CLATSKANIE — Wauna Credit Union (Wauna CU) has entered into 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 compliance and payments software.
Wauna CU, with more than 25,000 members in Washington and Oregon, said in a press release that its management 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.” 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,” Robert Blumberg, CEO and president of Wauna CU, said.
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.
Besides its technology, the Hypur team includes some of the country’s leading experts on the legal and functional aspects of cannabis banking. “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,” said Christopher E. Galvin, founder and CEO of Hypur.
For more information, call Wauna Credit Union at 800-773-3236.