This paper proposes a new payment system which is based on ANSI X9.59-2006 and adds extra features on top of this standard. The X9.59 is an account based and consumer-oriented payment protocol. It utilizes the existing financial network and financial messages to complete the payment process. However, there are two main limitations in this standard. This paper provides the solution to solve the limitations by adding the merchant authentication feature during payment cycle and to eliminate the requirement of addenda records to be added in the existing financial messages. In addition, the paper provides other functions which are not presented in the X9.59 standard. Three simulation models have been built for the SET, X9.59 and the proposed system in order to analyze their performance and their levels of security.