Valley National Bancorp in New York is planning a digital payment solution that will target cannabis-related businesses.
The $41.2 billion-asset company said in a Wednesday press release that Valley Pay will migrate cash usage to a secure, web application. The goal is to ease the burden on cannabis operators that rely on cash transactions.
The company plans to launch a pilot program in coming months.
“As one of the only national banks committed to supporting cannabis-related businesses, this is an important step in providing [them] with a vital financial tool that will make running their businesses safer and more efficient,” Robbins added.