BLUE BELL, PA — REGO Payment Architectures, Inc. (OTCQB: RPMT) has unveiled a groundbreaking senior financial management (SFM) product aimed at safeguarding elderly individuals from financial fraud while enhancing visibility for caretakers. Launching March 31, 2025, this white-labeled solution allows financial institutions to integrate a branded platform that provides oversight of seniors’ financial activities, even if they bank across multiple institutions.
Elder financial exploitation has reached alarming levels, with Americans aged 60 and above losing over $38 billion to fraud in 2023, a threefold increase from the previous year, according to Comparitech. Additionally, the FBI reported average fraud losses of $33,915 per victim, with nearly 6,000 seniors losing more than $100,000.
REGO’s SFM product addresses this crisis by providing adult children and caretakers tools to monitor their loved ones’ finances across banking, credit card, and investment accounts. The platform integrates seamlessly with banks’ and credit unions’ existing digital systems, enabling financial institutions to strengthen relationships and grow deposits while helping families prevent fraudulent activities.
The product includes several forward-thinking features such as spending variance alerts, bill payment reminders, transaction monitoring for suspicious activity, fraud detection powered by a proprietary Protection Score, and cash flow projections. These tools collectively equip families with essential resources to manage their elderly relatives’ financial health.
“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 effective tools to oversee seniors’ finances continues to grow as millions of families face these responsibilities. Research from Cornerstone Advisors highlights that over 70% of adults want financial tools to help manage their aging parents’ accounts, with this need representing a potential $1 billion annual revenue opportunity for banks and credit unions.
REGO’s new platform not only offers a practical solution for senior financial management but also addresses the challenges faced by the “sandwich generation”—adults balancing care for both children and aging relatives. By expanding its platform to support seniors, REGO reinforces its role in creating financial solutions that assist families across all stages of life.
Summary
REGO Payment Architectures is launching a first-of-its-kind financial management product for seniors, offering banks and credit unions an opportunity to combat elder fraud while empowering families to maintain financial oversight. With innovative features and a strategic focus on safeguarding senior citizens, the product is set to strengthen ties between financial institutions and their customers, meeting a growing demand in today’s market. The service will go live on March 31, 2025.
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