AeroPay teamed up with Safe Harbor Private Banking on a payments service for CBD, cannabis and non-plant touching ancillary service businesses.
Under the strategic partnership, AeroPay agreed to utilize its technology to streamline the payment process.
Moreover, Safe Harbor Private Banking opted to provide banking services and processing transactions.
Prior to employing AeroPay's cannabis payment solutions, Safe Harbor would set up a banking relationship for cannabis businesses by assisting with the due diligence, monitoring, and reporting issues.
AeroPay's suite of payments solutions would manage payments in-person as well as online, for both business-to-business (B2B) and consumer-to-business (C2B).
"The partnership between Safe Harbor Private Banking and AeroPay is a natural fit, as both organizations are committed to delivering best-in-class financial services to cannabis businesses," said Safe Harbor Private Banking's Vice President of Special Projects Kim Oliver.
AeroPay's Director of Business Development Ryan Coffey, said they are "thrilled" and "grateful" to the Safe Harbor's team for "making this partnership a reality."
AeroPay CEO and founder Daniel Muller pointed out that "compliance is especially important" for the cannabis business. In addition, Safe Harbor banked more than $2.5 billion in compliant cannabis-related funds.
Safe Harbor Banking is a unit of Partner Colorado Credit Union.
Meanwhile, AeroPay recently launched a new suite of digital payment solutions for cannabis businesses.
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