Valley Bank Launches New Digital Payment App for Cannabis Industry

Rhea-AI Summary

Valley National Bank, a subsidiary of Valley National Bancorp (NASDAQ: VLY), has announced the launch of a new digital payment platform called Valley Pay. This innovative solution aims to address the cash reliance in the cannabis sector by providing a secure, web-based mobile wallet for cannabis-related businesses. The platform is expected to enhance convenience, compliance, and cost efficiency for its users. A pilot program is set to launch in the coming months, positioning Valley as a leader in banking for the cannabis industry.

Positive

• Launch of Valley Pay digital payment platform tailored for cannabis businesses.
• Addresses significant cash reliance in the cannabis industry.
• Expected to enhance compliance, convenience, and cost efficiency for users.
• Valley is one of the largest banks serving multi-state cannabis operators.

Negative

• None.

New mobile wallet app is the solution cannabis businesses have been waiting for

NEW YORK--(BUSINESS WIRE)-- Valley National Bank, a subsidiary of Valley National Bancorp (NASDAQ:VLY), announced today that it is creating a new digital payment platform designed specifically for cannabis-related businesses.

Valley Pay, Valley’s new digital payment solution, will migrate cash usage to a secure, web application, easing the burden on cannabis operators who are reliant on cash transactions today. The cannabis industry remains heavily reliant on cash transactions to conduct business as major debit and credit cards are not accepted.

The application will allow cannabis-related businesses to provide their customers access to a compliant, secure and streamlined mobile wallet payment system.

“This new digital payment platform is the first of its kind servicing the critical payment needs of cannabis-related businesses,” says Stuart Cook, Valley’s Chief Digital Product Officer. “We see the reliance on cash and existing payments options as a big problem and have set out to help create a solution for our customers that is convenient and safe.”

Valley is one of the largest national banks serving multi-state cannabis-related business operators. Our dedicated team of banking professionals, including onboarding and treasury management specialists, are focused on serving the needs of cannabis-related businesses. Valley’s cannabis related business banking program is designed around the guiding principle of generating value for our customers when it comes to compliance, convenience, and cost.

The new payment platform is expected to launch with a pilot program in the coming months.

If you’d like to learn more about this payment platform, have a media inquiry, or are interested in learning about opportunities to join Valley’s digital products team, please go to valley.com/valleypay.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $41 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005873/en/

Pam Golden, GLA Communications

pam@glapr.com or 973-564-8591

Source: Valley National Bank

FAQ

What is Valley Pay and how does it benefit cannabis businesses?

Valley Pay is a new digital payment platform by Valley National Bank that provides cannabis businesses with a secure mobile wallet solution, easing their reliance on cash transactions.

When will Valley National Bank's Valley Pay launch?

The Valley Pay platform is expected to launch with a pilot program in the coming months.

What is the significance of Valley National Bank in the cannabis industry?

Valley National Bank is one of the largest national banks serving multi-state cannabis-related businesses, focusing on compliance and banking needs.

What is the stock symbol for Valley National Bancorp?

The stock symbol for Valley National Bancorp is VLY, traded on NASDAQ.

Who is leading the development of the Valley Pay platform?

The development of the Valley Pay platform is led by Stuart Cook, Valley’s Chief Digital Product Officer.