Today, the leading cloud-native digital banking provider, Lumin Digital , announced it has partnered with process automation provider FINBOA. The partnership will enable Lumin's customer base of financial institutions to allow their members to self-serve and expedite payment disputes on their accounts for more accurate and efficient resolutions.

While faced with growing payment dispute volumes, many banks and credit unions still rely on manual, paper-based processes or non-integrated systems to track compliance-mandated deadlines — increasing errors, risk, communication problems, resolution delays, and missed compliance timelines. FINBOA resolves these challenges by digitizing and automating regulatory compliance and decision processes. Lumin users who choose to use FINBOA's Payment Disputes solution will benefit from better account holder servicing and reduced compliance risk. Institutions using FINBOA have seen up to 90% reduction in dispute intake effort, up to 80% reduction in audit prep time, and an average of 25% reduction in claim-related write-offs and loss.

"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," said Sean Weadock, Chief Product Officer at Lumin Digital. "This partnership is an exciting step that adds another innovative integration and showcases the flexibility of the Lumin Digital platform."

Account holders increasingly prefer using digital channels for simple transactions. FINBOA and Lumin Digital are uniquely positioned to meet account holders' needs. FINBOA's Payment Disputes, integrated with Lumin Digital's online and mobile services, can enable a completely digital, self-service payment dispute intake process, transforming the time-consuming manual process into a smart workflow that significantly improves traditional dispute processing.

"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," said Raj Singal, CEO and Founder of FINBOA. "We are delighted to offer a paperless payment dispute process integrated with Lumin Digital's online banking services."