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to prevent fraudulent activities and unauthorized may integrate with emerging technologies like blockchain,
access. enabling faster and more secure cross-border transactions.
Y Impersonation and Voice Spoofing: Developers must Contextual Understanding: Future voice assistants may
implement robust anti-spoofing measures to thwart become more contextually aware, enabling them to handle
attempts by attackers to mimic users' voices and gain more complex payment requests and personalized
unauthorized access. experiences.

Y Secure Communication: Companies should use secure
Multilingual Support: Voice-based payment systems will
communication protocols to encrypt voice data during
likely to expand their language support to cater to users
transmission and storage, preventing interception and
from diverse linguistic backgrounds.
data breaches.
The Future of Voice-Based Payment Conclusion

Systems Voice-based payment systems represent an exciting and
transformative step towards a more streamlined, secure,
As the technology behind voice-based payment systems and user-friendly financial landscape. By combining the
continues to mature, we can expect significant
power of AI, NLP, and biometric authentication, these
advancements in the field. Some potential developments
systems promise to revolutionize the way we conduct
include: transactions and interact with technology. While security
Expanded Adoption: The convenience and ease of use
remains a priority, the benefits of convenience and
associated with voice-based payment systems will drive
enhanced user experience position voice-based payment
widespread adoption across various industries and regions.
systems as a key driver of the digital payment revolution in
Integration with Emerging Technologies: Voice payments the coming years. T

Creditors get more time to file insolvency claims

The Insolvency & Bankruptcy Board of India (IBBI) has reworked its regulations to provide more time for submission
of claims in a move that will benefit creditors, especially homebuyers and government agencies, hit by insolvency
action in the real estate sector. The new rules provide for extension of timeline for claim submission to either 90
days from the insolvency commencement date (ICD) or the date of issue of the latest request for resolution plan
(RFRP), whichever is later. Currently, claims have to be filed within 90 days of ICD.

Under the new norms, claims filed after the stipulated 90-day period will have to mention the reason for delay and
the resolution professional should provide reasons for non-collation of the claim. IBBI has said that for claims that
are received after the stipulated time but seven days before the meeting of the committee of creditors, the resolu-
tion professional will decide about acceptability of collation of late claim. The decision to recommend their inclusion
in the list of claims and their treatment in the resolution plan has been left to the committee of creditors - the apex
decision making body during the resolution process.

For several creditors, especially homebuyers, non-submission of claims within the 90-day period has proved to be a
problem and IBBI has decided to provide some more breathing space, at least for new cases. Besides, several other
creditors could not comply with the earlier stipulation. "The increase in the timeline for filing claims by creditors is
a welcome relief for creditors, particularly tax authorities, with legitimate claims who fail to inadvertently lodge
their claims with the resolution professional. However, this also creates an uncertainty in the minds of potential
resolution applicants who may not have the complete details of liabilities of the corporate debtor at the time of
invitation of expressions of interest," said L Badri Narayanan, executive partner at law firm Lakshmikumaran and
Sridharan.

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