/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Finboa signs Centennial Bank

Source: Finboa

Centennial Bank has partnered with Finboa, a leading innovator in digital automation and regulatory compliance for financial institutions, to drive efficiency and reduce bank losses, improving customer experience and empowering employees through process automation.

As electronic payments and relentless attacks from fraudsters continued to grow, it was important for Arkansas-based Centennial Bank, with locations in Arkansas as well as Florida, South Alabama and New York, to find a dispute tracking solution that would reduce the potential of compliance failures and ease use across a staff of approximately 800 employees trained to submit claims from cardholders. In addition, the bank is always looking for ways to automate its manual processes. Seeking to improve their success in complying with federal regulations and the efficiency of operations, Centennial Bank selected FINBOA for Reg E Dispute Tracking. 

“We chose FINBOA because it is scalable and sustainable, and our staff could be easily trained to use it effectively,” said Kimberly Mantuano, e-banking card manager at Centennial Bank. “Because 100% of people can’t be accurate 100% of the time, we have to plan for them not to always be correct. With FINBOA’s automated solution, it not only enhances our previous system, but it is also customized to meet our exact needs. The solution surpassed our expectations, and we are excited to automate more workflows with FINBOA in the future.”

Enlisting the use of Reg E calculators to reduce errors and save time, FINBOA’s Reg E Dispute Tracking reduces paper waste and improves efficiency with centralized document management, letter generation, automatic timeline notifications, digital forms and e-signatures. By eliminating manual processing of claims and non-compliance, FINBOA significantly reduces dispute processing time and improves customer experience.

“By implementing our Reg E Dispute Tracking solution, Centennial Bank is able to eliminate arduous steps required for compliance, making its operations run more smoothly and efficiently,” said Raj Singal, CEO of FINBOA. “Our solutions are proven and speed up delivery without sacrificing security or operability. FINBOA is dedicated to providing innovative solutions that strengthen the relationship between financial institutions, like Centennial Bank, and their account holders, while improving back-office efficiency.”  

Comments: (0)