Strategic Link, Hypur Partnership Connects NW CUs Serving Cash-Intensive Businesses
In Hypur, our latest Strategic Link partner, Northwest credit unions have another opportunity to leverage emerging businesses to the benefit of their current members, while potentially adding new ones. The partnership originated through your Association Value Creation Share Task Force, comprised of multiple member credit unions.
Hypur provides banking and payment technology designed specifically to enable financial institutions to safely and profitably serve cash-intensive businesses (CIBs), even in high-risk industries such as money-service businesses (MSBs) and marijuana-related businesses (MRBs).
Hypur’s technology works alongside core BSA and AML systems to streamline due diligence and ongoing compliance activities, automate required reporting, and increase transaction transparency.
“This partnership fits in nicely with the goal of Strategic Link as a collaborative hub—creating value through products and services that focus on emerging trends, innovation, scale, and efficiency,” added Craig Reed, Director of Strategic Partnerships for NWCUA. “Hypur provides just that kind of turnkey solution to members.”
Take Hypur’s flagship product, Hypur Commerce, for example.
Credit unions can provide highly secure, fraud resilient electronic transactions to businesses who don’t have access to traditional electronic payments or desire an alternative to branded card networks. Hypur Commerce turns cash payments into known customers and offers considerable fee-based revenue to credit unions.
“Hypur Commerce provides robust point-of-interaction data and KYCC level transparency,” added Hypur Executive Vice President of Sales, Todd Fuller. “For example, we verify the identity of your merchant’s customers and enable real-time transaction prevention, making it easy to meet compliance standards and manage risk.”
With many cash intensive businesses, including marijuana dispensaries in Oregon and Washington looking to bank with credit unions, services like Hypur can help your institution serve these businesses.
Untapped Opportunities for Credit Unions webinar scheduled
A webinar to introduce member credit unions to Hypur is slated for March 7. The presentation will provide a first look at Hypur’s suite of products, designed to help credit unions bridge gaps in existing software and reduce risk.
Click here to learn more, sign up, and find out how this new partnership can help turn CIB accounts into the most transparent and profitable commercial banking relationships your credit union has.