Financial institutions utilising FINBOA’s solution have reported up to a 90% decrease in dispute intake effort. Credit: Harsamadu/Shutterstock.

Lumin Digital, a cloud-native digital banking solution provider, 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 their members self-service options and accelerate payment dispute resolutions. 

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With the financial industry grappling with increasing volumes of payment disputes, many banks and credit unions continue to depend on outdated, manual, paper-based methods or disjointed systems to manage compliance deadlines.  

This often leads to errors, heightened risk, communication issues, delayed resolutions, 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 account holder servicing while simultaneously cutting down compliance risk.  

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Financial institutions utilising FINBOA’s solution have reported up to a 90% decrease in dispute intake effort. They have also reported up to an 80% fall in audit preparation time, while lowering claim-related write-offs and losses by an average of 25%. 

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.” 

The collaboration will enable a fully digital, self-service payment dispute intake process through Lumin Digital’s online and mobile platforms, changing 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 increasing volumes of payment disputes and stringent regulatory requirements with tight response timelines. We are delighted to offer a paperless payment dispute process integrated with Lumin Digital’s online banking services.” 

In June 2024, Lumin Digital partnered with another fintech, Pinwheel, known for facilitating frictionless account activation for financial institutions.  

This alliance integrated Pinwheel’s seamless account activation technology into Lumin Digital’s digital banking platform.