Shield Compliance has partnered with California-based KeyPoint Credit Union to support its cannabis banking program. KeyPoint has implemented Shield Assure, Shield's compliance management tool, Shield Engage, the company's newly launched client onboarding system, and Shield Transact, which enables cashless, electronic payments.
"We believe cannabis businesses should have access to a true, transparent banking solution in every sense of the word," said Cole Saini, Director of Risk Management at KeyPoint Credit Union. "We selected Shield Compliance as our technology partner because it enables us to deliver on our AML/BSA requirements while reducing our reliance on expensive human capital to manage the program. As a result, we have lowered our costs significantly while improving the member experience."
"In the current economic climate, financial institutions are seeking new sources of non-interest income and new ways to expand and diversify their portfolios," said Tony Repanich, President and COO of Shield Compliance. "Shield's platform enables financial institutions to satisfy these objectives by making it easier to offer banking services to legal cannabis businesses. KeyPoint has a very thorough, transparent, and pragmatic approach to supporting this industry. We are excited to be working with them to provide an even more robust, compliant, and cost-effective cannabis banking program."
Shield Compliance supports financial institutions in legal cannabis states across the U.S. Its core platform technologies automate the compliance process and give financial institutions the structure they need to serve the cannabis industry efficiently.
For more information:
Shield Compliance
shieldbanking.com/