Virtual Piggy, Inc. Announces Creation of Fully Automated Parental Control System
PALM BEACH, Fla., Aug. 9, 2016 /PRNewswire/ -- Virtual Piggy, Inc. (VPIG) announced a family-focused mobile banking solution whose technology is marketed as OINK.com, announces the creation of a fully automated parental control system known as Instant Monitoring Parental Account Control Technology (IMPACT) to be implemented in its new peer-to-peer payment system targeted for the under-17 market worldwide.
Based on the same artificial intelligence technology that underpins VPIG's newly created "ReTRO™" system of regulatory controls, Impact provides parents with the same real time capability to monitor family transactions that regulators will have in assuring corporate compliance.
Impact provides every parent with the ability to individualize the rules of engagement for their child's use of OINK's Virtual Piggy's payment system- giving them more control over their children's spending, while providing freedom for the child to shop on their own and learn financial discipline.
Using Impact, Virtual Piggy will have the capability to monitor and apply millions of compound individualized rules - a level of data complexity only available through this proprietary technique and technology.
Bob Balch, Director of Engineering for Virtual Piggy added, "Impact provides a simple interface for parents to choose between standard rules provided by Virtual Piggy or easily implement a custom set of rules and change them any time they like."
"Because we know all families are different, we recognize that parents have their own unique approach to teaching their children the importance of good financial management," VPIG CEO John Coyne explained. So rather than force parents into a pigeonholed environment with a finite set of options, we now provide a fully customized custom payment control system."
With the Impact System now integrated into the OINK.com product, as circumstances such as age and interests change in regard to a child's online financial interactions, parents can change the "rules," such as how instant messages will be received; to viewing proposed transactions and approving or denying them; to setting the boundaries of where, when and how transactions may occur. Impact gives instant feedback to the user and the parent on a child's online financial transactions.
Through OINK.com, the Impact System will be connected to geo-centric mall beaconing systems, with localized coupon delivery and comparison pricing systems. It will also give feedback for specialized incentive programs that promote good financial discipline.
"This capability is significantly innovative to the extent that it will become important not just for children, but the entire family's payment requirements; anywhere flexible rules can be applied to financial management," Coyne added. "Once the power of this system is realized compared with alternative payment systems, the whole family will want to use it. OINK 's Impact System goes beyond typical bill pay systems by automating the kind of decisions people make daily. Impact and its fundamental technology will extend Virtual Piggy to new users in new almost limitless environments."
Based in Palm Beach, Florida Virtual Piggy, Inc. holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395.
SOURCE Virtual Piggy, Inc.
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