Due to multiple 2019 bank acquisitions, the Texas-based Happy State Bank and Trust Co. experienced an increase in electronic payment transaction volume. Seeking a solution to automate their existing manual dispute process, Happy State Bank tapped FINBOA for Regulation E Dispute Tracking to gain efficiency and avoid additional training cost, audit risk, processing time and claim losses.

FINBOA’s SaaS-based Regulation E Dispute Tracking solution enlists the use of paperless technology and Reg E calculators to reduce errors and improve efficiency with centralized document management, customized letter generation, digital forms and e-signatures. Prior to implementing FINBOA’s solution, Happy State Bank had to increase its write-off threshold, from $50 up to $100, to keep up with volumes and stay within Reg E compliant timeframes. After launching FINBOA, write-offs returned to $50.

“I recommend FINBOA to everybody - it has significantly improved our bank’s efficiency with dispute tracking,” said Lourdes Aranda, VP, Support Manager of Happy State Bank. “We love working with Raj and his team, they are responsive and easy to work with. In the future, we hope to grow our relationship with FINBOA by applying their robotic process automation to other areas of our institution.”

“By improving regulatory compliance with FINBOA, Happy State Bank was able to meet their automation needs as well as increase total payment transactions for the bank by about 33%,” said Raj Singal, CEO of FINBOA. “Together, Happy State Bank and FINBOA will continue to empower staff by increasing operational efficiency and saving valuable hours of their time.”