FINBOA, Inc., a leading innovator in intelligent process automation for regulatory compliance in financial institutions, announces a strategic partnership with Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”) to deliver FINBOA’s payment dispute management software to Alkami clients. This alliance will expand FINBOA’s market share and will provide Alkami with a comprehensive solution for streamlining and simplifying dispute compliance management from claim intake through final resolution, resolving many of the operational challenges created by today’s rapid adoption of electronic payments. The partnership provides banks and credit unions with self-service options for account holders to more easily report and track disputes.
FINBOA services over 140 financial institutions nationwide with assets up to $30 billion. FINBOA CEO, Raj Singal shared, “We welcome Alkami as a strategic partner and reseller. FINBOA is passionate about helping banks and credit unions improve compliance processes with automation. Our partnership with Alkami will extend our reach and enable more financial institutions to effectively scale and grow.”
Quick to implement and easy to use, FINBOA software automates the inefficient manual processes commonly used to manage Reg E and other electronic payment disputes. With pre-built workflows and integration to Core systems, FINBOA quickly transforms claim intake, back-office processing and the account holder experience using robotic process automation (RPA) to increase staff efficiency and accuracy, while reducing compliance costs and risk. FINBOA SaaS solutions provide full visibility to dispute data for reporting and are PCI/DSS compliant.
“Alkami is committed to building solutions that help regional banks and credit unions grow through digital transformation,” said Stephen Bohanon, co-founder and chief strategy and product officer of Alkami. “FINBOA’s payment dispute management software will not only allow them to remain compliant with Reg E guidelines, but it will also streamline their dispute process, bringing operational efficiencies and improving their overall customer experience.”
FINBOA users experience real results. FINBOA’s Reg E Dispute Management solution reduces claim-related losses up to 25%, processing time by up to 90%, data rekeying by 100%, and can typically be implemented within 30-90 days.