Neobank for cannabis businesses launched [i]within 7 months[/i]
Paybotic Financial gives cannabis operators compliant banking, payments and cash management.
The challenge
The challenge
The challenge
The challenge
The challenge
Cannabis businesses need banking, and [i]most banks avoid the regulatory risk[/i].
Cannabis businesses need banking, and [i]most banks avoid the regulatory risk[/i].
Cannabis businesses need banking, and [i]most banks avoid the regulatory risk[/i].
Cannabis businesses need banking, and [i]most banks avoid the regulatory risk[/i].
Cannabis businesses need banking, and [i]most banks avoid the regulatory risk[/i].
Federal and state rules keep most cannabis businesses out of traditional banking and payment rails. Paybotic set out to give operators across the US a compliant commercial bank account.
Heavy regulation
Heavy regulation
Heavy regulation
Heavy regulation
Heavy regulation
Dispensaries are highly regulated, and meeting a bank's compliance requirements is hard.
Lengthy onboarding
Lengthy onboarding
Lengthy onboarding
Lengthy onboarding
Lengthy onboarding
Onboarding requires extensive documentation to prove each business is legitimate and legal.
Payment access
Payment access
Payment access
Payment access
Payment access
Most banks avoid merchant services for cannabis businesses, leaving many unable to send or receive payments.
Build capacity
Build capacity
Build capacity
Build capacity
Build capacity
Paybotic had deep payments expertise and needed frontend development and integration support.
The vision for Paybotic
The vision for Paybotic
The vision for Paybotic
The vision for Paybotic
The vision for Paybotic
Paybotic wanted to give cannabusinesses commercial bank accounts and merchant services with fast approvals, often within 48 hours of application, backed by reliable security, safeguarded company data and a team experienced with high-risk businesses.
What Praxent did
What Praxent did
What Praxent did
What Praxent did
What Praxent did
Compliant account opening that takes minutes
Compliant account opening that takes minutes
Compliant account opening that takes minutes
Compliant account opening that takes minutes
Compliant account opening that takes minutes
Praxent designed and built the commercial banking portal, from KYC and KYB onboarding to payments, cards and account management.
KYC, KYB and AML/BSA onboarding users finish in minutes
KYC, KYB and AML/BSA onboarding users finish in minutes
KYC, KYB and AML/BSA onboarding users finish in minutes
KYC, KYB and AML/BSA onboarding users finish in minutes
KYC, KYB and AML/BSA onboarding users finish in minutes
CRB Monitor integration in account opening
CRB Monitor integration in account opening
CRB Monitor integration in account opening
CRB Monitor integration in account opening
CRB Monitor integration in account opening
ACH, wire and closed-loop payments with debit and corporate cards
ACH, wire and closed-loop payments with debit and corporate cards
ACH, wire and closed-loop payments with debit and corporate cards
ACH, wire and closed-loop payments with debit and corporate cards
ACH, wire and closed-loop payments with debit and corporate cards
Technical design for a scalable, secure phase one launch
Technical design for a scalable, secure phase one launch
Technical design for a scalable, secure phase one launch
Technical design for a scalable, secure phase one launch
Technical design for a scalable, secure phase one launch
A technical design document covered architecture, infrastructure, backend and frontend design, third-party integrations and APIs, so the platform launched extensible and secure.
The results
The results
The results
The results
The results
A compliant neobank in 7 months
A compliant neobank in 7 months
A compliant neobank in 7 months
A compliant neobank in 7 months
A compliant neobank in 7 months
Paybotic Financial launched within 7 months with regulatory-compliant account opening, 8+ fintech integrations, ACH, wire and closed-loop payments, and corporate credit cards.
Cannabis operators now bank digitally with a provider built for them.
The beta launch of Paybotic Financial is a significant milestone for us, as it allows us to offer a comprehensive solution that meets the specific financial needs of cannabis and ancillary businesses. After a decade of working in cannabis payments, we understand the banking challenges faced by the industry.
