Lumin Digital, a leading provider of cloud-native digital banking solutions, has announced a partnership with FINBOA, a specialist in process automation for financial institutions. This collaboration aims to address the persistent challenges of payment disputes faced by banks and credit unions.
The collaboration addresses the growing challenges banks and credit unions face with manual, paper-based processes that lead to errors, delays, and compliance risks. By integrating FINBOA’s Payment Disputes solution into its platform, Lumin Digital aims to enhance the digital banking experience with faster and more efficient dispute resolutions.
With this integration, financial institutions using Lumin Digital’s platform can now offer account holders the ability to self-serve payment disputes. FINBOA’s solution reduces manual work by up to 90%, cuts audit preparation time by 80%, and lowers claim-related write-offs by 25%.
Sean Weadock, Chief Product Officer at Lumin Digital, expressed enthusiasm about the collaboration:
“As a company dedicated to enhancing the digital banking experience for financial institutions and their customers, we are thrilled to partner with FINBOA to address the challenges of manual dispute resolution. This partnership adds another innovative integration and highlights the flexibility of the Lumin Digital platform.”
Raj Singal, CEO and Founder of FINBOA, emphasized the benefits for financial institutions:
“Our partnership with Lumin Digital is a win-win for financial institutions as they face increasing payment disputes and regulatory demands. We are excited to offer a paperless, efficient dispute resolution process integrated with Lumin Digital’s online banking services.”
This partnership demonstrates the potential of combining digital banking with automation to tackle regulatory compliance and customer satisfaction. By eliminating manual processes, financial institutions can save time, reduce errors, and improve service quality for their customers.
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