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

Austin, Texas, September 14, 2021 – 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 is providing services to CRBs or considering banking CRBs in the future. As this industry continues to grow and change, banks and credit unions must remain thorough in their due diligence and compliance measures. Abrigo’s BAM+ and advisory team has worked with thousands of financial institutions to help navigate the changing cannabis industry and with ongoing CRB monitoring and detection. The GCV partnership allows Abrigo customers to understand the scope of their cannabis banking business opportunities, manage CRB account openings, automate the most tedious and error-prone aspects of cannabis compliance and monitor their cannabis account performance with Green Check’s CRB-facing software solution. 

As Abrigo’s trusted partner, Green Check Verified can help 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. Green Check Verified’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 implements their software that faces both the FI and the CRBs themselves. This allows the FIs and CRBs to have a more direct relationship and for BSA professionals to conduct enhanced due diligence on these high-risk transactions. With Abrigo, financial institutions are able to receive both software and expert assistance throughout the entire process of banking CRBs. 

“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.”

“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.”

Abrigo is hosting a free webinar to demonstrate the software and partnership on September 15 at 11:00 a.m. ET. For more information about the partnership and the demo, click here.   

 About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo’s platform centralizes the institution’s data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth. Visit www.abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.

About Green Check Verified

Green Check Verified (GCV) is a regulatory software and services company founded in 2017 by a team of technology, banking, and regulatory experts. We focus on the intersection between community banking and the emerging legal cannabis industry, and our goal is to provide the services and tools needed to connect these two industries in compliant and profitable ways. For more information about Green Check Verified, visit www.greencheckverified.com.