System and methods for generating a temporary, limited use machine-readable code associated with an account

A financial account proxy system comprising:

• a processor;
• and
• a memory device storing computer-executable instructions thereon, that when executed by the processor, cause the processor to:
• receive, via an API call, a data packet from a first cardholder device associated with a primary cardholder, the data packet including a limited use machine-readable code, receiver information corresponding to a second cardholder device associated with a secondary cardholder, and one or more limitations;
• store the limited use machine-readable code, receiver information, and one or more limitations in the memory device, wherein the limited use machine-readable code is stored in association with a primary account number (PAN) of a financial account of the primary cardholder;
• transmit a pre-authorization request message to an issuer of the financial account of the primary cardholder;
• receive pre-authorization details from the issuer and store the pre-authorization details in the memory device;
• transmit the limited use machine-readable code to the second cardholder device based on the receiver information;
• receive a transaction request authorization message from a merchant point-of-sale (POS) terminal, the transaction request authorization message associated with a transaction performed with the limited use machine-readable code, the transaction request authorization message including transaction details and the limited use machine-readable code;
• and
• determine whether the transaction details violate one of the one or more limitations.