System and method for providing a group payment vehicle

A computer-implemented method, comprising:

• enabling, via a first user interface, a group payment vehicle creator to self-establish a group payment vehicle configured to make a proxy payment to at least one merchant;
• in response to the group payment vehicle being self-established, forming a group payment vehicle data object associated with the group payment vehicle, the object configured to store information associated with the group payment vehicle creator and group payment vehicle, the group payment data object including at least one data field representative of at least one parameter including at least one of group payment vehicle creator ID, group payment vehicle type, event date, event time, event location, vendor information, geolocation of the group payment vehicle creator, and at least one fraud and safety protocol;
• enabling, via the first user interface, the group payment vehicle creator to:
• (i) establish a payment mechanism with the group payment vehicle;
• and
• (ii) selectably invite a plurality of potential group members at respective network addresses;
• enabling the group payment vehicle creator to populate the data object by setting the at least one parameter;
• forming a group payment vehicle creator data object inclusive of information associated with the group payment vehicle creator and payment mechanism;
• logically connecting the group payment vehicle creator data object with the group payment vehicle data object, thereby financially connecting the payment mechanism of the group payment vehicle creator with the group payment vehicle;
• communicating an electronic invitation to each of the invited potential group members to participate in an event using the respective network addresses, the electronic invitation including information associated with the group payment vehicle;
• in response to at least one potential group member accepting the electronic invitation via a second user interface, enabling the at least one accepted group member to establish a respective payment mechanism with the group payment vehicle via the second user interface;
• forming at least one accepted group member data object inclusive of information associated with each of the at least one accepted group member who established respective payment mechanisms with the group payment vehicle, the at least one group member data object including the network address of the at least one respective accepted group members and coordinates of the respective payment mechanisms;
• logically connecting the respective at least one accepted group member data object including the established respective payment mechanisms to the group payment vehicle data object, thereby financially connecting the respective payment mechanisms of the at least one accepted group member;
• notifying the group payment vehicle creator that the group payment vehicle is established and available for usage in paying the at least one merchant;
• in response to determining that a fraud or security protocol is being violated based on the at least one data field representative of the at least one parameter as populated by the group payment vehicle creator, generating a signal to disable the group payment vehicle, thereby preventing the group payment vehicle from being used;
• otherwise, enabling the group payment vehicle creator to pay the at least one merchant using the group payment vehicle to satisfy an invoice from the at least one merchant;
• automatically and in real-time collecting payment from each of the respective payment mechanisms of the group payment vehicle creator and the at least one accepted group member that are logically and financially connected to the group payment vehicle data object prior to or after payment of the at least one merchant by the group payment vehicle creator based on a type of group payment vehicle selectably established by the group payment vehicle creator and stored in the group payment vehicle data object, thereby causing a balance of the group payment vehicle to be respectively (i) funded prior to or (ii) satisfied after payment of the at least one merchant.