Rego Payment Architectures, Inc. Announces Its White-Label Senior Financial Management Product To Be Available End of March 2025

Rhea-AI Summary

Rego Payment Architectures (OTCQB: RPMT) has announced the launch of its white-label senior financial management (SFM) product, set to be available from March 31, 2025. The solution enables banks and credit unions to protect elderly customers' financial well-being through comprehensive oversight tools for caretakers.

The platform addresses a critical need, as Americans over 60 lost more than $38 billion to financial fraud in 2023, triple the previous year's losses. According to FBI data, elderly fraud victims lost an average of $33,915, with nearly 6,000 seniors losing over $100,000 each.

Key features include:

• Cross-account visibility (checking, savings, credit cards, investments)
• Bill payment reminders
• Spending variance alerts
• Transaction monitoring
• Fraud detection with Protection Score
• Cash flow projections

The product builds on REGO's existing youth banking platform, offering financial institutions an integrated solution that meets growing market demand, with over 70% of adults seeking tools to manage their parents' finances.

Positive

• Addresses $1 billion annual revenue opportunity in senior financial management
• Strong market demand with 70% of adults seeking elderly financial management tools
• Leverages existing secure platform infrastructure
• Expands service offering beyond youth banking to full family lifecycle

Negative

• No current operational revenue mentioned
• Faces competition from larger companies
• Subject to regulatory and compliance risks
• Requires additional capital raising

Financial institutions will be able to launch banking products in their own brand that provide oversight and insight into elderly financial health to their caretakers

BLUE BELL, Pa., March 06, 2025 (GLOBE NEWSWIRE) -- Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), the leading white-label family financial lifecycle solution platform, today announced the upcoming launch of a first-of-its-kind white-labeled senior financial management (SFM) product that enables banks and credit unions to help protect the financial well-being of senior citizens. REGO’s SFM product allows financial institutions to deploy an integrated branded solution that provides caretakers and fiduciaries with critical oversight and insight into their loved ones’ financial activity and help guard against fraud – even if they bank at different institutions.

Financial exploitation of the elderly has become a national crisis. In 2023 alone, Americans over the age of 60 lost more than $38 billion to financial fraud - three times the losses from the previous year, according to Comparitech. The FBI’s 2023 Elder Fraud Report found that elderly fraud victims lost on average $33,915, with nearly 6,000 seniors losing more than $100,000 each.

Built on the same secure and compliant platform as REGO’s industry-leading white-label youth banking product, REGO’s SFM offering gives adult children and caretakers full visibility into the financial well-being of their aging family members. It integrates with a financial institution’s digital platform, core banking system, and card processor, allowing banks and credit unions to retain customer relationships and grow deposits.

Key features of REGO’s senior financial management product include:

• Comprehensive account visibility across checking, savings, credit cards, and investment accounts.
• Bill payment reminders to prevent missed payments.
• Spending variance alerts that flag unusual behavior.
• Transaction monitoring to detect unauthorized or suspicious activity.
• Fraud detection alerts powered by a proprietary Protection Score.
• Cash flow projections to help families plan for future expenses.

“We have always believed that financial institutions are best positioned to support families at every stage of life,” said Peter S. Pelullo, CEO of REGO. “With our youth banking platform, we helped banks and credit unions engage families by empowering parents and children. Now, with our senior financial management offering, we are enabling financial institutions to extend that trust and support to the elderly and their caretakers.”

The demand for tools to help adult children manage the finances of their aging loved ones has never been greater. A recent report by Cornerstone Advisors, authored by Ron Shevlin, Chief Research Officer, found that over 70% of adults surveyed want financial management tools to help oversee the finances of their parents. The report estimates that addressing the needs of seniors represents a $1 billion annual revenue opportunity for financial institutions, as millions of families seek better ways to safeguard their elderly relatives from fraud and financial mismanagement.

With millions of Americans in the “sandwich generation,” who face the responsibility of caring for their kids and aging relatives, consumers are demanding secure, bank-backed family financial management solutions. REGO’s SFM product was designed to help financial institutions address this growing need while strengthening relationships with their customers and members. By expanding its platform beyond youth banking to include senior financial management, REGO reaffirms its commitment to empowering banks and credit unions to serve families at every stage of life.

REGO’s senior financial management product will be available for financial institutions starting on March 31, 2025. To learn more, please email info@regopayments.com or visit www.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 Contact:

Pawan Murthy
Chief Marketing Officer
Rego Payment Architectures, Inc.
pawan@regopayments.com

FAQ

When will RPMT's senior financial management product be available to financial institutions?

The product will be available starting March 31, 2025.

How much did elderly Americans lose to financial fraud in 2023 according to RPMT's release?

Americans over 60 lost more than $38 billion to financial fraud in 2023, triple the losses from the previous year.

What are the key features of RPMT's senior financial management platform?

The platform includes account visibility, bill payment reminders, spending alerts, transaction monitoring, fraud detection, and cash flow projections.

What market opportunity does RPMT's senior financial management product address?

According to Cornerstone Advisors, it addresses a $1 billion annual revenue opportunity, with over 70% of adults wanting tools to manage their parents' finances.

What was the average loss per elderly fraud victim in 2023 according to FBI data cited by RPMT?

According to the FBI's 2023 Elder Fraud Report, elderly fraud victims lost an average of $33,915.