While the Colorado-based Fourth Corner Credit Union aimed to serve the cannabis industry, another idea was brewing – an application that could ultimately be the saving grace for similar financial institutions. A software platform, called Hypur, was being developed as a compliance tool to assist cash-intensive businesses. Its original intent was to service payday lenders and check cashing businesses.
"Back in day one, we weren't talking about cannabis at all. So there was no discussion, we didn't build it for cannabis," Andre G. Herrera, executive vice president of banking and compliance for Hypur, said.
After showing the platform to banking consultants and regulators for feedback, Herrera said the company started getting calls from institutions in Colorado that wondered whether the platform could be used to service legitimate marijuana businesses.
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