Lumin Digital and FINBOA collaborate to streamline dispute resolution for banks and credit unions

January 8, 2025

Lumin Digital, a cloud-native digital banking provider, has partnered with FINBOA, a process automation specialist.

Lumin Digital delivers cutting-edge digital banking solutions to financial institutions, while FINBOA focuses on automating regulatory compliance and streamlining processes for banks and credit unions.

The partnership was formed to tackle the growing challenge of payment disputes faced by financial institutions. Many banks and credit unions still rely on manual and paper-based processes, which lead to errors, delays, and increased compliance risks. By integrating FINBOA’s Payment Disputes solution into its platform, Lumin Digital aims to enhance the digital banking experience for its users, enabling faster and more accurate dispute resolutions.

Through this collaboration, Lumin’s users will gain access to FINBOA’s Payment Disputes solution. This integration empowers account holders to self-serve and expedites payment dispute resolution, reducing manual effort by up to 90%, audit preparation time by up to 80%, and claim-related write-offs by 25%.

Sean Weadock, chief product officer at Lumin Digital, 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.”

Raj Singal, CEO and founder of FINBOA, added, “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.”