Allied Solutions wins 2021 Innovation Award for product refund solution
REFUND Plus® is among eight other solutions to win this year’s 2021 NAFCU Innovation Award
CARMEL, IN (July 29, 2021) — REFUND Plus®, a product refund solution, was recently recognized as a 2021 Innovation Award Winner. This award is given by NAFCU Services and recognizes valuable contributions to the credit union industry. Entries include groundbreaking advancements in technology, software, and digital media, and a panel of independent judges evaluate nominations based on the degree of innovation as well as impact on credit union success. The goal of the Innovation Award is to give credit unions a set of vetted and tested solutions to continue building their competitive advantage.
REFUND Plus® is among eight other solutions to win this year’s award. Additionally, Allied’s COVID-19 response campaign, “The Road to Recovery”, was nominated and considered a finalist for the 2021 NAFCU Innovation Award, but did not advance to the winning round.
President of NAFCU Services, Randy Salser, shared: “Major congratulations to our 2021 Innovation Award winners. We’re so excited about these Preferred Partners, and all the innovative and passionate work they continue to put into progressing our industry. They’re spanning every need, with a deep understanding of the digital transformation and user experience developments that impact member retention and growth on a day-to-day basis. They’re not just fostering collaboration and ingenuity in our credit unions, but in our communities at large.”
REFUND Plus® is bringing innovation to the financial institution space with the first ever end-to-end solution for product refunds. This solution meets a growing regulatory demand and complex processing requirements and is raising awareness across the industry for the need for this type of innovation. This solution streamlines and manages the entire product cancellation and refund process with automated file transmission and review, reporting and data analytics, validation of refund amount, tolerance acceptance, and more.
This solution provides an efficient and member-centric solution for risk and liability mitigation, reporting, and auditing of cancellations and refunds. This solution ensures the refund is timely and accurate, helping our clients manage their liability to refund the borrower and maintain compliance with increasing regulations. Our true success lies with the positive feedback shared by our clients. They voice trust in our process and rely on us for the latest compliance updates and process improvements.
Pete Hilger, Allied CEO, remarked: “Our REFUND Plus® solution was created as a result of Allied’s risk management team anticipating a need in the marketplace for a refund solution for cancelled ancillary products– a need that no other company was satisfying. This solution demonstrates a true collaborative effort across the company and it’s exciting to see that collaborative effort be recognized.”
Allied Solutions is proud to be named an Innovation Award winner and congratulates all the 2021 NAFCU Services Innovation Award winners.
About Allied Solutions
Allied Solutions is one of the largest providers of insurance, lending, risk management, and data driven solutions to financial institutions. Allied Solutions uses technology-based solutions customized to meet the needs of 6,000 clients along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions is headquartered in Carmel, Indiana, with regional offices in Florida, Minnesota, South Dakota, and Texas. Allied Solutions is a wholly owned and independently operated subsidiary of Securian Financial Group. Visit alliedsolutions.net to learn more.
