#BreakingNews--Lüt, a new financial ecosystem built for accessibility, reliability and growth with a first-of-its-kind closed-loop digital payments platform for cannabis and other high-risk industrie...
Autore: Business Wire
Partnership brings secure, cashless payment infrastructure to licensed operators while improving checkout, rewards, and reliability for consumers
FRANKENMUTH, Mich.: #BreakingNews--Lüt, a new financial ecosystem built for accessibility, reliability and growth with a first-of-its-kind closed-loop digital payments platform for cannabis and other high-risk industries, announced a strategic partnership with Frankenmuth Credit Union to support compliant, cashless payments for licensed cannabis businesses in Michigan. Through the collaboration, Frankenmuth Credit Union will offer Lüt Reserve, Lüt’s closed-loop payment platform, as part of its Envy cannabis banking program.
The partnership brings together Frankenmuth Credit Union’s compliance-forward cannabis banking program, which was developed in partnership with Green Check Verified, and Lüt’s closed-loop payment technology to address one of the industry’s most persistent challenges: reliable, regulator-aligned alternatives to cash. Together, the organizations aim to provide cannabis businesses with a secure way to accept digital payments while delivering a faster, more transparent experience for consumers.
“As cannabis businesses scale and regulatory scrutiny increases, the need for dependable, purpose-built payment infrastructure has never been greater,” said Mike Andrud, CEO of Lüt. “Partnering with Frankenmuth Credit Union allows us to deliver a solution that financial institutions can stand behind and that business owners and consumers can rely on every day.”
Through Lüt Reserve, cannabis operators can accept in-store payments using a closed-loop, good-funds model that operates outside of traditional card networks. The platform reduces reliance on cash, limits exposure to payment disruptions and enables faster settlement. Lüt also supports loyalty and cashback programs and budtender referral initiatives designed to drive adoption at the point of sale and streamline pain points in the cannabis industry.
For consumers, the partnership provides an alternative to cash-heavy transactions, offering faster checkout and cashback rewards through the Lüt Reserve mobile app. For operators, it delivers real-time payments, reduced cash handling, and improved operational efficiency at a time when compliance expectations and consumer demand for digital payments continue to rise.
“Cannabis businesses are operating in an environment that demands both innovation and discipline,” said Vickie Schmitzer, CEO of Frankenmuth Credit Union. “This partnership allows us to support our cannabis business members with a modern payment option that improves the customer experience while aligning with the regulatory expectations we take seriously as a member-owned credit union.”
Over the coming months, the companies plan to expand adoption across licensed operators and activate Lüt’s Ambassador Plus program, which enables budtenders to introduce consumers to Lüt at the point of sale while earning ongoing residual income.
Together, Lüt and Frankenmuth Credit Union view the partnership as a blueprint for how financial institutions and payments platforms can collaborate to improve safety, transparency, and trust across cannabis commerce while meeting the needs of businesses and consumers alike.
About Lüt®
Lüt® is more than a payment platform app-it’s a new financial ecosystem built for accessibility, reliability and growth. Lüt modernizes payments by combining traditional card processing, real-time payments, and a secure, closed-loop mobile system. Its mobile transaction model keeps pace with evolving commerce, from online retail to emerging sectors like cannabis and iGaming. Built on the first proprietary payment rails created since 1986 and supported through a strategic partnership with First Federal Bank of Florida (FFB), Lüt delivers faster settlements, cash-back incentives for users and transparent pricing without relying on outdated intermediaries. Lüt's leadership team brings decades of experience in the fintech space to streamline the payment process for merchants and consumers alike with easy to use emerging real-time payments technology. Learn more at myLüt.com.
Frankenmuth Credit Union was organized in 1964 by the employees of the Carling Brewery, Geyer Brothers Brewery, Zeilinger Beverage Company, and Star of the West Milling Company to serve the brewers and millers of the Frankenmuth area. Frankenmuth Credit Union now proudly serves the entire state of Michigan - with over 73,000 members and branch locations in Bay, Genesee, Huron, Midland, Ogemaw, Saginaw, Sanilac, Shiawassee, and Tuscola counties. Frankenmuth Credit Union spotlights financial services as well as insurance, trust, and investment solutions, for both consumers and businesses.
Fonte: Business Wire