Cami Cantrell, EVP Payments & Strategic Alliances

3 Questions with Cami Cantrell

It is essential for business bankers to provide holistic financial solutions to their clientele. Simply providing basic depository services to cannabis-related businesses (CRBs) is somewhat a niche now, but banks and credit unions can future-proof their relationships and scale their programs by providing additional services. As Cami Cantrell explains, Shield can help financial institutions create new growth and revenue opportunities within and beyond the cannabis industry.

1. How can financial institutions support CRBs beyond providing banking services?

Shield offers strategic referral partnerships to help financial institutions expand their services to include payroll, payments, and other fee-based services. For example, Shield recently introduced a referral program to provide payroll, benefits, HR, and insurance to CRBs. Through Shield's referral relationship, bankers can generate recurring revenue while introducing their cannabis clients to a value-added service that can simplify their back-office operations.

Cannabis bankers can likewise create new revenue streams by referring their clients to payment providers offering non-cash payment options for the retail environment. Through Shield's partnerships, bankers can introduce their clients to compliant payment solutions. Bankers taking advantage of these referrals earn recurring fee income while proactively reducing the number of cash transactions taking place today.

2. Speaking of payments, what are some of the issues you're tracking in this area?

We continue to see increasing concern from bankers and regulators related to the use of cashless ATMs, including a letter issued late last year by Visa to its acquiring banks warning of the use of a pseudo-ATM transaction code for point-of-sale card purchases and reiterating its position that the practice does not conform with its operating regulations. In light of this, we know operators are exploring other options, from ACH wallet solutions to debit processing, to non-card credit options like buy now, pay later. 

3. What are other ways cannabis bankers can expand their service offerings?

Some bankers are reaching non-depository cannabis customers by lending outside of their existing cannabis banking program, particularly in commercial real estate secured loans. Others are looking at opportunities to support cannabis-focused fintech companies as a sponsor bank for ACH wallet or other electronic payment mechanisms, or as lenders behind a buy now, pay later product.

Many of the qualities that make for a successful cannabis banking program are also aligned with other high-risk industries. Financial institutions serving the cannabis industry have established that a heightened level of risk is acceptable if properly mitigated with a strong compliance program. That risk tolerance and service structure can be leveraged among other industries underserved by traditional banking programs, opening entirely new business opportunities.

Learn more about Shield's Cannabis Banking Solution ›

Leadership Updates at Shield
Noah Carey founded Shield Compliance in 2015 with a vision to solve the financial services problem in the emerging legal cannabis industry. Today, Shield has grown to support over 50 financial institution partners on its platform serving nearly 4,000 cannabis-related businesses in 35 states. Since January 2019, Shield has monitored 3.5 million transactions including $17.5 billion in deposits. To continue Shield’s market growth and continuity with its team, product, and customers, the Shield Board of Directors recently announced Noah’s promotion to Executive Chairman and the promotion of Tony Repanich to President and CEO. Please read more about Noah’s and Tony’s contributions to Shield’s growth in our press release.
"I am very excited to lead Shield Compliance forward as we bring the company's industry-leading BSA/AML compliance management tools to a growing number of banks and credit unions ready to gain the financial rewards of this line of business."

Tony Repanich
President and CEO of Shield Compliance
Nominate Shield for Top Compliance Company Award
Thanks to our clients’ pioneering efforts, we continue to refine our solution and have developed a playbook for cannabis banking compliance that is enabling thousands of previously underserved businesses across the country to gain access to essential banking services. Please show your support for Shield Compliance by nominating us for the PBC 2022 Top Compliance Company award. The nomination process is simple and should only take a few minutes of your time:
  1. Click on this link.
  2. Complete the required fields.
  3. For Award Category, select Top Compliance Company.
  4. Share your thoughts on why you believe Shield Compliance should win this award.
  5. Submit your nomination by August 19, 2022.
PBC Conference 2022
Shield is the official Compliance Track Sponsor of the PBC Conference 2022, being held September 7-8 in Washington, D.C. We’re pleased to offer our clients and prospects a 30% discount on attendee passes for the event. Please use this link or the code Shield30 to register.
Oklahoma State Bank

Meet the Banker

As one of the earliest providers of cannabis banking services in Oklahoma, Oklahoma State Bank (OSB) understands the compliance and operational requirements associated with serving this market. In our two-part “Meet the Banker” interview, Delene Gilbert, Director of Cannabis Banking, and Ann Roberson-Keawe, Operations Compliance Officer, share their insights on operating a successful - and growing - cannabis banking program.

Part 1: Create a Ready-to-Scale Cannabis Banking Program ›
Part 2: Managing the Cannabis Banking Learning Curve ›

Meet the Expert

Meredith “Merry” Piotti of Wolf & Company, P.C., works with clients to provide full internal audit services, supplement internal audit capabilities, assist with specialized reviews such as model validations, and develop risk-based audit plans. In our latest “Meet the Expert” interview, Merry explains why model verification is a critical component of cannabis banking risk management.

Upcoming Events
We have a busy fall planned and look forward to seeing our clients and partners at events being held across the U.S. Please let us know if you’ll be in attendance and would like to meet with us.
Shield Compliance transforms how financial institutions manage risk, comply with regulations, and satisfy operational demands associated with serving the legal cannabis industry. Shield’s technology sits behind the financial institution, powering its compliance and risk management operations in the background. This approach enables financial institutions to grow their portfolios and gain an early-mover advantage on new relationships and the added revenue from these customers while protecting themselves from the risks associated with banking this industry.
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