BLUE BELL, Pa., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT) announced today that it has selected Bangor Savings Bank as its banking services provider for its youth banking platform. This partnership enables banks and credit unions to attract and engage families who do not currently bank with them by offering a fully white-labeled youth banking app through REGO.
“Financial institutions across the nation are investing heavily in ways to grow their customer and member base, particularly through youth accounts,” said Peter S. Pelullo, CEO of REGO. “By leveraging services provided by Bangor Savings Bank, banks and credit unions can offer families—regardless of where they currently bank—the same features as popular youth banking apps, but entirely within their own brand. Being a first mover in their community with such a product can be a powerful strategy for future growth.”
Parents of Generation Z and Generation Alpha (children between five and 17 years old) are increasingly demanding effective financial literacy tools to help their kids become money-savvy adults. This presents a unique opportunity for banks and credit unions to offer these products within their communities, regardless of existing banking relationships. REGO’s white-labeled youth banking product allows families to manage how their kids earn, spend, save, donate, or even invest, all through a digital experience exclusively branded by their local bank or credit union. Financial institutions can then message parents through REGO’s app to become their customer or member and unlock additional benefits.
“We are thrilled to partner with REGO so they can help financial institutions support future generations in their communities,” said Ryan C. Dumond, SVP and Director of Fintech Partnerships, Bangor Savings Bank. “Since our founding in 1852, Bangor Savings Bank remains committed to innovation in technology, banking products, and services. This collaboration with REGO exemplifies these values, and we look forward the positive impact they will have.”
REGO is the only white-labeled youth banking platform certified to exceed the child data privacy requirements of the federal Children’s Online Privacy Protection Act (COPPA).
For more information about REGO, please visit regopayments.com.
About REGO
Rego Payment Architectures, Inc. ("REGO") is a family digital wallet platform that empowers financial institutions to let their customer's children spend, save, donate and invest in a safe, parent-controlled environment. Founded in 2008, REGO is the only family digital wallet platform to be certified COPPA (Children's Online Privacy Protection Act) and third-party GDPR (General Data Privacy Regulation) compliant. REGO has also been awarded multiple patents related to the safety of parent and child data, including age verification of users. Built from the ground-up to protect the privacy of children's data, REGO offers financial literacy tools for parents to teach their kids to be smarter shoppers, savers, givers and investors. Financial institutions of all sizes can offer a family digital wallet product through REGO as a white-labeled stand-alone application or fully integrated into their existing app.
Safe Harbor Statement:
The information in this press release may contain forward-looking statements on REGO’s current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about REGO that may cause the actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from REGO’s expectations include, but are not limited to: REGO’s ability to raise additional capital, the absence of any material operational history or revenue, REGO’s ability to attract and retain qualified personnel, the ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of REGO’s services and products, REGO’s limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by REGO in Item 1.A “Risk Factors” in REGO’s most recent Form 10-K; other risks to which REGO is subject; other factors beyond REGO’s control.
All subsequent written and oral forward-looking statements attributable to REGO, or persons acting on REGO’s behalf, are expressly qualified in their entirety by the foregoing. REGO has no obligation to and does not undertake to update, revise, or correct any of these forward-looking statements after the date of this report.
Media Contacts:
For REGO:
Pawan Murthy
Chief Marketing Officer
Rego Payment Architectures, Inc.
pawan@regopayments.com
