Wright-Patt Credit Union Selects Hypur as Their Cannabis Banking Technology Partner
Summary
WPCU will utilize Hypur’s cloud-based regulatory compliance software to automate new account onboarding, document management, SAR/CTR filing, to monitor transactions and validate that deposits are generated from permitted medical marijuana sales. WPCU will also utilize Hypur’s electronic payment technology to help cannabis businesses reduce their reliance on cash, providing a more traditional shopping experience for their customers and improving the safety of stores and their communities. “Our board approved serving medical marijuana businesses with the expectation that management would implement a compliance program designed to meet or exceed regulatory requirements, supporting community safety, as well as rigorous ongoing monitoring of all account transaction activity. After an extensive vendor selection and due diligence process, we chose Hypur and its proven technology and comprehensive feature set,“ said Scott Everett, WPCU Vice President of Member Business Services and General Counsel. Based in Scottsdale, Arizona, Hypur provides technology that helps financial institutions serve highly regulated and cash intensive industries by filling the gaps between traditional banking systems and the unique regulatory demands of these businesses.