BLUE BELL, PA — Rego Payment Architectures (OTCQB: RPMT) has introduced a new deployment model for its Family Wallet platform, allowing banks and credit unions to integrate digital youth banking tools without requiring changes to existing account ownership structures.
The update reflects a broader industry effort to attract younger customers and their families while balancing compliance requirements, onboarding costs, and long-term customer retention strategies.
Under the new child-centric model, financial institutions can connect the Family Wallet platform directly to youth accounts already owned by minors, with parents serving as joint account holders and retaining oversight through the platform.
The structure allows institutions to preserve existing account relationships as children reach adulthood, eliminating the need to migrate customers into new account types when they turn 18.
The company will continue offering its existing parent-centric model, in which parents establish the primary relationship and add children as managed users.
That approach is designed to reduce operational hurdles associated with opening accounts in a child’s name, including know-your-customer requirements, age restrictions, and branch-based onboarding processes.
For financial institutions, the choice between the two models allows youth banking programs to be tailored to existing operational frameworks rather than requiring changes to account infrastructure.
Steven Kravit, head of product and operations at REGO, said the company developed the alternative structures in response to differing approaches banks and credit unions take toward youth banking programs.
“Some institutions already have successful youth account programs in place and want to offer a Family Wallet program experience without changing account ownership structures,” Kravit said.
Youth banking has become an increasingly competitive segment for financial institutions seeking to establish customer relationships earlier in life and retain those customers into adulthood.
REGO’s platform includes parental controls, spending oversight tools, allowance management, chores and rewards features, financial literacy resources, and family engagement functions.
The company markets the platform to financial institutions on a white-label basis, allowing banks and credit unions to offer the technology under their own brands.
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