The Four Pillars of Hypur Comply for Financial Institutions

The Four Pillars of Hypur Comply for Financial Institutions

While Hypur has expanded to offer products that connect the entire cannabis industry, this is only possible because of our core relationships with a range of financial institutions. We work with financial institutions to help them transparently bank the cannabis industry at the highest standards of compliance. To do this, Hypur Comply works with banks and credit unions according to four pillars.

Initial Document Collection and Enhanced Due Diligence

Onboarding your marijuana-related business (MRB) clients is faster and more convenient with Hypur. Our platform allows you to customize your forms and required documents based on individual businesses or people. As a result, you can build unique onboarding procedures and document requests based on region, MRB Tier, or your own set of criteria.

A unique aspect of Hypur’s compliance solution is that we give your customers a login portal. This makes it easy for them to see any outstanding document requests and upload them directly into the document management system. As a result, your compliance department will spend less time paper chasing, reformatting images, or uploading documents to the correct file structures.

Transactions Monitoring

We know that your institution needs to micro-manage cannabis accounts because it’s cash intensive and not a federally legal substance. You need to make sure that you can establish a profile for a business and monitor against potential risks. With Hypur, you can easily isolate your marijuana accounts.

Our transaction monitoring goes well beyond your traditional existing BSA/AML software. Hypur has integrated with the majority of the seed-to-sale POS systems, giving you transparency to the state legal transactions as well as advanced notice of expected account activity. Instead of relying on algorithms that weren’t built for the cannabis industry, Hypur lets you set custom alerts and peer analysis from multiple data sources based on thresholds, balance, or rolling levels.

Need help with your cannabis banking?

Ongoing Due Diligence

The cannabis industry requires significantly more documentation than other businesses. Ongoing enhanced due diligence (EDD) can be time-consuming and tedious, particularly when it comes to chasing documentation and setting necessary alerts on missing forms or information.

With Hypur, you can automate your document management, including asking MRBs for updating licenses or other paperwork at regular intervals. Our system will alert your account managers if the customer hasn’t submitted on time so that they can take any necessary actions.

This is normally such a time-consuming process that community banks or credit unions not using Hypur may have one banker for every 7 MRB accounts. Hypur’s cannabis banking technology streamlines and automates document management, helping you to reduce staff and scale your cannabis program.

Government Reporting

When you need to file SARs or CTRs, Hypur lets you design templates and even pre-program your narrative for SARs. By system generating and auto-populating these forms, your instance-based or quarterly government reporting is faster and easier.

Whether you’re already a cannabis-friendly bank that’s looking to expand your program, or you’re curious about cannabis banking, Hypur can help. We’ve been doing this since 2014, and we’ve built a platform by bankers, for bankers.

Want to build a marijuana banking program?