Abrigo Partners with Green Check Verified for End-to-End Support for Cannabis Banking

2.6 min readPublished On: September 15th, 2021By

AUSTIN, Texas – Abrigo, the leader of compliance, credit risk, and lending solutions for financial institutions, today announced its partnership with Green Check Verified (GCV), the top provider of cannabis banking solutions for financial institutions. The partnership will ensure community financial institutions have end-to-end support for banking cannabis-related businesses (CRBs) and maintaining compliance.

Cannabis is now legal – either medically or recreationally – in most states today, although it remains illegal on a federal level, creating many complexities to providing financial services to this industry. In a recent Abrigo survey, 33% of respondents stated that their financial institution provides services to CRBs or is considering banking CRBs in the future. As this industry grows and changes, banks and credit unions must remain thorough in their due diligence and compliance measures. Abrigo’s BAM+ software and advisory team have helped hundreds of financial institutions navigate the changing cannabis industry with ongoing CRB monitoring and detection. With this partnership, Abrigo can now assist institutions working directly with CRBs. The Green Check Verified (GCV) partnership allows Abrigo customers to understand the scope of their cannabis banking business opportunities, manage account openings, automate the most mundane and error-prone aspects of cannabis compliance, and monitor their cannabis account performance with Green Check’s CRB-facing software solution.

“The cannabis industry is incredibly complex and ever-changing, but Abrigo has the people, resources, and expertise to help financial institutions navigate the complexity. Whether or not a financial institution plans on banking cannabis-related businesses, we aim to be the go-to resource for understanding how to approach CRB banking,” said Wayne Roberts, CEO of Abrigo. “We’re very excited to partner with Green Check Verified to extend our ability to assist financial institutions with end-to-end CRB banking support.”

As Abrigo’s trusted partner, GCV helps assess the size of the business opportunity for the financial institution and assist compliance teams with communicating the benefits and logistics of banking these CRBs with the institution’s board and leadership team. GCV’s expert team also provides a software solution that allows financial institutions to interface directly with CRBs, ensuring that no suspicious activity goes undetected. If an institution decides that it wants to bank cannabis, GCV’s software allows the institution and CRBs to have a more direct relationship and for BSA professionals to conduct enhanced due diligence on these high-risk transactions. Green Check’s software also offers advanced insights into the performance of an institution’s CRB accounts and CRB portfolio. With Abrigo, financial institutions are able to receive both software and expert assistance throughout the entire process of banking CRBs.

“We are excited to embark on this partnership with Abrigo, whose industry reputation and dedication to thoughtfully supporting financial institutions makes it a natural fit for Green Check,” said Kevin Hart, CEO of Green Check Verified. “We’ve seen an unprecedented number of financial institutions pursue this line of business in 2021, and partnering with Abrigo allows us even broader expertise and resources as we help these institutions build best-in-class programs.”

(This information is primarily sourced from Abrigo.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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