BLUE BELL, PA — Rego Payment Architectures, Inc. (OTCQB: RPMT) has voiced strong support for the Kids Online Safety and Privacy Act (KOSPA), which recently passed the Senate.
KOSPA aims to improve the safety and privacy of children on the internet. The bill requires tech companies to enforce safety measures to protect minors from online dangers like exploitation, bullying, and inappropriate content. It also updates the Child Online Privacy Protection Act (COPPA) to better protect children’s privacy.
“I founded REGO with the primary intent to provide a safe environment for children and their parents to be financially active through their own financial institution,” said Peter S. Pelullo, CEO and co-founder of REGO. “We are fully supportive of the House passage of KOSPA (KOSA and COPPA 2.0) so the President can sign it into law, as it ensures that all technology companies will now be legally required to prioritize the safety and privacy of children online above all other goals.”
REGO offers a family digital wallet platform that allows children to participate in financial activities under parental supervision. Certified by PRIVO for compliance with COPPA and GDPR, REGO upholds high standards of data privacy and security. The platform helps children learn money management while parents monitor their activities. Financial institutions can use REGO’s platform as a white-labeled product and integrate it into their systems.
REGO was invited by the House Commerce Innovation, Data, and Commerce Subcommittee to testify on April 27, 2023, about the need for stronger regulations to protect children’s financial data and privacy. Donald Codling, REGO’s Senior Advisor for Cybersecurity and Privacy and a former FBI agent specializing in international cybercrime and national security, provided the testimony. “This ‘perfect storm’ of financial and technology trends is exacerbated by the fact that federal laws and regulations have not kept up with the advent of a cashless society,” Codling said. “It must be the responsibility of companies to take steps to protect our children’s privacy…In my experience, no other financial technology company has a child’s financial data and privacy protection so integrated in its foundational strategy other than REGO.”
With the passage of KOSPA, Rego Payment Architectures is poised to continue its mission to safeguard children’s online experiences and financial activities.
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