Green Check Expands Beyond Cannabis Banking, Bringing Compliance to High-Risk and Specialty Industries

Regtech helps financial institutions streamline due diligence, monitoring, reporting, and relationship management across high-risk and specialty business segments

BONITA SPRINGS, Fla.--(BUSINESS WIRE)--Green Check, a purpose-built compliance platform for financial institutions serving specialty and high-risk businesses, today announced the expansion of its platform beyond cannabis banking to support a broad range of specialty verticals, including money services businesses, fintechs, gaming, ATM operators, NGOs and charities, and cash-intensive businesses. The platform can also be user-customized to meet the unique requirements of any specialty vertical.

“We built Green Check by starting with one of the most demanding verticals: cannabis,” said Mike Kennedy, co-founder and Chief Strategy Officer of Green Check. “That experience gave us a strong foundation to expand into other high-risk industries, where many of the same challenges apply.”

High-risk and specialty banking programs require financial institutions to go beyond traditional onboarding and transaction monitoring in order to meet heightened compliance requirements. When these additional functions are managed through fragmented systems and manual processes, operational inefficiencies, and mistakes can compound over time, increasing audit and examination risk, employee burnout, and difficulties with scaling the program.

Green Check’s platform brings key compliance and relationship-management functions into one secure, audit-ready system, including enhanced due diligence, license and credential tracking, ongoing account monitoring, advanced insights, regulatory reporting, and API integrations. By standardizing workflows and automating manual processes, the platform helps financial institutions improve efficiency, maintain visibility across specialty banking portfolios, and manage high-risk relationships with greater consistency and confidence.

Unlike traditional compliance platforms, Green Check doesn’t replace a financial institution’s existing AML system; it extends and enhances its capabilities to address the additional requirements of specialty banking programs.

The expansion was driven in part by Green Check’s customers, who saw an opportunity to apply the platform’s cannabis banking capabilities to the other high-risk and specialty businesses they serve, many of which face similar compliance and operational challenges.

"We've been long-time partners with Green Check on our cannabis banking program, and we've seen firsthand how much value and efficiency it brings to a complex, high-risk vertical," said Teri Wagner, EVP, Director of Treasury Services at First Fidelity Bank. "We're excited to extend that same level of process and efficiency to the other high-risk industries we serve, and to grow alongside Green Check as it expands its impact across the specialty banking industry."

“Our clients spoke, and we listened,” said Kennedy. “Many of the financial institutions we work with serve multiple high-risk industries, and now we can support them across the full spectrum of their specialty banking needs.”

Green Check, First Fidelity Bank and U.S. Eagle will be taking the stage at Money 20/20 USA this October to discuss banking high-risk industries.

Recent guidance from the Financial Crimes Enforcement Network (FinCEN) encourages financial institutions to collaborate on fraud intelligence, helping them more confidently serve a broader range of businesses and responsibly expand their specialty banking programs. As institutions look for new ways to grow deposits, expand lending opportunities, generate fee income, and reach underserved customers, specialty banking can provide access to valuable new markets while helping meet the financial needs of businesses that have historically faced challenges accessing financial services.

To learn more about Green Check’s specialty banking platform, visit greencheckverified.com or register for their upcoming webinar on August 27th: greencheckverified.com/webinar/modern-specialty-banking-inside-high-performing-programs/.

About Green Check

Green Check is the purpose-built infrastructure for banking specialty and high-risk businesses. Founded by leaders in technology, banking, and regulation, Green Check connects financial institutions with over 18,000 specialty businesses across 38 states. Our platform combines expert-backed compliance tools, market connectivity and real-time insights to help high-risk businesses and financial institutions grow with confidence.

Green Check has been recognized by Forbes, Inc., CNBC and American Banker for its innovation, leadership and workplace culture and was recently named “Best RegTech” by the FinTech Breakthrough Awards.

Learn more at greencheckverified.com or follow us on LinkedIn.