The cannabis industry’s technological innovations have offered operators a lifeboat when faced with a mountain of complex regulations and little governmental support. To help aid access to financial services, Confia is a financial technology platform that offers the cannabis industry transaction banking services, a payments network, lending solutions, API-powered payment capabilities, and full-service cash management.
Cannabis Industry’s Premier Technology Resource Rolls Out Payment Enhancements, Managed Escrow Services
Confia has rolled out key product improvements, including ConfiaPay consumer payment enhancements, B2B payment and usability enhancements, and automated accounting software system reconciliations, specifically for bill payments and invoice receipts. The planned enhancements are designed to make payments easier for its members and provide them with a more direct path to their transaction requirements, in addition to streamlined bookkeeping.
As Confia CEO Mark Lozzi shared, “Our retail clients enjoyed a large boom in sales on the 420 holiday, and Confia was proud to be there to provide them with simplified easy payments, while maintaining compliance in this highly regulated industry.”
Confia has also released an industry-first managed escrow service for purchase-sale transactions for its members, which are designed to create trust and transparency across the cannabis industry.
Lozzi continued, “Our new customer enhancements will simplify the process of accounting reconciliations in an attempt to reduce duplicative entries for business operators. Financial services should be easier to access for cannabis businesses, and we look forward to assisting our customers with our simplified banking service and payment platform.”
Confia at the Forefront of Social Equity Programs for Cannabis Banking Access
Confia also recently announced two industry leading social equity programs, with notable cannabis industry players Eaze Momentum and NCIA. Eaze’s Momentum business accelerator elevates Confia as the preferred financial services provider for their members. Confia will provide Momentum participants and alumni with preferred financial services terms, access to financial planning resources, and banking fees of just $250 per month. In addition, Confia has financially sponsored Momentum’s grant program and hosts financial services workshops throughout the year.
NCIA’s Diversity, Equity, Inclusion Program (DEI) will oversee and validate all social equity applicants through its Social Equity Scholarship Program (SESP). NCIA operates one of the nation’s largest social equity initiatives, and all of NCIA’s verified SESP members will be eligible for Confia’s financial services platform for a fee of $250, which is an overall 50% discount.
The ever-changing landscape of transactional banking for the cannabis industry has propelled Confia’s growth in recent months, where it has full coverage in California, the world’s largest legalized cannabis market. Confia is also looking forward to announcing its first acquisition enhancing and broadening functionality for its members and allowing them to support traditional banks with servicing emerging markets and higher-risk activity.
For more information on Confia and to learn about the platform, visit https://www.confia.io/.