Method for managing group finances via an electronic network

The present invention provides a method of managing group finances via an electronic network. Transaction details are received from a member of group via an electronic network. The transaction details preferably include a shared expense containing an expense amount and at least one group member responsible for the expense. The transaction details are then assigned to the group and a payment specified by the transaction details is allocated among group members of the group. The method is repeated for a plurality of transactions. The finances of the group may also be balanced using accounting mathematics. Furthermore, an original expense value may be rounded up to a new expense value having a predefined number of decimal places, and a difference distributed between the new expense value and the original expense value to a third party.

TECHNICAL FIELD

The present invention relates generally to electronic commerce and more particularly to online management of group finances via an electronic network.

BACKGROUND OF THE INVENTION

Recently, with the tremendous growth of the Internet, numerous Internet based companies have emerged which provide a service which allows individuals to pay all of their bills online at a single Web-site. Such companies include statusfactory.com®, paytrust.com®, and paymybills.com®, to name but a few. Individuals can have their bills redirected to one of the aforementioned companies who capture their bills and present them to the individual on a Web-site. The individual can then pay his or her bills directly through the Web-site and/or set up rules for the automatic payment of any bills received. Individuals using such sites, therefore, no longer have to review each bill sent to them from creditors, write checks out to those creditors, and post the checks to each creditor thus saving time, and costs such as stamp costs and any late payment charges should they fail to pay a bill on time. It has been estimated that about 30 million households currently make use of online banking and bill payment.

Such services, however, are typically only directed at individuals. To date, no easy means exists which addresses the problems that arise when individuals participating in group related activities spend money on behalf of the group. Group activities, such as joint ventures, ski trips, bachelor parties, shared households, office lunch groups, and clubs and organizations often lead to complicated settlement arrangements. For example, consider the life of three roommates: one person buys supplies for a housewarming party, while another pays the gas and phone bill. The third roommate pays the electric bill and for a pizza on Superbowl Sunday. The financial inter-obligations become unwieldy with only a few transactions. This problem arises any time individuals spend money together, not just in shared household situations where it is estimated that there are 74 million shared households in the U.S. (American Housing Survey for the United States: 1997), but also for office lunch groups, clubs, events, parties, wish lists, investment groups, wagering pools, organizations, clubs, or the like.

Person-to-person (P2P) payment providers such as PayPal.com® and PayMe.com® have emerged that offer payments and payment requests from one consumer to another. A popular application of this P2P technology involves the payment for goods purchased at online auction sites. While the P2P providers offer robust payment options for consumers, including a transaction history for individuals, none address the need for group accounting. These are payment solutions only and do not allow for the tracking of expenses and transactions unless a payment has occurred.

Furthermore, companies such as Intuit® offers a personal accounting software. Personal accounting software allows individuals to track their personal expenses and transactions on an on-going basis. Again, however, there is no group accounting functionality available and there are no features designed to track group expenses and group transactions.

Therefore, a convenient system whereby group members can view, split, balance a group's finances, pay group expenses, and deposit money into a group account would be highly desirable.

SUMMARY OF THE INVENTION

According to the invention there is provided a method of managing group finances via an electronic network. Transaction details are received from a member of the group via an electronic network. The transaction details preferably include a shared expense containing an expense amount and at least one group member responsible for the expense. The transaction details are then assigned to the group and a payment specified by the transaction details is allocated among group members of the group. The method is repeated for a plurality of transactions. The finances of the group may be balanced using accounting mathematics.

The invention provides a Web-based solution that allows individual group members to track and pay common expenses as well as conduct online settlements. Group members can, for example, pay into their group using a credit card or electronic check and can withdraw funds from their group via direct deposit into their bank accounts.

Event-planning firms, investment clubs, wish list companies, or any group oriented Web-site can use the system to enhance the functionality and drive repeat use of their Web-site. For example, the system enables group purchases of gifts where individuals or couples could register larger ticket items such as couches or trips, and others could contribute any amount they liked towards a group account to purchase the gift.

DETAILED DESCRIPTION OF THE INVENTION

FIG. 1is a diagrammatic view of an electronic network100for managing the finances of a group in accordance with an embodiment of the present invention. Network100comprises a series of points or nodes interconnected by communication paths. Network100may interconnect with other networks, contains subnetworks and may be embodied by way of a local area network (LAN), a metropolitan area network (MAN), a wide area network (WAN), or a global network (the Internet). The network100may further be characterized by the type of access service used, such as PSTN (Public Switched Telephone Network), ISDN (Integrated Services Digital Network), DSL (Digital Subscriber Line), ATM (Asynchronous Transfer Mode), T-carrier system, etc. In addition, network100may be characterized by the type of protocols used on it, such as TCP/IP (Transmission Control Protocol/Internet Protocol), NetBEUI (NetBIOS Extended User Interface), or IPX/SPX (Internetwork Packet Exchange/Sequenced Packet Exchange). Additionally, network100may be characterized by whether it carries voice, data, or both kinds of signals; by who can use the network100(whether it is public or private); and by the usual nature of its connections (e.g. dial-up, dedicated, switched, non-switched, or virtual connections).

Network100connects a plurality of group members102to110, and financial institutions112to at least one application server164. This connection is made via a communication network114which may for example comprise an Intranet, wireless network, or preferably the Internet. The connection is made via communication links162, which may, for example, be coaxial cable, copper wire (including PSTN), optical fiber, wireless, microwave, or satellite links.

For ease of explanation, the individual or entity that controls the application server164will hereinafter be referred to as the service provider. It should be understood that the group members, financial institutions, and/or the service provider may be individuals, businesses, organizations or the like. Furthermore, the service provider and the financial institutions may be distinct entities or a single entity.

As used herein, a group member is defined as any individual who forms part of a group set up by group members with the service provider. Financial institutions, as used herein, incorporates all financial services organizations, such as banks or the like.

Application server164preferably comprises at least one data processor or central processing unit (CPU)158, a memory116, user interface devices156, a communications interface circuit160, and at least one bus154that interconnects these elements. Memory116preferably includes an operating system118(such as Windows NT™, Linux™, or MacOS™), which stores instructions for communicating, processing data, accessing data, storing data, searching data, etc. Memory116also includes remote access procedures120, email procedures142, accounting procedures144, funds-in procedures146, funds-out procedures148, Web server procedures150, Web pages152, and a group database124. Group database124preferably includes group profiles126and134. Each group profile126or134preferably contains a number of member profiles130,132,138, and140. Each member profile130,132,138, or140preferably contains member information, such as group member details, member account details, financial institution details, etc. Each group profile126or134preferably also includes a rule module128or136. The various procedures and the group database124will be explained in further detail below.

Group members102to110typically access the communication network114via remote client computing devices, such as desktop computers, handheld computers, personal digital assistants (PDAs), or the like. The financial institutions112include a financial institution server similar to the application server164. The client computing devices and financial institution server preferably also include a data processor or central processing unit (CPU), user interface devices, communications interface circuits, memory, and buses similar to those described in relation to application server164.

Group members102to110preferably connect to the communication network114using an Internet browser, such as Microsoft's Internet Explorer® or Netscape's Navigator®, via their computing device's communication interface circuit, which preferably comprises a modem or network interface card (NIC). The path of data between the computing devices and the communication network is preferably: Internet Browser→Winsock (TCP/IP module of Windows®→(modem or NIC)→ISP Modem or Hub→Router→Internet. Once connected to the communication network, the group members navigate to a uniform resource locator (URL) pointing to the application server's home Web-site. The application server164then delivers Web pages152using Web server procedures150.

FIG. 2is flow chart of a method for managing group finances via an electronic network according to an embodiment of the invention. The application server (164ofFIG. 1) using the web server procedures (150ofFIG. 1) and Web pages (152ofFIG. 1) generates a “home start page” (step202) an embodiment of which is shown inFIG. 6. The system then determines whether a group member would like to log into the system (step206). In a preferred embodiment of the invention, if a group member would like to log into the system, the system receives login details, such as a username or email address (610ofFIG. 6) and password (612ofFIG. 6), at212, and then generates and displays a “group summary page” (step216) an embodiment of which is shown inFIG. 8. All communication after login is secure, preferably use SSL (Secure Sockets Layer) technology. If a group member does not want to login (step206) the system then determines if the person accessing the system is a new member (step204). If the person accessing the system is not a new member, the system then determines if the person accessing the system would like to add to, or join, an existing group (502ofFIG. 5). If the person accessing the system is a new member, the system generates a “new member page” (step208), an embodiment of which is shown inFIG. 7, and receives the new member's details (step210). The system then determines (step214) whether the person accessing the system would like to store their details or not. If the new member would not like to store his/her details, i.e. cancels the new member application, the system either generates the start page (step202) or if the member has modified his/her details (as explained in relation toFIG. 3), the system generates a (unmodified) group summary page (step216). If the new member would like to store his/her details, the system stores the new member's registration details, (step218), and then generates the group summary page (step216). In this way a group fund is preferably established for plurality of group members.

The system then determines (step220) whether the group member would like to view the details for any of the groups that he/she belongs to. If the group member would like to view a group's details, the system generates and displays a summary page for a selected group (step222), an embodiment of which is shown inFIG. 9. The system then determines (step224) whether the group member would like to invite another individual to join a group. If the group member would like to invite a new member to join a group, the new member is invited (step226) preferably by email. This could be, for example, where a new person moves into a shared expenses apartment. After the new member has been invited to join a group the selected group's summary page is again generated and displayed (step222). If the group member would not like to invite a new member to join a group, the system then determines if the group member would like to email another individual (306ofFIG. 3). If the group member would not like to view a group's details (step220) the system then determines whether the group member would like to be removed from a specific group (302ofFIG. 3).

FIG. 3is a continuation of the flow chart ofFIG. 2. If the group member would not like to invite a new member to join a group, the system determines if the group member would like to email another individual (step306). This may be the case, for example, where the member would simply like to send an email to another member or members, or the group member would like to re-invite an individual to join a group. If the group member would like to send an email, an email is generated and sent (step308) and the selected group summary page is re-displayed (222ofFIG. 2). If the member does not want to send an email, the system determines whether the member would like to view a group's transaction details (step312). If the system determines that the member would like to view a group's transaction details, a “transaction history page” is generated and displayed to the member (step310), an embodiment of which is shown inFIG. 10. The system then determines whether the member would like to modify or delete any transactions, at316. If the member would not like to modify or delete any transactions, the selected group summary page is re-displayed (222ofFIG. 2). If the member would like to modify or delete any transactions, the modifications or deletions are made (step318) after which the group summary page is re-displayed (222ofFIG. 2).

If the system determines that the member would not like to view a selected group's transaction details (step312) the system then determines whether the group member would like to add a new transaction (step320). The new transaction may be a new group expense or a payment from a group member to a group. If the system determines that a group member would like to add a new transaction (step320), a “add new transaction page” is generated and displayed to the group member (step326), an embodiment of which is shown inFIG. 11.

Once the group member has added a new transaction, the new transaction details are received (step328) and added to that specific group's profile (128and134ofFIG. 1). The transaction details preferably include a shared expense of the group, containing an expense amount and at least one group member responsible for the expense. Alternatively, the transaction details may include remuneration details from a group member, such as the member's account details at a financial institution and the amount he or she should be remunerated. The system then determines if the transaction involves a simple or a complex allocation (404ofFIG. 4). If the system determines that a group member would not like to add a new transaction (step320), the system determines whether the user would like to remove a member from the group (step302).

FIG. 4is a continuation of the flow chart ofFIG. 3. If the system determines that the transaction involves a complex allocation (step404), such as splitting or dividing financial obligations like an expense among some or all of a group's members, a “complex allocation page” is generated and displayed (step402). Once the member has submitted the complex allocation details, these details are received (step406). In either the complex or simple allocation cases, the transaction is processed (step408) using the rule modules (128and136ofFIG. 1) for each group, together with the accounting procedures (144ofFIG. 1). This processing of the transaction generally includes allocating each transaction to a group and assigning payments included in the transaction among group members. This may preferably include debiting a group fund with an expense specified in the transaction details and allotting the expense among the group members in a manner specified in the transaction details. Alternatively, this may include crediting the group fund with remuneration specified in the transaction details and allotting the remuneration among the group members in a manner specified in the transaction details. This allocation and assignment is described in further detail below in relation toFIG. 11.

The system then determines whether the transaction involves a payment to or from a group fund (step412). A group fund is a fund set up by the group members for a special purpose. Such a fund might be a “car pool fund”, “a gift fund”, “a phone bill fund” or any of a variety of account used to collect commitments and unallocated expenses. For example, a fund might be set up to purchase a gift where everyone is asked to put in $50 beforehand. In this case, a commitment of $50 is collected in the group fund from each member. If the transaction involves a payment to or from a group fund, then an allocation to a specific group fund and an assignment between individual group members of that group fund is made (step410). All financial balancing calculations are preferably undertaken using standard accounting mathematics.

During any of its accounting calculations, the system preferably round off all original expense values to a new expense value having a predefined number of decimal places, and distributes a difference between the new expense value and the original expense value to a rounding account of a third party, preferably the service provider. For example, say an expense of $10 must be split between three group members, John, Nancy and Susan. Each group member would, therefore, owe $10/3=$3.333 . . . The system may round the amount owed to a set number of decimal places. If John paid $10 for an expense to be split among John, Nancy, and Susan, expense is rounded up to $3.34 for each person. If, however, John owes $10 for an expense to be split among John, Nancy, and Susan, then the expense is rounded down to $3.33, which is paid to each group member. In both cases, the remainder of $0.1 is credited to a rounding account for the benefit of a group or a third party, such as the service provider. After the system determines whether the transaction involves a payment to or from a group fund (step412), the system determines whether during any of its accounting calculations, a remainder was generated (step416) and if so assigns the remainder to the rounding account (step416).

The system then determines (step420) whether any members have been deleted or have left a group. When members are deleted from the group, their balance is assigned to a “Deleted Members” account for non-members (step418). The group may allocate those funds whenever they wish. This allocation may be a proportional split between group members or may vary depending on the rules module (128or136ofFIG. 1) set up for that group.

The system then preferably determines whether according to the rules module, a group member should be charged interest for paying late or should be paid interest for paying early. Such a charge or payment of interest is established either by the group members or by the service provider. For example, an investment group may require an appropriate economic return to members that pay for stocks on behalf of other members. An alternative embodiment utilizes an interest spread where a group member is charged a higher interest for a late payment than that payed out to an group member who makes an early payment. A third party, such as the service provider, retains the difference between the interest received and the interest payed out (the interest difference). For example, a group member who makes an early payment may be paid say 19% interest on the funds payed until such time as the expense is due. A group member who pays after the expense is due may be charged 21% interest until such time that he/she pays the group. The difference between the 21% and the 19%, i.e. 2%, is kept by the service provider. Therefore, the system determines (step424) whether any interest is due, and assigns the interest to the necessary accounts (step422). In the case where an interest spread is used, the interest difference may be assigned to a separate interest account or to the rounding account. The system then generates and displays the summary page (step222ofFIG. 2).

Returning toFIG. 3, if the system determines that the group member would like to be removed from a specific group (step302), that person is removed from the group (step304). The rules module for that group may be set up so that only under certain conditions may a member be removed, such as when a member is delinquent in paying his/her share towards a group expense. If the system determines that the group member would not like to be removed from a specific group (step302), the system then determines whether the member would like to change his member details or options (step314). If the member would like to change his/her options, a “member page” is generated (step208ofFIG. 2) and the modified details received (step210ofFIG. 2).

If the member does not want to change his/her options (step314), the system then determines if any member would like to settle up his/her obligations (pay what is owed) to the group account (step322). If a member would like to settle up, a “settle up page” is generated (step324) wherein a member can enter information to settle up his/her obligations, such as financial institution information, account numbers, amounts, etc. This payment information is received (step330), the account is balanced (step332), and depending on the page the member was previously viewing, the member is displayed either the group summary page (216ofFIG. 1) or the selected group summary page (222ofFIG. 1).

If a member does not want to settle up, the system determines whether a member would like to ask the other members of a group to settle up (step334). If the system determines that a member would like to ask the other members of a group to settle up, the system contacts the other members, preferably via email, to settle up the group account (step336). Depending on the page the member was previously viewing, the member is displayed either the group summary page (216ofFIG. 1) or the selected group summary page (222ofFIG. 1). If the system determines that a member does not want to ask the other members of a group to settle up, the system determines whether the member would like join another existing group (step504ofFIG. 5).

FIG. 5is a continuation of the flow chart ofFIG. 4. If the system determines that the member wants to join another existing group, the system generates a “join a new group page” (step506), an embodiment of which is shown inFIG. 15. Details, such as the members email address, are entered into the join a new group page and received (step508). If all the other members of the group that the member would like to join accept the member to their group (step510) the member is added to the group and the group summary page is displayed (step216ofFIG. 2).

If the system determines that the member does not want to join another existing group (step504), the system then determines whether the member would like to start a new group (step514). If the member would like to start a new group, a “new group page” is generated (step512) and new group details are received (step516) and saved in a new group profile. The system then determines whether the member would like to exit the system (step518). If the member would like to exit the system, the member is exited from the secure part of the system and the start page is displayed (step202ofFIG. 2). If the member does not want to exit the system, either the group summary page (216ofFIG. 1) or the selected group summary page (222ofFIG. 1) is displayed depending on the page the member was previously viewing.

FIG. 6is an illustration of a graphical user interface of a “Home start page”600used in accordance with an embodiment of the invention. To gain access to the system, a member typically enters security details, such as an email610address and password612. If the user is new, he/she may register with the system by clicking on the new user button618, which will displays a “modify personal info page”, similar to that shown inFIG. 7. A member may also start a new group by either clicking on the “Start new group” button602, or by clicking on any one of a number of standard groups614set up for different group activities, such as for joint camping trips. Clicking on either the start new group button602or standard groups614will display a “Create new group page”, as shown inFIG. 15. If the member would like to add an expense to the group account, he/she may do so my clicking on either the “Add expense” button604or any one of numerous set expenses616, such as joint grocery expenses. Clicking on either the add expense button604or one of numerous set expenses616, will display an “Add transaction page”, as shown inFIG. 11. A member may also deposit funds, or withdraw funds by clicking on a pay/withdraw button606. Such withdrawal or deposit may occur electronically, such as via a credit card or electronic check.

FIG. 7is an illustration of a graphical user interface of a “Member page”700used in accordance with an embodiment of the invention. This page is displayed when signing up a new member or when a member modifies his/her details. Details, such as member name702, email address, and password704, are entered into the various fields on the page. By clicking on the “Finish” button708, the member's details are saved into a member profile for that user (130,132,138, or140ofFIG. 1), after which a “group summary page” is displayed, as shown inFIG. 8. Clicking on the cancel button710returns the member to the page he/she was previously viewing, without saving the member's details.

FIG. 8is an illustration of a graphical user interface of a “Group summary page”800used in accordance with an embodiment of the invention. Each group802that the user belongs to is displayed separately. Various options are provided for each group. Clicking on the “details” button804displays further details about the group account displayed in a “Specific group's summary page”, as shown inFIG. 9. Clicking on the “remove me” button808removes the member from that group. Clicking on the “Settle up” button806allows the member to settle up his/her obligations with that group by preferably electronically transferring funds into the group account from the members bank account at a financial institution. Clicking on the “Asks folks to settle up” button810balances the group account and contacts the other members of that group, preferably via email, asking them to settle up their financial obligations with the group. A member may add another group or join an existing group by clicking on the “Add/Join a group” button812. A member may furthermore adjust group options by clicking on the “Personal Options” button814, after which an “options page” is displayed as perFIG. 13.

FIG. 9is an illustration of a graphical user interface of a “Specific group's summary page”900used in accordance with an embodiment of the invention. This page displays summary details for a specific member in a specific group. Summary details preferably include the member's financial obligations to the group902as well as other members' financial obligations to the group912. Clicking on the “Settle the slush fund” button904or the “Request settlement” button1018balances the group fund and contacts the other members of that group, preferably via email, asking them to settle up their financial obligations with the group. Clicking on the “Claim cash” button906allows the member to withdraw any funds owing to him/her from the group. Withdrawal of funds preferably occurs electronically by transferring funds from the group account to the member's account at a financial institution, but may occur via a credit card or an electronic or traditional check. Clicking on the “Remove/Allocate this” button908allows a member to remove himself from a group, thereby allocating any of his financial obligations between the remaining group members. If a potential member has been invited to join the group but has not yet joined, the member may click on the “Invite again” button914to contact the potential member to join the group. Likewise, entering an email address into the form provided and clicking on the “Add members” button916sends an email to the supplied email address inviting a potential member to join the group. Any member may also post a message to a message-board on the specific group's summary page by clicking on the “Post new message button”918. A member may add a new transaction by clicking on the “Add new transaction” button1016which displays an “Add new transaction page”, as shown inFIG. 11. A member may adjust his or her personal options by clicking on the “Personal Options” button1022. A member can view the groups transaction history by clicking on the “view history” button1024which displays a “transaction history page”, as shown inFIG. 10. A member may add another group or join an existing group by clicking on the “Add/Join a group” button1026. A member may adjust a group's options by clicking on the “Group administration” button1028, after which an “options page” is displayed as perFIG. 13. Finally, the member may return to the group summary page by clicking on the “Group summary” button1020.

FIG. 10is an illustration of a graphical user interface of a “Transaction history page”1000used in accordance with an embodiment of the invention. This page displays a specific group's transaction history1032. A member can precisely adjust what part of the transaction history is displayed by entering a date range into forms1002and1004, adjusting the pull down menu to display either an individual member of a group or the entire group1034, adjusting the pull down menu1006to show who entered the transaction into the system, and/or adjusting the pull down menu1008to display which categories should be displayed.

Each group has a group type associated with it. So, one may have a “roommate” type group, a “party” type of group, or an “office pool” type of group. Each group has a given set of categories associated with it. Additionally, each group can add group specific categories. Categories preferably include “All categories”, expenses, withdrawals, deposits, and any default or custom categories associated with the specific group. After adjusting the dates and pull down menus, the member clicks on the “search” button1010to initiate the search for the adjusted transaction history details which are then displayed. Individual transactions may be deleted or modified by clicking on the “delete”1012or “modify”1014buttons respectively. The member may return to the “specific group's summary page” by clicking on the “Group detail” button1030.

FIG. 11is an illustration of a graphical user interface of an “Add new transaction page”1100used in accordance with an embodiment of the invention. This page is used by a member to add a new transaction to a group account. A transaction date is set to a default of the date the transaction page is displayed. The member may, however, change this date by modifying the date displayed in the transaction date field1102. The member then selects a member or members of the group who began or initiated the transaction, such as an individual member, each member, or some or all the members. The member then adjusts a pull down menu1104showing what the selected member/s did, such as paid an amount on behalf of the group or deposited an amount into the group. The member enters the amount of the transaction in an amount field1108. The member then assigns the transaction to individual members, each member, or some or all of the members. Assignment of the transaction is an assignment of the obligation for that transaction. A description of the transaction is entered by adjusting the pull down menu1110and1114. To save the transaction and continue, the member clicks on the “Continue” button1116. To cancel the transaction without saving the member clicks on the “Cancel” button1118. If the transaction is complex, i.e. involves a more complex allocation or assignment of the transaction, such as splitting the transaction between group members, a “Complex transaction page” is displayed, as perFIG. 12.

FIG. 12is an illustration of a graphical user interface of a “Complex transaction page”1200used in accordance with an embodiment of the invention. The complex transaction page allows a member to divide expenses up between members of a group. Each part of the split expense amount is entered separately for each member1202. If a particular member is not responsible for any part of the expense, they may be excluded by checking an “exclude” box1204. Alternatively, if the amount is to be split evenly between members, the member entering the transaction may click the “Split Evenly” button1210which will split the expense evenly between all the members (except those excluded). Clicking on the “Clear” button1206clears all split amounts, while clicking on the “Done” button1208saves the split amounts, and clicking on the “Cancel” button1212exits from this screen without saving.

FIG. 13is an illustration of a graphical user interface of a “Group Options page”1300used in accordance with an embodiment of the invention. This page allows members to change the options of a particular group. By selecting the group as either public or private1302the members can allow or forbid other individuals to apply to join a group. In the case of a private group, only the members can invite another individual to join a group, where the individual is not made aware of the group prior to such an invitation. The members can also select whether they would like the system to automatically remind members1304, preferably via email, to settle up after each transaction. Alternatively, the system may be set only to remind members to settle up when someone owes, or is owed, more that a predetermined amount set by the members, such as $500. The members may also select that the system reminds them to settle up after a certain time period, such as biweekly, or not to send automatic reminders at all1306. Individual privileges for each member may also be set up1312, such as by giving members of the group administrative rights or allowing them to withdraw cash from the account. An administrative right is preferably the right to modify the group's options, the right to add or delete members from a group, and/or the right to allow other members the right to withdraw cash from the group. Clicking on the “Submit changes” button1314saves changes made to the group options, while clicking on the “Cancel” button1316exits the member from the screen without saving.

FIG. 14is an illustration of a graphical user interface of a “Join an Existing Group page”1400used in accordance with an embodiment of the invention. By entering their email address1402and clicking on the “Join an existing group” button1404, an email is generated and sent to an existing member of a group to ask if the potential member who entered the email address, may join their group.

FIG. 15is an illustration of a graphical user interface of a “Create a new group page”1500used in accordance with an embodiment of the invention. A new group may be created by entering a new group name1502, selecting a type of group1504from a drop down menu, such as a roommate group, entering the email addresses of those people who the member would like to join the group, and altering the invitation message1508, if necessary. Clicking on the “Go to group options page”1510, saves these details in a new group profile (126and134ofFIG. 1) and displays the group option page, displayed inFIG. 13, to the founding member so that he or she might adjust the group's options. Clicking on the “Done” button saves the group with default options.

While the foregoing description and drawings represent the preferred embodiment of the present invention, it will be understood that various additions, modifications and substitutions may be made therein without departing from the spirit and scope of the present invention as defined in the accompanying claims. For example, members may pay funds into an account or withdraw funds from an account using a P2P system. In particular, it will be clear to those skilled in the art that the present invention may be embodied in other specific forms, structures, arrangements, proportions, and with other elements, materials, and components, without departing from the spirit or essential characteristics thereof. The presently disclosed embodiments are therefore to be considered in all respects as illustrative and not restrictive, the scope of the invention being indicated by the appended claims, and not limited to the foregoing description. Furthermore, it should be noted that the order in which the process is performed may vary without substantially altering the outcome of the process.