United Bankers’ Bank and RiskScout Announce Partnership to Provide Turnkey Solution to Safely and Effectively Enter New Growth Markets
United Bankers’ Bank (UBB), the nation’s first bankers’ bank, and RiskScout, the nation’s leading onboarding and due diligence fintech platform, today, announced their unique partnership to provide streamlined compliance solutions surrounding hemp and other emerging markets existing in our communities.
Through this collaboration, UBB’s community banks will have the ability to offer financial services to underserved businesses, such as private ATMs, Cash Intermediaries, Money Services Businesses, Hemp, Cannabis, Cryptocurrency, and others, to which often pose a challenge to roll out this sort of business line due to the sheer magnitude of enhanced regulatory obligations that come with banking them.
Says Justin Fischer, CEO and Co-Founder of RiskScout, “We are beyond thrilled to partner with UBB to help community bankers bank more community businesses. There's a massive underserved market of commercial businesses in emerging spaces right in a bank’s backyard. Our technology, developed by a deep bench of former technologists, BSA officers and bank examiners, is an equal parts growth and compliance play. It's all about opening larger deposits, fees and loan opportunities - leveraging the resources banks already have.”
“We are so happy to have the ability to deliver a new product line to our community banks up and down America’s main streets,” says John Peterson, UBB’s Executive Vice President and Chief Marketing Officer. “This growth product will empower our community banks to remain viable and competitive by generating additional fee revenue, deposits, lending and merchant opportunities; it allows them to continue to thrive and serve the communities to which they have built trusting and lasting relationships over many years.”
The partnership with RiskScout will involve direct collaboration between UBB and the high risk banking solution firm to align the needs of UBB’s community bank customers with the services provided by RiskScout. Detailed information about this exciting, new, cost-saving service can be found at https://ubb.formstack.com/forms/riskscout.