Cloud-native digital banking provider Lumin Digital has joined forces with process automation firm FINBOA to enhance payment dispute management for financial institutions.
The collaboration aims to enable members of banks and credit unions using Lumin’s platform to self-serve and speed up payment disputes, ensuring more accurate and efficient resolutions.
Through the partnership, both parties aim to address the challenges faced by financial institutions in managing growing volumes of payment disputes, often handled through manual, paper-based processes or non-integrated systems.
Such methods can result in increased errors, communication issues, missed compliance deadlines, and resolution delays.
Lumin Digital chief product officer Sean Weadock said: “As a company dedicated to enhancing the digital banking experience for financial institutions and their customers, we are thrilled to be partnering with the FINBOA team, which is actively solving the painful process of manual dispute resolution.
“This partnership is an exciting step that adds another innovative integration and showcases the flexibility of the Lumin Digital platform.”
FINBOA’s automation tools digitise and streamline these processes, helping institutions meet regulatory compliance and improve decision-making.
Financial institutions adopting FINBOA’s Payment Disputes solution through Lumin Digital’s platform are expected to benefit from improved servicing of account holders and reduced compliance risks.
FINBOA reports that its solutions have led to up to a 90% reduction in dispute intake efforts, an 80% reduction in audit preparation time, and a 25% average decrease in claim-related write-offs and losses.
The integration of FINBOA’s Payment Disputes solution with Lumin Digital’s mobile and online banking services is expected to allow for a fully digital, self-service dispute intake process.
This modernised workflow replaces traditional manual methods, enabling faster and more effective dispute resolutions.
FINBOA specialises in intelligent process automation for banks and credit unions, offering solutions such as Payment Disputes, BI Disputes, and AutoDecision.
FINBOA CEO and founder Raj Singal said: “The partnership with Lumin Digital is a win-win for our mutual financial institutions as they face increasing volumes of payment disputes and stringent regulatory requirements with tight response timelines.”
