SAN RAMON, CA and BLUE BELL, PA — Lumin Digital has announced a partnership with Rego Payment Architectures, Inc. (OTCQB: RPMT) to deliver REGO’s white-label family wallet to its network of financial institutions. This initiative enables banks and credit unions using Lumin’s digital platform to introduce a youth banking product under their own brand. The family wallet allows children to manage finances through spending, saving, donating, and investing, all under parental guidance.
Sean Weadock, Chief Product Officer at Lumin, emphasized the significance of this collaboration, stating, “Lumin’s partnership with REGO highlights our dedication to providing our financial institutional clients with innovative solutions that drive growth. 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.”
As Generation Z and Alpha increasingly engage in financial activities at younger ages, parents are seeking effective tools for financial literacy. The REGO platform provides a strategic advantage for banks and credit unions eager to attract deposits and foster customer loyalty. With this collaboration, Lumin’s clients can offer a secure youth banking experience, supporting children’s financial futures.
Peter S. Pelullo, Chief Executive Officer at REGO, expressed enthusiasm about the partnership, saying, “We are thrilled to partner with Lumin, who shares our desire to offer financial institutions the latest technology solutions. 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.”
Significantly, REGO is the sole white-labeled youth banking platform certified to surpass the federal Children’s Online Privacy Protection Act (COPPA) requirements, ensuring robust protection for child data privacy. This feature reassures both financial institutions and families as they integrate these innovative solutions into their banking services.
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