Terms & Conditions for Using Account Aggregators

If you (“User”) avail services of the account aggregator and enable Credit Wise Capital Private Limited (“CWC”) to connect you with an account aggregator (“Account Aggregator”) for the purpose of creating your account with the Account Aggregator of your choice, the following Terms are applicable to you.

An Account Aggregator is an entity regulated by the Reserve Bank of India with an NBFC-AA license that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the account aggregator network. The Account Aggregator ecosystem (“AA Ecosystem”) allows the User to create accounts with Account Aggregators of their choice for the purpose of sharing financial information from a variety of entities that hold financial information with CWC. This streamlines the process and allows transfer of data from financial entities in a secure and efficient manner. All information shared shall always be with the consent of the User as obtained by the Account Aggregator.

By using and selecting an Account Aggregator in our WhatsApp or App onboarding journey for the purpose of sharing your information, you affirm that these Terms are legal and binding on you. You represent and warrant that You have full legal capacity and authority to agree and bind yourself to these Terms.

1. AA Architecture

The WhatsApp or App allows the User to select an Account Aggregator of their choice from the list of Account Aggregators with whom CWC has entered into agreements with. At present CWC has agreements with the following Account Aggregators:

a. FinSec AA Solutions Private Limited (“One Money”)

CWC may modify this list from time to time as and when CWC enters into agreements with new Account Aggregators.

On selection of the Account Aggregator, the User shall be directed to a fresh page where the User is required to link their bank account to the AA Ecosystem for the purpose of creating an account with such Account Aggregator. On doing so, the User shall also be bound by the terms and conditions and privacy policy of the Account Aggregator in relation to transfer of data through the Account Aggregator to the CWC. The terms and conditions of the Account Aggregator shall be available on the website of the Account Aggregator. On creation of the account with the Account Aggregator, the User shall direct the Account Aggregator to obtain and share the User’s data with the CWC by issuing consent for the same.

2. User Data

The Account Aggregators shall share the User’s bank profile and transaction data with the CWC in the manner as set out in the consent artifact provided by the User to the Account Aggregator.

The User agrees that the consent submitted under the consent architecture permits the CWC to underwrite and undertake analytics using the data received from the Account Aggregator.

Kindly note that the loan monitoring consent will only be used post loan disbursal

3. Disclaimers

To the fullest extent permissible by law, CWC and our affiliates, and related parties each disclaim all liability towards You for any loss or damage arising out of or due to: (i) Your use of, inability to use, or availability or unavailability of the Account Aggregators services; or (ii) any information provided to the Account Aggregator; or (iii) the occurrence or existence of any defect, interruption, or delays in the operation or transmission of information to, from, or through the AA Ecosystem; (iv) any security breach that occurs on the AA Ecosystem that is not directly attributable to CWC or (v) any acts or omissions of the Account Aggregators.

The User agrees and understands that opening an account and sharing data through the Account Aggregator is a voluntary process and is not mandated by CWC. The CWC still retains the sole right to determine whether the User is eligible to receive a two-wheeler loan as per their internal underwriting process. The CWC’s determination of the User’s eligibility shall be final and binding on the User.

Notwithstanding anything to the contrary contained herein, neither CWC nor any of our affiliates or related parties shall have any liability to You or any third party for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under, directly, or indirectly, or relating, in any manner whatsoever, to these Terms or any breach by the Account Aggregators.

You shall indemnify and hold CWC, our affiliates, and their officers, employees, directors, agents, and representatives, harmless from and against any claim, demand, lawsuits, judicial proceeding, losses, liabilities, damages, and costs (including, without limitation, all damages, liabilities, settlements, and attorneys’ fees) arising out of or due to Your access to or use of the AA Ecosystem, or any infringement of these Terms.