Wauna Credit has partnered with Arizona tech firm Hypur to allow the financial institution to provide marijuana banking services.
Marijuana banking services in the U.S. are at a premium right now. With federal intervention looming overhead, many financial institutions will not do business with marijuana companies that violate U.S. federal law.
But a credit union, Wauna Credit and a tech firm, Hypur are looking to change things. According to a released statement, the two organizations have established a partnership that will enable “compliant, transparent banking services to cannabis-related businesses (CRBs) within Wauna CU’s field of membership by using Hypur’s compliance and payments software.”
Wauna Credit Union has more than 25,000 members in Washington and Oregon. The company states that this partnership,
“benefits not only the businesses themselves but the entire community by bringing transparency and accountability to the cannabis industry.”
Robert Blumberg, CEO and president of Wauna CU, said “it also adds an element of safety and security to all of us that live and/or work in the community, which is in all of our best interests.”
Hypur will help Wauna CU’s “current anti-money laundering and Bank Secrecy Act processes with real-time red flag alerts, automated onboarding and document management, electronic business-to-business and consumer-to-business payments, and Level 3 data for complete transaction transparency, it said in a press release.