SCOTTSDALE, Ariz., Jan. 10, 2019 /PRNewswire/ -- Hypur Inc. (Hypur) announced that Wright-Patt Credit Union (WPCU), one of the largest credit unions in the United States with more than $4.3 billion in assets, selected Hypur as its technology provider for their cannabis banking program in Ohio.
By bridging the gaps between the capabilities of their existing technology platforms and the unique demands of serving cannabis businesses, Hypur's technology will enable WPCU to satisfy the unique regulatory requirements of providing financial services for cannabis businesses.
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. To achieve this goal, we realized the need to utilize technology designed specifically for this industry. 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.
"We are honored WPCU chose our technology to power their marijuana-related business banking program. We're excited to partner with a financial institution with WPCU's reputation to serve their community by providing much needed banking services to this underserved industry," said Christopher E. Galvin, Hypur Chief Executive Officer.
About Hypur Inc.
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. Hypur also offers electronic payment solutions for industries without access to traditional payment systems or when traditional payments aren't a good fit. For more information visit hypur.com
About Wright-Patt Credit Union
Established in 1932, Wright-Patt Credit Union is a member-owned, not-for-profit financial cooperative proudly serving Central and Southwest Ohio with more than 365,000 members and over $4 billion in assets. As a cooperative, Wright-Patt Credit Union joins members together, pooling financial resources to meet the needs of all. The pooled resources provide the capital to run a strong and efficient operation. Wright‐Patt Credit Union is headquartered in Beavercreek, Ohio, and has 31 Member Centers throughout Central and Southwest Ohio. Wright‐Patt Credit Union's mission is to help people through life by allowing members to achieve a greater degree of economic independence. Visit Wright‐Patt Credit Union's website at wpcu.coop for more information.
Email: press (at) hypur.com
SOURCE Hypur Inc.