1. A payment processing system for facilitating payment for online purchase transactions comprising: a merchant interface to receive, from an online merchant, purchase transaction information related to an online purchase transaction by a consumer, the purchase transaction information including merchant and consumer account identification, transaction description, and transaction amount related to the online purchase transaction and independent confidential financial information pertaining to the consumer; a messaging manager to generate an electronic bill based on the received purchase transaction information, the electronic bill including the transaction description, amount due, payment due date, and payee information to which payment for the online purchase is made at a financial institution trusted by the consumer thereby avoiding disclosure of the consumer's confidential financial information to the online merchant; a payment interface to receive, from the financial institution, payment information upon payment of the electronic bill by the consumer, and to provide, to the online merchant and the consumer, a payment notification; an account settlement module to process parsed payment information and to allocate payments to outstanding online purchase transactions; and, a database, to store information pertaining to the online merchant, the consumer, and the electronic bills associated with the online purchase transactions.