Ever wondered if ‘Ek Tha Tiger’ was to be made in 2025, what the plot would be about?
Setting the stage:
“In the ever-evolving landscape of global finance, the year 2021 marked a significant milestone with the announcement of the UPI-PayNow collaboration, announcing a new era of seamless cross-border transactions. Individuals and entities eagerly embraced the convenience of digital payments, but little did they know what was about to come.”
Breaking News!
Ever since the announcement of the UPI-Pay Now partnership between India and Singapore, citizens on both sides eagerly embraced the convenience of sending and receiving money digitally. However, what began as a beacon of financial innovation soon descended into chaos as reports surfaced of espionage and fraudulent activities plaguing unsuspecting users.
Shikaar toh sab karte hai, lekin tiger se behtar shikaar koi nahi karta!
In a world where digital transactions traverse international borders seamlessly, ensuring the safety and security of these monetary exchanges becomes paramount. But, something else was in store. Citizens and businesses saw their balances falling within seconds. Black screens took over laptops and smartphones and a digital money heist captured cities. It became clear that urgent action was required to revive everyone’s assets and restore trust and confidence in the digital transaction ecosystem. But which batman would save this Gotham?
Enter- Avinash Singh Rathore a.k.a TIGER!
As the issue was explained to him, memories of Prof. Samadhan Dwivedi flooded his mind. A well renowned scientist, Tiger had encountered him during one of his many top-secret missions. He recollected that the professor had warned him that this situation would come one day. The professor had mentioned that he was already working on a solution. All he remembered was the professor telling him about some CODE O.D.R.
Tiger had to meet the professor now!
The solution: CODE O.D.R
Upon reaching the professor, Tiger finds him lying lifeless on the floor. Somebody did not want Tiger to meet the Professor, knowing he held the key to the solution. After a quick scan of the professor’s belongings, Tiger discovers a secret laptop in a safe. Opening it requires a password. What could it be?
Tiger recalls his interactions with the Professor and remembers his last message: RESOLVE and EVOLVE. The moment Tiger enters the password, the laptop unlocks. He hacks into the main server and activates CODE O.D.R.
Once again, Tiger saves the day!
Redefining dispute resolution for cross border payments:
Cross border payments facilitate financial transactions between individuals or entities in different countries. With the onset of globalization, cross border payments have become an integral part of the international ecosystem of financial remittances. However, they also pose significant challenges in the form of cybersecurity threats.
These threats could be in the form of:
Data privacy and protection concerns: One of the main concerns in cross-border transactions is the protection of sensitive customer data.
Increased risks of identity theft and fraud: Verifying the identities of both senders and recipients in cross-border transactions is essential to prevent these fraudulent activities.
Difficulty in monitoring transactions: Cross-border transactions are susceptible to money laundering activities due to the complexity involved.
Increased vulnerability to payment fraud and cyberattacks: Cybercriminals often target cross-border payment systems to commit various types of fraud, including payment cards fraud, phishing attacks, and malware-based attacks.
Exposure to exchange rate fluctuations and currency risks: Cross-border transactions expose parties to currency conversion and exchange rate fluctuations.
CODE O.D.R. saves the day!
CODE O.D.R., stands for CODE Online Dispute Resolution or ODR. It is a solution that represents the dynamic evolution in the methods of resolving conflicts in the digital era. No longer confined to just e-arbitration or e-mediation, ODR has expanded its horizons to encompass a broad spectrum of conflict resolution methods, ranging from ticketing systems for grievances to sophisticated smart ODR systems which are a combination of smart contracts and ODR.
In today’s interconnected world, where cross-border transactions form the backbone of international trade and investment, ensuring the safety and integrity of financial exchanges is paramount. ODR can emerge as a pivotal tool in addressing the numerous challenges associated with such transactions. Futuristic and improved versions of ODR systems can be built to include advanced encryption and data protection measures, to safeguard sensitive customer information against cyber threats and privacy breaches, instilling confidence in participants.
Additionally, it also has the capability to incorporate automated transaction monitoring tools, real-time detection of suspicious activities and unauthorized access. This proactive approach not only mitigates the risks of payment fraud and cyberattacks but also fosters a secure environment for cross-border transactions to thrive.
Furthermore, ODR facilitates transparent and efficient dispute resolution processes, crucial for resolving currency-related disputes and maintaining the integrity of financial systems. By streamlining the resolution process and adhering to regulatory guidelines, it fosters an environment conducive to international trade and investment, safeguarding the interests of all stakeholders involved.
The significance of ODR in digital payment disputes is validated by its integration into the UPI dispute resolution framework by the Indian government, setting a precedent for its adoption on a global scale.
In conclusion, by leveraging advanced technologies and embracing innovative approaches, ODR not only enhances the security and trustworthiness of financial exchanges but also fosters innovation and resilience in the international financial ecosystem. Embracing ODR is not just a response to the challenges of the digital age but a proactive step towards ensuring the integrity and stability of global financial systems.
