West Town Bank & Trust Partners with RiskScout to Provide Banking Services to Hemp & CBD Businesses
West Town Bank & Trust today announced they have partnered with RiskScout to offer one of the country’s first hemp and CBD banking programs. West Town Bank will leverage RiskScout's first-of-a-kind solution to optimize the onboarding, review, and ongoing due diligence requirements for banking hemp and other high risk business customers.
“Some banks aren’t willing to bank hemp customers. At West Town Bank & Trust, we don’t just bank hemp, we embrace it,” said Melissa Marsal, West Town Bank & Trust Chief Operating Officer.
The new solution and partnership provides West Town Bank the ability to offer their full suite of commercial banking services to hemp businesses across the country, while staying apprised of varying state laws through RiskScout's compliance tools. Using custom workflows tailored to the specific business types (grower, processor, retailer, etc.), business owners can now directly apply online for any of the following West Town banking services;
Business Checking Accounts
Corporate Credit Cards
Bill Pay, Wires (domestic & international), and ACH
Finally, through RiskScout, West Town is placing a much greater emphasis on offering hemp businesses a first-class customer experience.
“We really believe relationships matter. Through our partnership with RiskScout, we provide a first class onboarding and client experience that reduces the time to open an account from weeks to a matter of hours,” said Melissa Marsal. If you’re in a hemp-related business and need a bank that understands your needs and your industry, we’re ready to help you bank hemp safely”
“We are proud to assist West Town Bank in serving the hemp/CBD space. They are an innovative institution who is always there for the community and looking for new ways to help,” said Justin Fischer, Co-Founder and CEO of RiskScout.
Andrew Sheaffer, SVP/Director of Marketing at West Town Bancorp, Inc.
Phone Number; (919) 861-8162
RiskScout is a modern RegTech platform that optimizes the onboarding, review and ongoing compliance required for high risk banking markets. RiskScout leverages state-specific requirements and the FI’s compliance program to streamline qualification, risk assessment, and onboarding of high risk businesses in markets like CBD/Hemp, Money Services, Cannabis, and Alcohol. We leverage our 20+ years of banking software experience to tailor automated solutions for Financial Institutions while providing easy to use interfaces for their users. In addition to the platform, we provide consultative services to develop and implement the FI’s compliance policies.