BLUE BELL, Pa., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Rego Payment Architectures, Inc. (“REGO”) (OTCQB: RPMT), announces its official support of the Kids Online Safety and Privacy Act (KOSPA) that has recently passed the Senate.
KOSPA is a landmark piece of legislation aimed at enhancing the safety and privacy of children online. The bill mandates that technology companies implement robust safety measures to protect minors from online harms such as exploitation, bullying, and exposure to inappropriate content. This legislation holds companies accountable for their product design features that impact children's behavior, ensuring that the welfare of young users is a top priority. The legislation also provides important privacy updates to the Child Online Privacy Protection Act (COPPA).
"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,” stated 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 is a leading provider of a family digital wallet platform that allows children to engage in financial activities under the watchful eye of their parents. Certified by PRIVO for compliance with COPPA (Children's Online Privacy Protection Act) and GDPR (General Data Privacy Regulation), REGO ensures the highest standards of data privacy and security. Since its inception, REGO has focused on creating a secure environment for children’s financial literacy, offering tools that help kids learn to manage money while parents oversee their activities. Financial institutions can leverage REGO’s platform as a white-labeled product and integrate it into their existing applications.
REGO was invited by the House Commerce Innovation, Data, and Commerce Subcommittee of the U.S. House of Representatives, to provide testimony on April 27, 2023, on the importance of stronger regulations to protect children’s financial data and privacy. REGO’s Senior Advisor for Cybersecurity and Privacy, Donald Codling, who worked in the FBI for over 23 years focusing on international cybercrime and national security, provided the testimony for this hearing. “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,” stated Mr. Codling. “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.”
At the time of this writing, the KOSPA has successfully passed the Senate and will proceed to the House of Representatives. This legislation marks a significant step forward in ensuring the online safety of children and establishing a safer digital environment for future generations.
About REGO
Rego Payment Architectures, Inc. ("REGO") is a family digital wallet platform that empowers financial institutions to let their customer's children spend, save, donate and invest in a safe, parent-controlled environment. Founded in 2008, REGO is the only family digital wallet platform to be certified COPPA (Children's Online Privacy Protection Act) and third-party GDPR (General Data Privacy Regulation) compliant. REGO has also been awarded multiple patents related to the safety of parent and child data, including age verification of users. Built from the ground-up to protect the privacy of children's data, REGO offers financial literacy tools for parents to teach their kids to be smarter shoppers, savers, givers and investors. Financial institutions of all sizes can offer a family digital wallet product through REGO as a white-labeled stand-alone application or fully integrated into their existing app.
Safe Harbor Statement:
The information in this press release may contain forward-looking statements on REGO’s current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties, and assumptions about REGO that may cause the actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from REGO’s expectations include, but are not limited to: REGO’s ability to raise additional capital, the absence of any material operational history or revenue, REGO’s ability to attract and retain qualified personnel, the ability to develop and introduce a new service and products to the market in a timely manner, market acceptance of REGO’s services and products, REGO’s limited experience in the industry, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, unexpected network interruptions or security breaches, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other risks as described by REGO in Item 1.A “Risk Factors” in REGO’s most recent Form 10-K; other risks to which REGO is subject; other factors beyond REGO’s control.
All subsequent written and oral forward-looking statements attributable to REGO, or persons acting on REGO’s behalf, are expressly qualified in their entirety by the foregoing. REGO has no obligation to and does not undertake to update, revise, or correct any of these forward-looking statements after the date of this report.
Media Contact:
Pawan Murthy
Chief Marketing Officer
Rego Payment Architectures, Inc.
pawan@regopayments.com