BLUE BELL, PA — Rego Payment Architectures, Inc. has concluded a year marked by substantial growth, critical partnerships, and pioneering innovation, solidifying its status in the youth banking sector. This development could potentially reshape how financial institutions approach this emerging market.
In 2023, Rego made significant strides in establishing its solution as the top choice for youth banking among banks and credit unions. Catering to institutions ranging from $300 million to over $300 billion in assets, Rego focuses on growing deposits and retaining customers amid rising competition from fintechs and neobanks.
Peter S. Pelullo, CEO at Rego, emphasized the unique value proposition of the company’s offering. “REGO is the only solution on the market that allows financial institutions to launch a youth banking product that exclusively promotes their brand, integrates with existing systems, utilizes their BIN, and keeps the deposits on their balance sheets,” he said.
This focus on brand promotion and integration is particularly relevant for traditional financial institutions seeking to retain their market share amidst the rise of digital alternatives. It allows them to tap into the youth market while maintaining control over their brand identity and customer relationships.
Moreover, Rego’s platform is the only one certified as compliant with the Children’s Online Privacy Protection Act (COPPA), exceeding state and federal child data privacy regulations. This commitment to safety and security could be a major draw for families and financial institutions alike, given growing concerns about data protection.
One of Rego’s key milestones in 2023 was its integration with Q2’s Digital Banking Platform, which broadened the reach of its financial management tools. The company also testified to the U.S. House of Representative’s Energy and Commerce Committee advocating for stronger child financial transaction data privacy laws, underscoring its leadership in the industry.
Rego also released a report in partnership with Cornerstone titled “The Rise of Family Digital Wallets”, highlighting the untapped potential of the youth market for banks and credit unions. This could provide valuable insights for financial institutions looking to expand their services to younger demographics.
Furthermore, Rego obtained COPPA and GDPRkids™ Privacy Assured Shield Child Safety certifications, entered into an exclusive 3-year agreement with ENACOMM, and introduced fractional stock investment capabilities to its platform.
As we move into 2024, Rego’s achievements position it as a major player in the youth banking sector. Its commitment to safety, brand promotion, and integration make it a compelling choice for financial institutions seeking to tap into this burgeoning market. As such, it is a company to watch in the coming year.
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