Technology Eases Pot Banking Pain
While the Colorado-based Fourth Corner Credit Union aimed to serve the cannabis industry, another idea was brewing – an application that could ultimately be the saving grace for similar financial institutions. A software platform, called Hypur, was being developed as a compliance tool to assist cash-intensive businesses. Its original intent was to service payday lenders and check cashing businesses.
“Back in day one, we weren't talking about cannabis at all. So there was no discussion, we didn't build it for cannabis,” Andre G. Herrera, executive vice president of banking and compliance for Hypur, said.
After showing the platform to banking consultants and regulators for feedback, Herrera said the company started getting calls from institutions in Colorado that wondered whether the platform could be used to service legitimate marijuana businesses.
Herrera confirmed the platform could accommodate such businesses and even had industry-specific features for the marijuana industry, such as SARs.
“The topic...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
420 Intel is Your Source for Marijuana News
420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.
420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.
Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.
Follow us on Instagram
Connect with us on Linkedin