PALM BEACH, Fla., April 11, 2017 /PRNewswire/ -- Be Informed and Rego Payment Architectures, Inc. (OTCQB: RPMT) have entered into three memorandums of understanding (MOU) in anticipation of the many and various expanding markets where this mobile payment technology will be advantageous. The MOU's allow Rego to enter into production agreements under similar terms and conditions to its OINK payment platform, the only technology compliant with "The Children's Online Protection Act" (COPPA). The agreements cover the anticipated welfare benefits, the unbanked and closed loop platforms. The closed loop platform has multiple market uses and is broad enough to anticipate any new markets that wish to utilize this versatile technology.
Be Informed's CEO Rick Hoogenberg said, "We were excited about Rego's original payment platform for the under 17 market and are eager to participate in these new markets supported by our advanced semantic based technology platform. We are especially qualified in the government sector having built some of the most advanced government and municipal systems in Europe and anticipate working with Rego and its integration partners with the same payment architecture Rego developed using our tool sets."
John Coyne, CEO of Rego Payment Architectures, Inc. further stated, "I have personally had a long and strong working relationship with Be Informed. As our partnership continues to grow, I am confident that between Rego's applied use of this technology and Be Informed's on-going improvement to its platform, we will have an edge over competing alternatives. We have already developed our base platform in a matter of months rather than years allowing us to enter the under 17 market this year with our COPPA complaint Oink technology. More importantly, the flexibility we have in our development means that we can change and adapt our system to meet both market and user demands. This is especially important in our regulatory module that can anticipate regulatory changes implementing compliance within days rather than months protecting our users and the vendors that accept payment through our platform."
Rego is now developing a variety of closed loop applications. A closed loop application is one in which Rego directly processes payments outside of the interchange networks and affords the user of the Rego system reduced transaction fees and better access to data analytics. "This important partnership of technologies provides Rego with a strong long term outlook for expanding its revenue streams," commented Coyne.
Coyne also sees a lot of opportunity for welfare benefit payment applications, "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 (Real Time Regulatory Oversight), 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 the Country's GDP, (OCED report, 2014).
SOURCE Rego Payment Architectures, Inc.