FINBOA and Alkami Partner to Provide Process Automation for Regulatory Compliance

Rhea-AI Summary

On November 15, 2022, Alkami Technology, Inc. (Nasdaq: ALKT) announced a strategic partnership with FINBOA, Inc. to distribute FINBOA's payment dispute management software. This collaboration aims to enhance Alkami's service offerings for banks and credit unions, helping them manage electronic payment disputes more efficiently. FINBOA's solution automates compliance processes, potentially reducing claim-related losses by up to 25% and processing time by up to 90%. The partnership is anticipated to improve operational efficiencies and customer experience across financial institutions.

Positive

• Partnership with FINBOA enhances service offerings for Alkami clients.
• FINBOA's software can reduce claim-related losses by up to 25%.
• Processing time for disputes can be decreased by up to 90%.
• Quick implementation of the software (30-90 days) improves operational efficiency.

Negative

• None.

Alkami Resells Payment Dispute Software to Help Banks and Credit Unions Scale

HOUSTON, Nov. 15, 2022 /PRNewswire/ -- 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.

About FINBOA 

FINBOA provides intelligent process automation to banks and credit unions to simplify and improve regulatory compliance by eliminating manual systems. Leveraging extensive industry experience and a commitment to customer service, FINBOA delivers transformative software proven to enable institutional growth by reducing operational costs and risk. FINBOA is headquartered in Houston and was recently awarded 11^th place on the 2022 Houston Business Journal Fast 100 List. Learn more about FINBOA at www.finboa.com or follow us on LinkedIn, Facebook and Twitter. 

About Alkami

Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening and loan origination, multi-payment fraud prevention, and data analytics and engagement solutions. To learn more, visit www.alkami.com.

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SOURCE FINBOA

FAQ

What is the partnership between Alkami and FINBOA about?

Alkami partners with FINBOA to deliver payment dispute management software, improving compliance processes for banks and credit unions.

When was the partnership between Alkami and FINBOA announced?

The partnership was announced on November 15, 2022.

What benefits does the FINBOA software provide to Alkami clients?

The software automates dispute management, potentially reducing claim-related losses and processing times significantly.

What impact will the FINBOA software have on banks and credit unions?

It will streamline dispute processes, enhance compliance with regulations, and improve overall customer experience.