Lumin Digital, a provider of cloud-native digital banking solutions, has teamed up with process automation provider FINBOA to support paperless payment dispute management.
This collaboration is set to help Lumin Digital's financial institution customers offer self-service options to their members and speed up payment dispute resolution.
With the financial industry grappling with an increasing number of payment disputes, many banks and credit unions continue to rely on outdated, paper-based methods or disconnected systems to manage compliance deadlines.
This often leads to mistakes, increased risk, communication problems, delayed solutions, and missed compliance dates.
FINBOA addresses these issues by automating regulatory compliance and decision-making processes.
The integration of FINBOA's Payment Disputes solution with Lumin Digital's services is expected to improve serving account holders while simultaneously reducing compliance risk.
Financial institutions using FINBOA's solution have reported a reduction of up to 90% in the effort to take disputes. They have also reported a reduction of up to 80% in audit preparation time, while reducing cancellations and claims-related losses by an average of 25%.
Lumin Digital chief product officer Sean Weadock said: “As a company dedicated to improving the digital banking experience for financial institutions and their customers, we are delighted to partner with the FINBOA team, who are to resolve 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.”
The collaboration will enable a fully digital self-service payment dispute acceptance process through Lumin Digital's online and mobile platforms, turning the manual approach into a smart workflow.
FINBOA CEO and founder Raj Singhal said: “The partnership with Lumin Digital is a win-win for our mutual financial institutions as they face an increasing number of payment disputes and stringent regulatory requirements with tight response timelines. We are delighted to offer dispute paperless payments process integrated with Lumin Digital's online banking services.”
In June 2024, Lumin Digital partnered with another financial technology, Pinwheel, known for facilitating frictionless account operation for financial institutions.
This alliance integrated Pinwheel's seamless account activation technology to Lumin Digital's digital banking platform.
“Lumin Digital, FINBOA partner to facilitate dispute resolution for banks” was originally created and published by International Retail Bankerbrand owned by GlobalData.