not previously approved a debit on behalf of the merchant, an electronic prompt is generated to an electronic device of the consumer requesting the consumer to approve or deny the debit. In response to the consumer indicating approval, a debit authorization message is generated and transmitted to the clearing entity, and a database is updated to indicate approval by the consumer.

Abstract: A mobile commerce system and components thereof are provided in which multiple wireless mobile communications devices (mobile devices) each has a unique electronic identification and processing circuit capable of encrypting data utilizing an encryption key and a first software application providing connectivity to commercial webpage servers for purposes that include the conduct of selected transactions involving a payment for goods or services. Each mobile device is independently enabled to conduct financial transactions in real time by communication with a financial institution. Each mobile device further has a second software application termed mobile payment application adapted to interact with the first application to receive data as to a payment required to conclude a transaction conducted by way of a commercial webpage server.

Abstract: A system is provided for clearing financial transactions as between banking institutions optionally by way of one or more clearing houses. A plurality of banking institutions are each enabled to communicate directly with each other and with at least one clearing house. Each banking institution has a computerized server programmed to address clearance requests to at least some of the plurality of banking institutions in the system by way of a particular route. The computerized server of at least one banking institution in the system is programmed to route clearance requests selectively and, as may be necessary, sequentially directly to one or more of the other banking institutions and clearing house in the alternative. Selection means associated with the computerized server are provided for selecting a particular one of said at least one other banking institution and clearing house according to a predetermined sequence and typically according to least cost.