When are consumers eligible to use ODR?
- The complaint is related to the Account Aggregator Network
- The consumer has reported the complaint to their Financial Institution
- The consumer is not satisfied with the resolution provided to them
- The complaint involves participants who are part of the Vikalp platform
Overview of the consumer journey
Consumers will discover the option to file a dispute as part of the FIU or AA experience.
This ensures a documented case history with consumers.
The Vikalp page*, powered by Sahamati, will educate consumers about ODR.
Consumers can select an ODR of choice to proceed further.
Consumers will land on the ODR institution’s website which will create further awareness.
They will register and enter case details to file a dispute.
A collaborative approach to launching ODR
- FIUs and AAs to have 100% flexibility to design ODR discovery
- Sahamati to partner closely with ODR institutions to set them up for success
- ODR institutions to resolve issues between consumers and the network
How ODR works for the AA network
Key responsibilities of ODR institutions
- ODR process to provide mediation/conciliation and arbitration as resolution options
- ODR process should be conducted as per best practices and predefined SLAs
- ODR institutions to ensure process and resource readiness
ODR Fees and Procedural Settlement
- Fee structure to comprise of a conciliation fee and an arbitration fee
- While these components of the fee structure will be uniform across ODR institutions, they price can vary as per their discretion
- The procedural settlement – either as part of conciliation or arbitration – can include non-monetary solutions/relief to the concerned party/parties
- Consumer-determined claim amount is not part of the initial scope