Lumin Digital and Rego Payment Architectures, Inc. Announce Strategic Partnership to Offer Youth Banking Solutions to Financial Institutions
Parent-controlled, COPPA-compliant family digital wallet product now available to Lumin customers
Lumin Digital (Lumin), a leading future-ready and cloud-native digital banking solution today announced a strategic partnership with Rego Payment Architectures, Inc. ("REGO") (OTCQB: RPMT) to offer REGO's white-label family wallet to Lumin's network of financial institutions. Banks and credit unions that use Lumin's digital platform can launch a youth banking product using their brand that lets children spend, save, donate, and invest under the supervision and control of their parents.
"Lumin's partnership with REGO highlights our dedication to providing our financial institutional clients with innovative solutions that drive growth," said Sean Weadock, Chief Product Officer at Lumin. "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."
Generations Z and Alpha (children between five and 17 years old) are becoming more financially active at an earlier age. As a result, parents seek effective financial literacy tools, and banks and credit unions have a significant strategic benefit in offering such products to increase deposits and loyalty. With REGO, Lumin can now offer its financial institution customers the ability to launch a secure youth banking experience designed to help them invest in their future.
"We are thrilled to partner with Lumin, who shares our desire to offer financial institutions the latest technology solutions," said Peter S. Pelullo, Chief Executive Officer at REGO. "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."
REGO is the only white-labeled youth banking platform that is certified to exceed the child data privacy requirements of the federal Children's Online Privacy Protection Act, or COPPA.
