Digital wallet provider reports increased demand for safe, child-friendly wallets that are certified COPPA and GDPR compliant
BLUE BELL, Pa., April 05, 2023 (GLOBE NEWSWIRE) — Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), the only COPPA certified and GDPR compliant provider of a white-label family digital wallet platform for financial institutions, announced today that it has secured a critical banking partnership as well as raised approximately $100M funding to continue delivering its integrated banking solutions.
“Customers have demanded from their banks and credit unions the ability to provide their children with financial literacy tools that allow them to spend, save and donate with parental controls,” said Peter S. Pelullo, CEO and co-founder of REGO. “However, the IT and regulatory requirements can be overwhelming for many financial institutions. REGO is uniquely positioned to offer a secure and fully integrated solution.”
Though the demand for banking products for children under 17 is high, state and federal lawmakers are increasing protections over children’s data and privacy. Companies risk paying severe fines for not complying with federal laws such as Children’s Online Privacy Protection Act (COPPA) and similar laws passed by a growing list of states such as California, Utah, Colorado, Iowa and others.
“Getting data privacy wrong – especially with COPPA and GDPR protected information of a child – can be troublesome for a financial institution, not just from a regulatory or monetary standpoint, but also the erosion of trust from customers,” said Donald Codling, retired FBI Cyber Division Unit Chief and CISO/CPO advisor for REGO. “Having worked with REGO for years, I’m pleased to say they have invested time and money into the necessary foundational cyber security and data privacy technologies to build a solution that is fully compliant.”
REGO has been recognized by PRIVO, one of the leading global industry experts in children’s online privacy and delegated consent management, to be certified COPPA and GDPR-compliant, making it the only digital family wallet solution to meet its rigorous standards. REGO has also been awarded multiple patents related to the safety of parent and child data, including the age verification of the internet user.
Recently, REGO announced its partnership with Q2, a leading provider of digital transformation solutions for banking and lending. This partnership enables all of Q2’s banking and credit union customers to offer a secure family digital wallet with children’s online safety in mind to their customers.
“REGO was built from the ground up to be a flexible, white-label solution for financial institutions,” explained Stuart C. Harvey Jr., chairman of REGO’s board of advisors and former CEO of Elavon Global Merchant Acquiring and Comdata. “Now, banks and credit unions of all sizes can offer REGO’s secure family wallet under their own brand at all levels of integration – from a co-branded standalone app or fully integrated in their own app.”
Furthermore, REGO has secured funding to continue building its secure platform. The company has raised approximately $100M in funding to date, so that it can continue to invest in its technology, team, and growth in the market.
Learn more about REGO’s recent momentum and growth at https://www.regopayments.com/.
REGO is a digital solution that enables children to stay safe in today’s tech-first environment. The REGO Digital Wallet platform, Mazoola®, allows parents and guardians to enable online shopping or digital spending at approved retailers, control what funds are available for which purchases, and reward children or pay allowance via the app. REGO is an innovative financial platform uniquely positioned due to its Children’s Online Privacy Protection Act (COPPA) and General Data Protection Regulation (GDPR) compliance. Visit REGO at regopayments.com.
Nardos Yosef, Alloy
On behalf of Rego Payment Architectures, Inc.