Valley Bank Launches New Digital Payment Application For The Cannabis Industry | Business and finance

NEW YORK – (BUSINESS WIRE) – October 26, 2021–

Valley National Bank, a subsidiary of Valley National Bancorp (NASDAQ: VLY), today announced the creation of a new digital payment platform designed specifically for cannabis-related businesses.

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

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

“This new digital payment platform is the first of its kind to address the critical payment needs of cannabis-related businesses,” said Stuart Cook, director of digital products for Valley. “We see the reliance on cash and existing payment options as a big problem and we set out to create a convenient and secure solution for our customers. “

Valley is one of the largest national banks serving multi-state cannabis-related commercial operators. Our dedicated team of banking professionals, including integration and cash management specialists, are focused on meeting the needs of cannabis-related businesses. Valley’s cannabis-related commercial banking program is built around the guiding principle of delivering value for our customers in compliance, convenience and cost.

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

If you are interested in learning more about this payment platform, have media demand, or want to learn more about opportunities to join the Valley Digital Products team, please visit valley.com/valleypay .

As the main subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $ 41 billion in assets. Valley is committed to empowering people and businesses to succeed. Valley operates many convenient branches in 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 serving customer needs. Helping communities grow and prosper is at the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, visit www.valley.com or call our Customer Service Center at 800-522-4100.

CONTACT: Pam Golden, GLA Communications

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY FINANCE SOFTWARE INTERNET BANKING

SOURCE: National Bank of the Valley

Copyright Business Wire 2021.

PUB: 10/26/2021 12:45 p.m. / DISC: 10/26/2021 12:45 p.m.

Copyright Business Wire 2021.

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