Rego Payment Architectures Profile
REGO Payment Architectures, Inc. (REGO) provides consumer software that delivers a mobile payment platform solution, Mazoola, a family focused mobile banking solution.
REGO offers an all-digital financial payments platform to enable minors, particularly under 13 years old, to transact, complete chores and learn in a secure online environment guided by parental permission, oversight, and control, while remaining COPPA and GDPR (General Data Protection Regulation) compliant.
The company's focus is monetizing the Mazoola Digital Wallet Platform in the Financial Technology (FinTech) industry through white label, licensing and partnership agreements. The company has successfully launched the Mazoola App and is focused on improving and monetizing the existing Platform and App that will act as the foundation for the strategic alignment with the FinTech industry. With the company's Children's Online Privacy Protection Act (COPPA) and GDPRkids Trustmark compliant technology as an added feature, it may have better market success.
The company intends to license in each alternative field of use the ability for its partners, distributors and/or value-added resellers to private label each of the alternative markets. These partners will deploy, customize and support each implementation under their own label, but with acknowledgement of the company's proprietary intellectual assets as the base technology.
In 2023, the company is working with small and large banks, credit unions and other channel providers for the adoption of the company's unique wallet for their family clients.
Solution
The company is targeting established brands with large family-focused account bases, including banks, telecommunication companies, faith-based organizations, media distributors, mobile device Original Equipment Manufacturers (OEMs), and merchants.
The company is seeking partners that will leverage its Platform to:
Buy vs. Build: Partners can license or revenue share for their specific market or field of use a safe, compliant system, instead of building one on their own.
Safety and Security: Partners can safely engage a younger consumer segment and their families with a new family friendly peer-to-peer-payment approach. Vendors will be explicitly protected from non-compliant transactions and the underlying technology protects the privacy of the user.
Youth Financial Literacy: Partners can expand their brand story around empowerment and education of youth financial literacy while engaging their 'future customers' with Gen Z, a digital native population of post-millennial youth.
The REGO Mazoola app and associated digital wallet technology is designed to enable the company's partners to engage families with Gen Z and Gen Alpha youths through the leading money management, transactional and financial literacy platform that enables young people to make smart decisions about the things they value in life, including their money, their time, their ideas and their connections. The Mazoola app enables a new way for individual users to own and monetize their purchasing behavior that is unavailable to them.
In addition, the company is analyzing specific components of its technology for individual monetization, as well as exploring opportunities in the Business to Business (B2B) realm.
Intellectual Property
The company has four issued patents with the United States Patent and Trademark Office (USPTO), entitled Parent Match, System and Method for Verifying the Age of an Internet User, System and Method for Virtual Piggy Bank Wish-List and System and Method for Virtual Piggy Bank. The company has filed for one provisional U.S. patent application, as well as twelve non-provisional U.S. patent applications, one of which is pending, four of which have been allowed, and seven of which have been abandoned. Additionally, the company has been granted two patents, entitled Virtual Piggy Bank and Parent Match, in each of Germany, Canada, and Australia. The company also has patents pending in the Republic of Korea under the Patent Cooperation Treaty (PCT).
Furthermore, the company has filed trademark applications pertaining to its service with the USPTO, the European Community, and Canada and a service mark application for Mazoola. The USPTO has already granted the company service mark registrations for Oink, Oink (stylized), PiggyPick, Virtual Piggy, Virtual Piggy and design (horizontal), the PIG design, Parent Match, Quickconnect, Virtual Piggy Youth Empowered Parent Approved and Design, Youth Empowered. Parent Approved, and Oink.com. The European Community has already granted the company registration for Virtual Piggy, Virtual Piggy and Design, Virtual Piggy Youth Empowered Parent Approved and Design, PiggyPick, Wishlist Wednesday, the PIG design, and the PIG design (alternative). The Canadian Intellectual Property Office has already granted the registration for VP Authenticate.
Research and Development
During 2022, the company's research and product development expenses were approximately $2.1 million, all of which were borne by it.
Government Regulation
The industry which the company serves is subject to regulation by the Federal Trade Commission (FTC), laws, such as the Children's Online Privacy Protection Act (COPPA), and other laws relating to collection, use, retention, and security.
History
The company was founded in 2008. It was incorporated in Delaware in February 2008 under the name Chimera International Group, Inc. The company changed its name to Moggle, Inc. in April 2008 and then to Virtual Piggy, Inc. in 2011. Further, the company changed its name to Rego Payment Architectures, Inc. in 2017.
