“Customers have demanded from their banks and credit unions the ability to provide their children with financial literacy tools that allow them to spend, save and donate with parental controls,” said
Though the demand for banking products for children under 17 is high, state and federal lawmakers are increasing protections over children’s data and privacy. Companies risk paying severe fines for not complying with federal laws such as Children's Online Privacy Protection Act (COPPA) and similar laws passed by a growing list of states such as
“Getting data privacy wrong - especially with COPPA and GDPR protected information of a child - can be troublesome for a financial institution, not just from a regulatory or monetary standpoint, but also the erosion of trust from customers,” said
REGO has been recognized by PRIVO, one of the leading global industry experts in children’s online privacy and delegated consent management, to be certified COPPA and GDPR-compliant, making it the only digital family wallet solution to meet its rigorous standards. REGO has also been awarded multiple patents related to the safety of parent and child data, including the age verification of the internet user.
Recently, REGO announced its partnership with Q2, a leading provider of digital transformation solutions for banking and lending. This partnership enables all of Q2's banking and credit union customers to offer a secure family digital wallet with children’s online safety in mind to their customers.
"REGO was built from the ground up to be a flexible, white-label solution for financial institutions,” explained
Furthermore, REGO has secured funding to continue building its secure platform. The company has raised approximately
Learn more about REGO’s recent momentum and growth at https://www.regopayments.com/.
About REGO
REGO is a digital solution that enables children to stay safe in today’s tech-first environment. The REGO Digital Wallet platform, Mazoola®, allows parents and guardians to enable online shopping or digital spending at approved retailers, control what funds are available for which purchases, and reward children or pay allowance via the app. REGO is an innovative financial platform uniquely positioned due to its Children’s Online Privacy Protection Act (COPPA) and General Data Protection Regulation (GDPR) compliance. Visit REGO at regopayments.com.
Media Contact:
pr@regopayments.com
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Source:
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