Southwest Capital Bank Strengthens Its Commitment to Cannabis Businesses with NatureTrak’s State-of-the-Art Compliance & Risk Management Technology
SACRAMENTO, Calif. — September 30, 2021 — NatureTrak, the leading compliance and risk management solution for financial institutions serving the cannabis industry, today announces its newest customer, Southwest Capital Bank. Southwest Capital Bank provides a wide variety of banking services to businesses and individuals in the state of New Mexico and surrounding areas.
NatureTrak’s cutting-edge technology offers a comprehensive, fully integrated compliance and risk management solution for financial institutions banking cannabis-related businesses. Pre-deposit validation, automated examination support, and license and entity verification are just a few of NatureTrak’s key platform features.
“The cannabis industry is exploding, and will continue to do so, as more and more states legalize medical and adult-use cannabis,” explains Jontae James, CEO and Founder of NatureTrak. “So, we developed the technology needed by financial institutions to safely and profitably bank this rapidly expanding business sector. We are thrilled that Southwest Capital Bank trusted us with their cannabis banking program, and we are excited to partner with them as they continue to support the communities and businesses they care so deeply about. “
NatureTrak’s enterprise technology helps financial institutions drive growth, increase market share, and scale cannabis programs safely and confidently.
“Integrating NatureTrak into our current process provides the peace of mind needed to continue running our cannabis banking program for the people and businesses within our community,” says Lonnie Talbert, President at Southwest Capital Bank. “With the recent legalization of adult-use cannabis in New Mexico, we are faced with a considerable opportunity to grow our business, however it also opens us up to significant risk. With NatureTrak, we are able to mitigate this risk with real-time transparency and validation of all of our cannabis-related transactions.”
Southwest Capital Bank is a family-owned bank that was founded with a deep passion for New Mexico-based businesses and families. With the recent legalization of adult use in New Mexico, the state’s cannabis industry is anticipated to increase considerably over the next several years. To successfully capture and support this new growth, Southwest Capital Bank engaged Higher-Risk Deposit Compliance Solutions (HDCS) to elevate its current cannabis banking program, advise on best practices, and train staff. HDCS provides comprehensive solutions to financial institutions that are interested in banking higher-risk depositors.
“We are thrilled to be partnering with Southwest Capital Bank,” said Andy Montgomery, CEO and Founder of HDCS. “Southwest had the vision to be a pioneer in providing banking services to the cannabis industry in New Mexico. We are privileged to come in and build on to their program, automate it to become more efficient, and help them expand their financial services to an industry that will experience robust growth in the State.”