PALM BEACH, Fla., March 16, 2017 /PRNewswire/ -- Virtual Piggy, creators of the only COPPA compliant technology aimed at providing payment capability for the under 18 market is changing its name to reflect the evolution of the company into broader payment-related markets. REGO Payment Architectures, Inc. (OTCQB: RPMT) becomes an umbrella under which the IP developed becomes available to many different industries beyond the under 18 market. "It's exciting to see the development process here, as we've solved some very complicated issues around Oink," says CEO John Coyne, "utilizing our proprietary technology, we believe that we have the opportunity to create something bigger here--beyond just the scope of the original market served by Oink. We believe that we have an opportunity to create revolutionary advancements in payment architecture."
REGO, is a Latin word that has multiple meanings and contexts. First, it means "to administer" and the underlying architecture we have designed is replete with regulatory controls that assure the administration of full payment compliance. Our payment architecture also allows sponsors to set the boundaries and conditions for the use of the payment platform.
REGO also means "to guide" and a central theme of REGO is to teach effective financial discipline and prepare users for a digital economy that moves and changes at a rapid pace. We believe that REGO's platform framework makes it one of the most adaptable payment architectures yet created.
Coyne further stated, "When I came on board as CEO, my goal was to transform the company from a card payment system to a mobile payment platform. I wanted to develop more than just a payment system for children--I wanted to create a business with multiple revenue sources that broaden our potential base of users and assure our investors that we are not just a one product company. This rebranding is a significant benchmark in our progress toward fulfillment of that promise. REGO is the vehicle for that larger vision."
Founded on validated artificial intelligence techniques, REGO's core base of technology has broad capability to adapt to a broad range of payment markets and users. This core technology comprises: ReTRO (Real Time Regulatory Oversight) a system of reasoning engines and a Contract Model (CM) that allows the creation of specific boundary conditions for its use. In totality, these underlying technologies make for a powerful and adaptive system. Assuming we can complete our funding requirements, we believe that REGO is now poised to see significantly expanded market potential.
"As part and parcel of the repositioning of our corporate image, we are restructuring the company to prepare for multiple market entry," says Coyne. "REGO will be the holding company for our proprietary Intellectual Property and will license its technology to REGO operating subsidiaries and third parties." The under 18 market will be served by REGO's new operating subsidiary, OINK, Inc., which will have an exclusive global field of use license for this market. This restructuring of licensing and operating units protects the IP and the operating units alike.
Coyne further observed, "We have been in discussion with global system integrators that believe our platform is perfect for complex welfare payment control; especially in Europe where there has become an increased dependence on welfare benefits. With our CM (contract model) and ReTRO, governments would now be able to map the benefits programs to their regulations and control the use of benefits proceeds to assure that the money is being spent efficiently, effectively and in the manner intended." Welfare benefits comprise, on average, 20% of Country GDP, (OCED report, 2014)—and up to 32% for France. Welfare benefits account for $896 Billion dollars in expenditure, for France alone.
We are exploring "Closed loop" processing. In a closed loop system, our platform allows the direct payment of settlements to merchants without the complexity and expense of using open payment interchanges, which is typically how debit and credit cards are processed. With our closed loop platform capability we have access to untapped potential users and direct and exclusive access to the transaction fees.
Coyne stated that "We are in discussion with retailers that want to use our system to dis-intermediate the current payment rails and save on processing fees, which can be 3% or more of retail sales. For a large retail chain, this could mean savings of billions of dollars per year. The attraction of REGO's Architecture is more than mobility and convenience, it's dollars and cents in a very real way."
Further, we can monitor user's activities—data related to how, where and when they spend, would become another proprietary source of revenue driven by our internal analytics engines and made available to our retail partners.
Finally, we believe that the "un-banked" can be another significant market. These are people dependent on the cash market that have minimal access to traditional banking and the digital payment capability that comes with it. "A dollar of cash churns every six hours in the cash economy compared to twenty days or more in the banked community. This churn represents over a Trillion Dollars in annual spending and we can capture a significant piece of this market with partners that directly service this demographic," Coyne observed.
"We think of our platform as a car chassis," says Coyne. "Using the chassis concept, we can modify the components to make a family sedan or super car where we might license one technology to Ford and another to McLaren. That is the power of adding specificity to a powerful generalized model on demand."
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SOURCE Virtual Piggy, Inc.