Rego Payment Architectures, Inc. Launches its COPPA-Certified Family Digital Wallet Integration with Q2 Software, Inc’s Digital Banking Solution

Rhea-AI Summary

Rego Payment Architectures, Inc. has launched the technical integration of its family digital wallet with Q2 Software's Digital Banking platform. The partnership allows financial institutions to easily launch parent-controlled spending, saving, and investing capabilities for children.

Positive

• Financial institutions can develop and launch a family digital wallet program and integrate it into their Q2 digital experience, which can help them grow deposits, engage with a younger audience, and increase loyalty to their brand. Children between five and 17 years of age have spending power of over $360 billion, providing a viable opportunity for banks and credit unions to connect with future customers or members.

Negative

• None.

With deep integration with Q2’s Digital Banking platform, financial institutions can easily launch parent-controlled spending, saving and investing capabilities for children of all ages.

BLUE BELL, Pa., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT) announced today that it has launched the technical integration of its family digital wallet with Q2 Software’s Digital Banking platform. Austin, TX based Q2 Software, Inc. (“Q2”) (NYSE: QTWO) is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally.

Having announced the partnership between REGO and Q2 in March of 2023, the two organizations have since worked closely to integrate REGO’s fully white-labeled solution with Q2’s Developer Portal. Now, Q2’s network of over 450 financial institutions can develop and launch a family digital wallet program and integrate it into their Q2 digital experience.

This new offering will enable the children of customers and members to spend, save, donate and invest, all through their parent’s financial institution’s systems and brand. Additionally, financial institutions using REGO’s platform will benefit from enhanced child data privacy protections, as REGO is the only white-label digital wallet solution to be COPPA (Children’s Online Privacy Protection Act) Certified and GDPR compliant.

“As a fully white-labeled solution, REGO’s goal is to help financial institutions grow deposits, engage with a younger audience, and increase loyalty to their own brand, while leveraging their existing BIN and systems,” says Peter S. Pelullo, REGO’s CEO. “We value our partnership with Q2 and look forward to providing their financial institutional clients with a robust family digital wallet, a product that is in high demand by parents across the country.”

The need for improving financial literacy among children as well as youth banking capabilities continues to grow at a rapid rate. According to a report by Cornerstone Advisors, children between five and 17 years of age now have spending power of over $360 billion, making the youth segment a viable opportunity for banks and credit unions to connect with future customers or members.

Learn more about how this partnership will reduce the barrier for financial institutions of all sizes to launch a family digital wallet at 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 operating 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:

Nardos Yosef, Alloy
On behalf of Rego Payment Architectures, Inc.
regopayments@alloycrew.com
855.300.8209

FAQ

What is the partnership between Rego and Q2?

Rego Payment Architectures, Inc. has partnered with Q2 Software, Inc. to integrate its family digital wallet with Q2's Digital Banking platform.

What capabilities does the partnership offer for children?

The partnership allows financial institutions to launch parent-controlled spending, saving, and investing capabilities for children.

What benefits do financial institutions get from using REGO's platform?

Financial institutions can develop and launch a family digital wallet program, engage with a younger audience, increase loyalty to their brand, and benefit from enhanced child data privacy protections.

What is the spending power of children between five and 17 years of age?

Children between five and 17 years of age have spending power of over $360 billion.

Why is the youth segment important for banks and credit unions?

The youth segment provides a viable opportunity for banks and credit unions to connect with future customers or members.