Lumin Digital and Rego Payment Architectures, Inc. Announce Strategic Partnership to Offer Youth Banking Solutions to Financial Institutions

Rhea-AI Summary

Lumin Digital and Rego Payment Architectures, Inc. (OTCQB: RPMT) have announced a strategic partnership to offer youth banking solutions to financial institutions. Lumin's network of banks and credit unions can now launch a parent-controlled, COPPA-compliant family digital wallet product using REGO's white-label platform. This partnership aims to provide innovative solutions for financial literacy, targeting Generations Z and Alpha (children aged 5-17).

The collaboration allows Lumin's clients to offer a secure youth banking experience designed to help children spend, save, donate, and invest under parental supervision. REGO's platform is certified to exceed the strictest state and federal child data privacy laws, including COPPA and GDPR compliance. This partnership addresses the growing need for financial literacy tools among younger generations and provides financial institutions with a strategic advantage in increasing deposits and customer loyalty.

Positive

• Strategic partnership to offer youth banking solutions to financial institutions
• Expansion of Lumin's product offerings to include REGO's white-label family wallet
• Potential for increased deposits and customer loyalty for banks and credit unions
• REGO's platform certified to exceed strict child data privacy laws (COPPA and GDPR compliant)

Negative

• None.

News Market Reaction

-4.63%

1 alert

-4.63% News Effect

On the day this news was published, RPMT declined 4.63%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Parent-controlled, COPPA-compliant family digital wallet product now available to Lumin customers 

SAN RAMON, Calif. and BLUE BELL, Pa., Oct. 3, 2024 /PRNewswire/ -- Lumin Digital (Lumin), a leading future-ready and cloud-native digital banking solution today announced a strategic partnership with Rego Payment Architectures, Inc. ("REGO") (OTCQB: RPMT) to offer REGO's white-label family wallet to Lumin's network of financial institutions. Banks and credit unions that use Lumin's digital platform can launch a youth banking product using their brand that lets children spend, save, donate, and invest under the supervision and control of their parents.

"Lumin's partnership with REGO highlights our dedication to providing our financial institutional clients with innovative solutions that drive growth," said Sean Weadock, Chief Product Officer at Lumin. "We're confident that our banking clients will benefit from REGO's digital family wallet offering that helps parents teach their kids critical earning, spending, and saving skills."

Generations Z and Alpha (children between five and 17 years old) are becoming more financially active at an earlier age. As a result, parents seek effective financial literacy tools, and banks and credit unions have a significant strategic benefit in offering such products to increase deposits and loyalty. With REGO, Lumin can now offer its financial institution customers the ability to launch a secure youth banking experience designed to help them invest in their future. 

"We are thrilled to partner with Lumin, who shares our desire to offer financial institutions the latest technology solutions," said Peter S. Pelullo, Chief Executive Officer at REGO. "Our platform, which is certified to exceed the strictest state and federal child data privacy laws, will provide peace of mind to both Lumin's financial institutions and families as they foster the next generation of savvy bankers."

REGO is the only white-labeled youth banking platform that is certified to exceed the child data privacy requirements of the federal Children's Online Privacy Protection Act, or COPPA.

About Lumin Digital
Lumin Digital is the leading, future-ready digital banking solution powering remarkable growth for financial institutions across the United States. Combining innovation, data, and speed, Lumin's disruption-proof platform was born in the cloud to stay ahead of the evolving expectations of retail and business banking users. With Lumin Digital's unique approach, our clients innovate and scale at their own pace, optimize digital banking ROI, and create a strong digital relationship with their customers. For more information, visit lumindigital.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. For more information, please visit regopayments.com.

REGO 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.

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SOURCE Lumin Digital

FAQ

What is the purpose of the partnership between Lumin Digital and REGO (RPMT)?

The partnership aims to offer youth banking solutions to financial institutions, allowing Lumin's clients to launch a parent-controlled, COPPA-compliant family digital wallet product using REGO's white-label platform.

How does REGO's (RPMT) family digital wallet platform benefit financial institutions?

REGO's platform provides banks and credit unions with a secure youth banking experience, potentially increasing deposits and customer loyalty while offering financial literacy tools for children to learn about spending, saving, donating, and investing.

What certifications does REGO's (RPMT) youth banking platform have?

REGO's platform is certified to exceed the requirements of the Children's Online Privacy Protection Act (COPPA) and is third-party General Data Protection Regulation (GDPR) compliant, ensuring strong protection of children's data privacy.

What age group does the Lumin-REGO (RPMT) youth banking solution target?

The youth banking solution targets Generations Z and Alpha, which includes children between five and 17 years old who are becoming more financially active at an earlier age.