Wauna Credit Union Partnering with Hypur to Service Oregon Cannabis-Related Businesses
December 18th, 2017
Today, Wauna Credit Union (Wauna CU) is announcing a partnership agreement with Hypur, a financial technology company based in Scottsdale, Ariz., that will enable it to offer compliant, transparent banking services to cannabis-related businesses (CRBs) within Wauna CU’s field of membership by using Hypur’s state of the art compliance and payments software.
Wauna CU, a financial cooperative serving over 25,000 members in Oregon and Washington, takes its role in the community seriously. Wauna CU believes that providing banking access to CRBs benefits not only the businesses themselves, but the entire community by bringing transparency and accountability to the cannabis industry. As a new industry that poses unique banking challenges, Wauna CU has taken careful steps in ensuring their full compliance with state and federal law and policy. After meeting with the Hypur team and seeing their compliance and payment capabilities, Wauna CU determined that partnering with Hypur was the key to responsibly servicing Oregon CRBs.
“Serving the CRB industry, we become part of the solution and not part of the problem. The CRBs have difficulty forming banking relationships due to the limited number of credit unions and banks serving this industry. Providing banking services to this industry legitimizes these businesses. Our partner, Hypur, with their state of the art compliance program, provides transparency to these operations. 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,” says Robert Blumberg, CEO and President of Wauna CU.
Hypur’s technology will supplement 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. Hypur offers the promise of a sole-source solution that will enhance Wauna CU’s compliance efficiency and effectiveness without having to rely upon outsourcing or third-party options.
In addition to its revolutionary technology, the Hypur team includes some of the country’s leading experts on the legal and functional aspects of cannabis banking. Hypur and Wauna CU share the belief that the only way to responsibly service CRBs is with full transparency and maximum compliance.
“Our partnership with Wauna CU will make it even easier for dispensaries and CRBs in
Oregon to receive full-banking services while enhancing how Wauna CU conducts business with those merchants. It’s an opportunity for Wauna CU to expand its reach into new and current markets, as well as for Hypur to branch out to the Pacific Northwest. We’re excited to be working with Wauna CU and look forward to what the future has to offer for us both,” says Christopher E. Galvin, Founder and CEO of Hypur.
Inquiries regarding Wauna Credit Union’s Cannabis Business Solutions account applications and opening procedures can be made at 800-773-3236.
About Wauna Credit Union
Wauna Credit Union (WCU) is a not-for-profit member-owned cooperative financial institution. Founded in 1967 by local mill workers, Wauna delivers all annual profits back to its members via strong savings and loan rates, investment in technology and highly rated personal service. Anyone who resides, is employed, attends school or worships in Clatsop, Columbia & Western Washington Counties in Oregon, or Pacific County, Washington, as well as any business or qualifying organization in the region is eligible for membership. Branches are located in Astoria, Clatskanie, St Helens, Scappoose, Vernonia, and Warrenton, Oregon. For more information visit waunafcu.org.
Hypur, based in Scottsdale, Arizona is a financial technology company that brings innovative solutions to the toughest banking and commerce challenges. Our cutting-edge technology provides a range of services centered around compliance and payments for financial institutions, businesses and their customers. With Hypur, challenges become opportunities. For more information, visit www.hypur.com.
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