Systems for effecting online financial transactions between individuals are disclosed. Any user may initiate a send money transaction or a request payment transaction with any other entity provided that entity has an e-mail address. For a send money transaction, the user sending money (payor) enters an amount of funds to be transferred and an e-mail address of the recipient of the funds (payee). The transfer request may include an identity confirmation through which the payor confirms the identity of the payee. The system sends an e-mail message to the payee at the address provided indicating that the amount of funds has been "received" on the payee's behalf. The payee may open an online account or identify an existing online account to complete the transaction as well as provide identity confirmation for the payor. Upon confirmation, the transfer may occur.