BLUE BELL, PA — Rego Payment Architectures, Inc. (OTCQB: RPMT) has teamed up with Bangor Savings Bank to roll out a youth banking platform designed to attract families to banks and credit unions that may not already be their customers. This strategic partnership allows financial institutions to offer a fully branded youth banking app through REGO, providing a unique opportunity to engage with a new generation of customers.
Peter S. Pelullo, CEO of REGO, emphasized the importance of this initiative, stating that financial institutions are keen to expand their customer base, particularly by appealing to younger audiences. By utilizing Bangor Savings Bank’s services, banks can provide families with a youth banking app that mirrors popular offerings, yet retains the institution’s unique branding. This approach positions banks as first movers in their communities, potentially driving future growth.
The increasing demand from parents for financial literacy tools for Generation Z and Generation Alpha presents banks with the chance to integrate these products into their offerings. REGO’s platform enables families to oversee their children’s financial activities, including earning, spending, saving, donating, and even investing, all within a digital framework personalized by their local bank or credit union. This capability not only strengthens community ties but also provides a pathway for institutions to convert app users into long-term customers.
Ryan C. Dumond, SVP and Director of Fintech Partnerships at Bangor Savings Bank, expressed enthusiasm for the collaboration, noting the bank’s commitment to innovation since its founding in 1852. The partnership with REGO aligns with Bangor Savings Bank’s dedication to advancing technology and banking services, with the aim of positively impacting future generations.
Moreover, REGO’s platform stands out as the only white-labeled youth banking solution that meets the stringent child data privacy standards set by the federal Children’s Online Privacy Protection Act (COPPA), ensuring a safe and secure environment for young users.
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