Terms & Conditions

The objective of these Terms of Use (“Terms”) is to inform You (defined below) of the terms which apply to Your access/use of the BANKINGSTACK Platform (defined below), what we expect of You and what You can expect from Us as You use and interact with the BANKINGSTACK Platform provided by Us.

The BANKINGSTACK Platform enables banks and financial institutions to accelerate digital banking innovation and outcomes through a modern, cloud-native fintech operating system.

These Terms are an electronic record in terms of the Information Technology Act, 2000 and rules thereunder as applicable and as amended from time to time. This electronic record is generated by a computer system and does not require any physical or digital signatures. These Terms are published in accordance with the provisions of Rule 3(1)(a) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 framed under the Information Technology Act, 2000 (as amended from time to time), that mandates publishing the terms of use for access or usage of the BANKINGSTACK Platform and Services (defined below) and they constitute a legally enforceable binding and enforceable contract between Us and the User (defined below).

These Terms governs the access and use of the BANKINGSTACK Platform through the web link: https://www.bankingstack.com (“Website” or “BANKINGSTACK Platform”, which includes any and all the related sub-links and the Services provided thereunder) offered by Open Financial Technologies Private Limited (also referred to as “Open”, “Company”, “We”, “Us” and “Our” as the context requires, and includes its affiliates including but not limited to: Opendigi Technologies Private Limited and Open Financial Technologies, Inc., its assigns and Service Providers).

BANKINGSTACK is only a technology platform and should not be construed as a bank. We neither hold nor claim to hold a banking license. The Services offered on the BANKINGSTACK Platform are powered by our partner banks/financial institutions and follows all security standards and legal requirements prescribed by the partner bank/financial institution, in accordance with the RBI regulations. By accessing or using the Services, You hereby agree to adhere to the Terms set out hereunder. These Terms govern the User’s use and/or access to the Website. These Terms form an integral part of, and will be read in conjunction with:

  • The Privacy policy governing the use of the Website or provided to the User in any other manner or form, which is hosted at Privacy Policy.

Definitions

Unless the context otherwise requires, the following capitalized words shall have the meaning assigned to them below

“API” shall mean the application programming offered by Us for powering the Services and includes all API Keys, API Rights, API Data and Documentation, and shall also include the ideas and concepts contained within the various physical implementations of the API and any related Documentation associated therewith, including any user documentation and all interfaces and custom programming developed by Us under these Terms and which are made available through the BANKINGSTACK Platform or through offline mode or any other mode.

“API Data” shall mean any data or other content that We make available on or through the BANKINGSTACK Platform or any other mode.

“API Key” shall mean the unique key that We issues to You, to enable Your Application to access an API.

“API Rights” shall mean the rights granted herein by Us to You for consumption, distribution and resale of the APIs (including updates), which includes without limitation, the API Keys and Documentation.

“Application” refers to any software application or platform, whether on a cloud-hosted model or otherwise, that You have developed for enabling deployment of Your services to the Customer.

“Business Days” shall mean any day in which banks are open for business in Mumbai, India / New Delhi, India, / and Bangalore, India.

“Customer” shall mean any individual or entity that purchases good and services of the User and/or transacts with the User.

“Documentation” shall mean the manuals provided by Us to the User for accessing the API

“RBI Guidelines” shall mean the extant rules, regulations, orders, directions, notifications and guidelines issued by RBI, including but not limited to – the Payment & Settlement Systems Act, 2007, RBI Directions for opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries dated November 24, 2009, the Guidelines on Regulation of Payment Aggregators and Payment Gateways dated March 17, 2020 and the Master Directions for Know Your Customer (KYC), 2016, as amended from time to time.

“Service(s)” shall mean and include the following services provided on the BANKINGSTACK Platform to the User at the request of the User:

  • SME Banking (Bookkeeping, Payments & Collection, Flow Based Lending, Cards and Expense Management)
  • Consumer Banking (Account Aggregation, Goal Based Savings, Split Pay, Physical and Virtual Cards.
  • Embedded Finance (Canvas, Elements and Stack)
  • Any other service that may be offered by Us through the BANKINGSTACK Platform.

“User”, “You”, “Your” and “Yourself”, as the context requires, shall mean and include a natural person or legal person (sole proprietor, partnership firm, company, LLPs, trusts, societies or HUFs) that registers on the BANKINGSTACK Platform and/or transacts or avails Services. The term ‘User’ shall also include such personnel of the User (including but not limited to any current or former officers, directors or employees of the User) who access the BANKINGSTACK Platform with either full rights or limited rights, as the case may be.

Eligibility

The BANKINGSTACK Platform must be accessed/used only by persons above 18 (eighteen) years of age and who can enter into legally binding contracts with Us in accordance with the Indian Contract Act, 1872 by virtue of being ‘competent to contract’ within the meaning of Section 11 of the Indian Contract Act, 1872. Your use or access of the BANKINGSTACK Platform shall be treated as Your representation that You are competent to contract and if You are registering as a business entity, then You represent and warrant that You have the authority to bind such business entity to these Terms.

Your Access to the BANKINGSTACK Platform

It shall be Your responsibility to review these Terms periodically for updates / changes. Your continued use of the BANKINGSTACK Platform following any amendments of these Terms is construed as deemed acceptance of such amendments. Subject to the User’s continued compliance with these Terms, We grants the User a personal, non-exclusive, non-transferable, limited privilege to access and use the BANKINGSTACK Platform.

You will use the BANKINGSTACK Platform only for lawful business activities and will not carry out any activity which is unlawful, illegal or immoral, or in any manner facilitate furtherance of any such activities which constitutes a violation of any law or regulation, including but not limited to the RBI Guidelines.

We reserve the right to refuse access to the BANKINGSTACK Platform, terminate accounts, remove or edit content at any time without notice to the User concerned, if these Terms are violated.

Fees and Taxes

You will be charged fees based on the Services you have requested or availed and the pricing/subscription plan that you have opted for on the BANKINGSTACK Platform (“Fee”). User agrees that it will pay all fees and charges so levied without any delay or demur. We reserve the right to modify any Fee without any prior intimation to the User. However, such modified Fee shall only be applicable from the next billing cycle or renewal of the subscription plan.

We shall not make refunds of any amounts charged as Fee other than as explicitly agreed by these Terms.

You shall bear all applicable taxes if the Fee is subject to any type of goods and service tax, income tax, duty or other governmental tax or levy.

Data, Audit & Security

We may monitor Your access and usage of the BANKINGSTACK Platform to flag and prevent high-risk and fraudulent practices. It is understood that We may also engage third-party service providers to assist in these efforts. In the event of any suspicious or unusual activity being carried out by You on the BANKINGSTACK Platform, We may temporarily or permanently suspended Your usage or access.

We at Our sole and absolute discretion may conduct inspections, risk and security assessments and audits on the User and may impose additional conditions/restrictions, including but not limited to withholding the Services and directing the User to upgrade its infrastructure in compliance with applicable laws.

The User will not sell, provide, exchange, or otherwise disclose to third parties or use by themselves (other than for the purpose of using the Services, or as specifically required by law) any personal information about any third party (whether its Customer or otherwise), including the financial details and any personal identification information, without obtaining the prior written consent of such third party.

We employ the use of cookies on the BANKINGSTACK Platform. Most interactive websites use cookies to enable retrieval of the User details for each visit. Cookies are used in some areas of the BANKINGSTACK Platform to enable and enhance the functionality and ease of use for the Users. By using the BANKINGSTACK Platform, the User consents to the use of cookies in accordance with the Privacy Policy. Some of the Service Providers may also use cookies.

Content

Notwithstanding the above, the User grants Us the permission to access, copy, distribute, store, transmit, reformat, or disclose the data /content of the User for the purpose of providing the Services requested/availed by the User.

The User may transmit or publish content created by using any of the Services or otherwise. However, the User shall be solely responsible for such content and the consequences of its transmission or publication. Any content that the User may receive from third-parties while using the Services, is provided to the User on an ‘AS IS’ basis for their information and personal use only and the User agrees not to use, copy, reproduce, distribute, transmit, broadcast, display, sell, license or otherwise exploit such content for any purpose, without the express written consent of the person who owns the rights to such content

User undertakes that it shall not do any act or post, display, upload, modify, publish, transmit, update or share any information that –

  • belongs to another person and to which the User does not have any right;
  • is grossly harmful, harassing, blasphemous, defamatory, obscene, pornographic, paedophilic, libellous, invasive of another’s privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatever;
  • infringes any patent, trademark, copyright or other intellectual proprietary rights of any third party;
  • violates any law for the time being in force;
  • impersonates another person;
  • contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of the BANKINGSTACK Platform;
  • is prohibited under applicable law(s) for the time being in force including the Indian Penal Code, 1860, as amended from time to time and rules made there under; and
  • threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order or causes incitement to the commission of any cognizable offence or prevents investigation of any offence or is insulting any other nation.
You are also prohibited from:
  • violating or attempting to violate the integrity or security of the BANKINGSTACK Platform or any Content thereto;
  • transmitting any information (including job posts, messages and hyperlinks) on or through the BANKINGSTACK Platform that is disruptive or competitive to the provision of Service(s);
  • making any unsolicited communications to other Users;
  • using any engine, software, tool, agent or other device or mechanism (such as spiders, crawlers, robots, avatars or intelligent agents) to navigate or search the BANKINGSTACK Platform;
  • attempting to decipher, decompile, disassemble or reverse engineer any part of the BANKINGSTACK Platform;
  • copying or duplicating in any manner any of the content or other information made available from the BANKINGSTACK Platform.

We are not responsible for the accuracy, completeness or correctness of the information made available on the BANKINGSTACK Platform. The material on the BANKINGSTACK Platform is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on the BANKINGSTACK Platform is at the User’s own risk. The BANKINGSTACK Platform may contain certain historical information. Historical information, may not necessarily be updated and is provided for the User’s reference only. We reserve the right to modify the contents of the BANKINGSTACK Platform at any time without any obligation to update any information on the BANKINGSTACK Platform. The User agrees that it is the User’s responsibility to monitor changes on the BANKINGSTACK Platform.

Third-Party Links

The BANKINGSTACK Platform may refer to or may contain, links to third-party websites, applications, services and resources. We provide these links only as a convenience to the User to avail certain services and should not be construed as an endorsement of these third-party websites applications and services by BANKINGSTACK. We make no representation or warranty of any kind regarding the accuracy, reliability, effectiveness, or correctness of any aspect of any third-party services, and consequently, We are not responsible for the content, products or services that are available from these third-party services. The User is responsible for reading and understanding the terms and conditions and privacy policy that applies to the User’s use of any third-party services, and the User acknowledges its sole responsibility and assume all risks arising from User’s use of any third-party services.

Intellectual Property Rights

All copyrights, patents, trade secrets, know-how, trade dress, trademarks, service marks, trade names, moral rights and other intellectual property and proprietary rights (“IPR”) in the BANKINGSTACK Platform and Services shall remain Our sole and exclusive property and Our licensors, as applicable. The IPR may not be copied, reproduced, distributed, transmitted, broadcasted, displayed, sold, licensed, uploaded, or otherwise exploited without Our prior written consent.

Open Developer Sandbox and Software

As part of our Services, we may make certain Services available to Our Users for evaluation purposes by means of a shared sandbox environment (“Developer Sandbox”). We may also make software development kits and other developer software relating to the Services available to the User for download (“Developer Software”).

If You have been granted access to the Developer Sandbox and Developer Software, You may use any Developer Sandbox or Developer Software that We make available to You as part of the Services (including any related documentation), on a non-exclusive, non-transferable basis, solely for the purpose of evaluating the Services in connection with the internal business activities of the business or organisation for which you work. Any production or commercial use of the Developer Sandbox or Developer Software (including any use for marketing or demonstration purposes) is explicitly prohibited, unless expressly permitted by Us in writing.

You may not attempt to obtain, decompile, reverse engineer or otherwise derive the source code of the Developer Software, unless We make the source code available to You. We do not provide any support, helpdesk or maintenance services in respect of the Developer Sandbox or Developer Software. However, You are welcome to report any issues with Our Services to Us at the contact details set out below.

Using the Developer Sandbox

The Developer Sandbox is accessible via our API’s. If You want to use the Developer Sandbox You must request an API key through our Website.

When using the Developer Sandbox, You must comply with all the requirements of these Terms and any other security or other policies notified by Us on the Website. We do not guarantee that access to the Developer Sandbox will always be available and We may restrict, suspend or terminate Your access to the Developer Sandbox at any time without notice.

You acknowledge that any Developer Sandbox that We provide may be shared with Our other Users and is not private or secure. You must ensure that any data that You submit to or store on the Developer Sandbox is suitable for use on a shared environment and does not contain:

  • any information that is confidential to You or the organisation for which You work;
  • any data relating to identifiable human beings; or
  • any other data that may not be freely shared.

By submitting data to the Developer Sandbox, You permit Us, Our group companies and other Users to use Your data free of charge without restriction and confirm that You have the legal right to do so.

We accept no responsibility for the security, accuracy, quality, integrity, legality or reliability of any data stored on the Developer Sandbox. We have no obligation to retain, store or provide copies of data on the Developer Sandbox and we may delete data stored on the Developer Sandbox at any time.

Download of Developer Software

Where We make Developer Software available to download, You may only download one copy of the Developer Software (and any related Documentation) for the purposes specified above. Unless expressly permitted by us in writing, You may not modify, reproduce, distribute, or create derivative works of such software or documentation.

Developer Software may be subject to its own separate licence terms, which may be found on the relevant Website or in the software distribution package (in which case those separate licence terms shall apply to Your use of such software in conjunction these Terms).

Relationship

You understand and agree that nothing contained in these Terms shall be deemed or construed as creating a partnership or joint venture between the User and Us, or deemed to cause any party to be responsible in any way for the debts and obligations of the other party.

You will not describe (whether online or otherwise) Yourself as Our agent or representative or make any representations to any User or any third party or give any warranties which may require Us or Service Providers to undertake or be liable for, whether directly or indirectly, any obligation and/or responsibility to the User or any third party.

Confidentiality

The User agrees not to disclose or attempt to use or personally benefit from any non-public information that it may learn or discover on the Website or through the Services. This obligation shall continue until such time as the non-public information has become publicly known through any action of the User. If the User is compelled by order of a court or other governmental or legal body (or have notice that such an order is being sought) to divulge any such non-public information, the User agrees to promptly and diligently notify Us and cooperate fully with Us in protecting such information to the extent possible under applicable law.

We may access, preserve and disclose any of User’s information if required to do so by applicable law, or if we believe in good faith that it is reasonably necessary to (i) respond to claims asserted against Us or to comply with legal process, (ii) for fraud prevention, risk investigation, User support, product development and de-bugging purposes, or (iii) protect Our rights, property or ensuring safety of the Users or members of the public.

Disclaimer of Warranties & Limitation of Liability

In processing Your request, We shall be entitled to rely upon all electronic communications, orders or messages sent to Us through the Services including and to the extent they are in compliance with Our processing mechanism and any applicable laws and the RBI Guidelines. We shall not be obligated to verify or make further inquiry into the identity of the sender, or the message integrity, of any communications, orders or messages.

We will endeavour to ensure that access to and availability of the Services remains uninterrupted and error free. However, access to the application may occasionally be suspended or restricted to allow for repairs, maintenance, or for the introduction of new facilities and Services and in such cases We shall not be liable for the disruption of any of the Services. We reserve the right to determine the timing and content of software updates, which may be automatically downloaded and installed by an application without prior notice to the User.

The Services are provided on an as-is-and-as-available basis. We expressly disclaim all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. We make no warranty that the Services will be uninterrupted, timely, secure, or error free. To the maximum extent permitted by law, the entire risk arising out of the User’s access of and use of the Website and Services, remains with the User. A separate limitation over liability shall be applicable to each of the Services.

We shall not be liable for any breach of these Terms due to any force-majeure event that prevents or delays performance of its obligations under these Terms. Force-majeure events would include but not limited to lockdown, such as act of god, fire, lightning, explosion, flood, adverse weather conditions, power failures, failure in any communication systems, equipment breakdown, strikes, lock-out, pandemic, endemics, or any other cause beyond the control of BANKINGSTACK.

Indemnity

The User shall keep Us indemnified from and against any and all liability (including but not limited to liabilities, judgments, damages, losses, claims, costs and expenses,) or any other loss that may occur, arising from or relating to any claim, suit or proceeding brought against Us by another User/ Service Provider/ third party for reasons including, but not limited (i) a breach, non-performance, non-compliance or inadequate performance by the User of any of the terms, conditions, representations, obligations or warranties made by him/her; (iii) any acts, errors, fraud, misrepresentations, wilful misconduct or negligence of the User, or their employees, subcontractors and agents in performance of their obligations under these Terms.

Communication Policy

As part of User’s use of the Services, User may receive notifications, offers, discounts and general information from Us via text messages or by emails, for the purpose of collecting feedback. The User understands that receipt of non-service related communications can be deactivated from User Account settings or by sending an email to letstalk@bankingstack.com or by ab-initio not consenting to receive these communications. The User acknowledges that the SMS service provided by Us is an additional facility provided for the User’s convenience and that it may be susceptible to error, omission and/ or inaccuracy.

Customer Complaints

If We receive any general complaint against the User in connection with the use of the BANKINGSTACK Platform, We will forward the complaint to User’s registered email address. The User must respond to the complaint within 36 (thirty six) hours of receiving the complaint as forwarded by Us and copy Us in its communications. If the User does not respond to the complainant within 36 (thirty six) hours from the date of Our email to the User, We may at our sole discretion opt to disclose the User’s contact information to the complainant for enabling the complainant to take legal action against the User. The User understands that its failure to respond to the forwarded complaint within the 36 (thirty six) hours’ time limit will be construed as the User’s consent to disclosure of the User’s name and contact information by Us. Notwithstanding the foregoing, the User acknowledges and agrees that (a) We can disclose any information relating to the User if it deems in its sole discretion that such disclosure is required in the interest of justice.

It is understood between that a Transaction is solely between the User and its Customer and We do not provide any guarantees or warranties, or delivery level commitment with respect to the User. Use of the BANKINGSTACK Platform by a User in no way represents any endorsement by Us of any User. We are not obligated to mediate disputes between Customers and the Users

Suspension and Termination

In the event (a) the User breaches these Terms; (b) the User engages in or is suspected of engaging in any illegal, fraudulent, immoral or abusive activity; or (b) the User provides any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with these Terms, We reserve the right, to suspend/terminate such User’s access to any or all of the BANKINGSTACK Platform and Services without notice, and this will be without prejudice to Our right to exercise any other remedy available to it under applicable law.

In the event We identify any suspicious or unusual activity being carried out by the User on the BANKINGSTACK Platform, We at our discretion may temporarily or permanently suspend the User’s access to the BANKINGSTACK Platform and/or take any such actions necessary to mitigate risk, including but not limited to, withholding of funds or refunding the funds to the source from where such payment originated.

Governing Law, Jurisdiction and Disputes

Without prejudice to the provisions mentioned below, these Terms are subject to the laws of India and any disputes arising out of or in connection with the Terms will irrevocably be subject to the exclusive jurisdiction of the competent courts at Bangalore, India.

We and the User acknowledge and agree that, in the event of any dispute/claim between arising out of or in connection with the Terms: (a) the access logs maintained by Us will be the only source of data to verify the accuracy of such access; (b) such logs will be fully binding as evidence for the purposes of adjudicating the said dispute /claim; and (c) the said dispute/claim shall be settled by binding arbitration in accordance with the Arbitration and Conciliation (Amendment) Act, 1996 and the rules of the Conciliation and Arbitration Centre, Bangalore as amended from time to time with the exclusive seat of arbitration at Bangalore, India.

If any part of these Terms is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth herein, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Terms shall continue in effect.

Customer Grievance Redressal

You may contact us with any enquiry, complaints or concerns by writing to the Nodal Officer at the coordinates mentioned below:

Nodal Officer
3rd Floor, Tower 2, RGA Tech Park
Sarjapur Road, Carmelaram
Bengaluru – 560035
Karnataka

E-mail: grievances@bankopen.co