Shield Compliance (www.shieldbanking.com), a comprehensive compliance management platform for cannabis banking, announced a partnership with Lighthouse Biz Solutions, LLC (LBS), a wholly owned subsidiary of GFA Federal Credit Union, to further enhance their cannabis banking program through automation, efficiencies, and scale. Through the implementation of Shield Engage for streamlined new client onboarding, Shield Assure for ongoing monitoring, oversight, and reporting, and Shield Transact for compliant cannabis payments, LBS will improve its operational efficiency, enabling it to scale its program and expand its services.
As the first financial institution in Massachusetts to offer banking services to the legal cannabis industry in 2018, LBS has extensive cannabis banking experience. With a compliant program already in place, LBS sought to elevate its competitiveness in the rapidly growing cannabis banking marketplace.
“We thoroughly evaluated several compliance software providers that could help take our program to the next level. What truly set Shield Compliance apart and placed it at the forefront is its deep understanding of the industry and its collaborative approach to supporting its financial institution partners,” said Melissa Maranda, President of Lighthouse Biz Solution, LLC. “Shield’s agility and ability to create new enhancements and efficiencies to elevate our program is unique in the industry today and is enabling us to become even more competitive with our fee structure and the overall client experience.”
“As the industry becomes more competitive, financial institutions must continually sharpen their pencils to improve their efficiencies without sacrificing compliance,” said Tony Repanich, President and CEO of Shield Compliance. “LBS is a true pioneer in the cannabis banking space, and we are proud to be their compliance partner as they continue to innovate and set the bar for banking this industry.”
Shield’s platform offers advanced solutions for financial institutions, including ongoing monitoring, oversight, and reporting tools that enable compliance with regulatory requirements. The company recently released Shield Transact, a compliant and transparent PIN debit payment solution for legal cannabis purchases.
“Our partnership with Shield Compliance is not only focused on enhancing our efficiencies but also on delivering an exceptional experience for our clients,” added Maranda. “Whether it’s streamlining the new client onboarding process, simplifying monthly reporting, or reducing their dependence on cash transactions, we are excited to build on our partnership with Shield to help our clients succeed.”