API Policy

Effective Date: January 1, 2025

Finsova Fintech Pvt Ltd (“Finsova”) offers APIs exclusively to its Channel Partners under strictly standardized terms and conditions. These APIs are designed to support services such as AEPS, BBPS, utility services, mini banking services, micro ATM services, merchant payment solutions, and SaaS/BAAS. All users of these APIs, especially Channel Partners, are bound by the terms specified in this document. Any deviation or modification of the provided API flow is strictly prohibited.

By using the APIs, you accept and agree to adhere to the policies outlined below. Non-compliance with these policies will result in immediate suspension or termination of API access, and may lead to legal consequences.

1. Exclusive API Access for Channel Partners

• Authorized Users:

  • APIs are provided exclusively to Channel Partners who are authorized to use them under specific terms. These APIs are NOT available to any other parties, including retailers, distributors, or other third parties unless explicitly authorized by Finsova.

• Standardized API Flow:

  • The flow of transactions and data provided by Finsova cannot be altered by Channel Partners. The process defined by Finsova is mandatory and must be followed exactly as described.
  • Any modification to the flow or unauthorized attempt to bypass the standard transaction process will lead to immediate termination of access and legal action.

• Non-Transferability:

  • The rights to use Finsova’s APIs are non-transferable. Channel Partners cannot sublicense or share API keys with third parties without express written consent from Finsova.

2. Regulatory and Legal Compliance

• Compliance with Applicable Laws:

  • Channel Partners must fully comply with the Prevention of Money Laundering Act (PMLA), RBI Regulations, and ED Guidelines. This includes but is not limited to ensuring KYC (Know Your Customer) procedures, monitoring of Suspicious Transaction Reports (STRs), and ensuring the reporting of any activity that may indicate Money Laundering or Terrorist Financing.

• AML and CFT:

  • Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures are a critical responsibility of Channel Partners. Any violation of these regulations, including failure to report suspicious activity, will lead to immediate suspension of API access and legal repercussions under PMLA.

• Data Privacy and Protection:

  • Channel Partners must ensure that all data processed via the API complies with applicable Data Protection Laws. This includes ensuring the secure storage and transmission of sensitive personal and financial data, as mandated by GDPR, the Indian IT Act, and other privacy regulations.
  • The storage and handling of biometric data (for AEPS transactions) must comply with the Aadhaar Act and relevant UIDAI guidelines.

3. Suspension, Termination, and Enforcement

• Immediate Suspension for Breach:

  • Any violation of the API flow, modification of transaction processing, or engagement in fraudulent or illegal activities will lead to immediate suspension of API access. Upon such suspension, Finsova will notify the Channel Partner of the breach and the actions being taken.

• Terminated Access:

  • Channel Partners found to be involved in illegal or unethical activities, including fraud, money laundering, terrorist financing, or data breach, will face permanent termination of API access and may be subjected to legal action, as per Indian Law.

• Jurisdiction:

  • Any dispute arising from the use of Finsova’s APIs or any violation of these policies shall be governed by the laws of India. The exclusive jurisdiction for any legal matters related to these policies, including enforcement and breach, shall lie with the courts of Jodhpur, Rajasthan.

4. Prohibited Activities

• Modification of API Flow:

  • The flow of API integration and transaction processing is non-negotiable. Any attempt by a Channel Partner to change or alter the API flow is a severe breach of contract, and will result in immediate suspension and potential legal actions.

• Fraudulent Transactions and Abuse:

  • Channel Partners must not engage in fraudulent activities, including but not limited to falsifying customer data, creating fake transactions, or manipulating the API for unauthorized purposes. Any fraudulent activity will result in criminal prosecution and permanent ban from Finsova services.

• Unauthorized Use of API Keys:

  • The unauthorized sharing, resale, or misuse of API keys is strictly prohibited. Channel Partners are solely responsible for the confidentiality of their API credentials. Any compromise of API keys due to negligence or misconduct will lead to immediate suspension of services and possible legal action.

5. Indemnification and Liability

• Indemnification:
  • Channel Partners agree to indemnify and hold Finsova harmless from any claims, damages, liabilities, and expenses arising from their use of the API, including violations of legal regulations such as PMLA, RBI, or ED guidelines.
• Limitation of Liability:
  • Finsova’s total liability in the event of a breach or dispute will be limited to the total amount of fees paid by the Channel Partner in the 12 months prior to the claim. Finsova will not be liable for indirect, incidental, or consequential damages, including but not limited to lost profits, loss of data, or business interruption.

6. Audit and Monitoring

• Ongoing Monitoring:

  • Finsova reserves the right to audit the transactions and usage of its APIs by Channel Partners to ensure compliance with these policies. Finsova will monitor API activities for compliance with legal requirements and the prevention of fraudulent activities.

• Access to Records:

  • Channel Partners must provide full access to transaction logs, KYC records, and any other relevant information to Finsova upon request for audit or investigation purposes. Failure to comply with audit requests will result in immediate termination of access.

7. Termination of API Access

Finsova reserves the right to terminate API access immediately upon discovery of any of the following:

• Modification or tampering with the API flow or integration.
• Involvement in fraudulent, illegal, or unauthorized activities.
• Non-compliance with KYC, AML, or PMLA guidelines.
• Failure to cooperate with audits, monitoring, or investigations.

Upon termination, Finsova may take legal action to recover damages or losses caused by the breach.

8. Updates to Policies

Finsova reserves the right to amend or update these policies at any time. All updates will be communicated to Channel Partners via email or through the Finsova developer portal. It is the responsibility of the Channel Partners to regularly review the updated policies.

9. Contact Information

For any queries, concerns, or support related to API usage or compliance, please contact:

• Support: admin@finsova.org
• Compliance: compliance@finsova.org
• Phone: +916376380550

By using the APIs provided by Finsova, all Channel Partners agree to be bound by these terms and conditions, and understand the legal and compliance obligations outlined herein.