FINBOA Inc., a leading innovator in intelligent process automation for regulatory compliance in financial institutions, was named as a Credit Union Times Luminaries Award Recipient by Credit Union Times (CU Times) magazine in the category of Third-Party Fintech Product Innovation of Credit Debit Payment Solutions.
CU Times Luminaries Award winners are selected by a distinguished and diverse panel of judges from across the credit union industry, as well as by the CU Times editorial team. The 2024 CU Times Luminaries winners will be honored with awards live on stage at the 3rd annual CU Times Luminaries Awards dinner in Orlando, Fla on November 7th, 2024.
“We are honored to receive recognition from the credit union industry as a Credit Union Times Luminary for fintech product innovation.” said Raj Singal, CEO and Founder of FINBOA. “Credit unions have transformed payment dispute management by adopting FINBOA Payment Disputes to automate and digitize manual processes commonly used in credit union back-office operations to meet regulatory compliance requirements. We believe the FINBOA Payment Disputes solution is unique in the marketplace of workflow automation because our system is focused on banking compliance requirements; rather than an adapted automation tool from another industry.”
Many credit unions, overwhelmed by growing payment dispute volumes, have developed spreadsheet-based or non-integrated systems to track compliance mandated deadlines such as Regulation E (Reg E). This manual approach increases the risk of errors, communication problems, long delays and missed compliance timelines. Credit unions face reputational risk and may be fined for non-compliance resulting from these manual, disparate dispute tracking methods.
“We are proud that nearly 50 credit unions are using FINBOA Payment Disputes and are enthusiastic about the rapid and measurable improvements they are reporting to us,” continued Singal. “FINBOA is focused on transforming ineffective manual processing practices with digitization and automation. We are committed to applying automation to free people to do more meaningful work in credit unions across the country.”
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