1. Objective

This Onboarding Policy (“Policy”) is established by Kortya Softcom Private Limited, a company incorporated under the Companies Act, 2013 and having its registered office at H. No-93, First Floor, Swami Vivekanand Nagar, Kota, Rajasthan (“Company”), which operates the digital payments platform Kortyapay (“Platform”). The objective of this Policy is to define the framework and procedures for the secure, compliant, and risk-based onboarding of customers and merchants (hereinafter collectively referred to as “Users”) availing services from the Platform, in accordance with applicable laws and guidelines including but not limited to:

1.1 The Prevention of Money Laundering Act, 2002 (PMLA)

1.2 The Information Technology Act, 2000

1.3 RBI’s Master Directions on Know Your Customer (KYC), 2016 and amendments thereof

1.4 FIU-IND directives and reporting obligations

2. Scope

This Policy applies to:

2.1 All new Users registering on the Kortyapay platform

2.2 Existing Users undergoing re-verification or change of credentials

2.3 All internal departments and personnel involved in onboarding, due diligence, compliance, or customer servicing

3. Onboarding Criteria

Kortya Softcom Private Limited follows a structured, risk-based onboarding process to ensure the legitimacy, compliance, and identity of all users of the Kortyapay platform. The criteria differ for individual users and merchant/business entities to align with regulatory and operational requirements.

3.1 Onboarding of Individual Users

All individual customers (retail users) who register on Kortyapay for personal payments, wallet services, or P2P transfers must provide the following information:

3.1.1 Full Name:

As per government-issued identity proof.

3.1.2 Mobile Number and Email ID:

Must be verified through OTP-based authentication to ensure secure account creation and communication.

3.1.3 Government ID Proof:

Such as Aadhaar, PAN, or Voter ID to comply with KYC norms and prevent identity fraud.

3.1.4 Bank Account Details:

Required for refunds, payouts, and transaction settlements.

4 Onboarding of Merchant / Business Users

Merchants or businesses using Kortyapay to accept digital payments must undergo full business verification to ensure they are genuine and compliant. The following documents and information are mandatory:

4.1 Business Name and Registered Address:

Should match legal documents and government databases.

4.2 Authorized Signatory’s Identity Proof:

PAN, Aadhaar, or Passport of the person authorized to operate the merchant account.

4.3 Business Registration Certificate:

Such as Certificate of Incorporation, MSME Registration, or Shop Act License.

4.4 GSTIN (if applicable):

Required for tax compliance and business verification.

4.5 Cancelled Cheque / Bank Statement

To verify account ownership and link settlements to the correct bank account.

4.6 Additional Documents (if needed):

Depending on risk profile, high-value merchants may be asked to submit board resolutions, UBO details, or business model descriptions.

5. Verification & KYC Compliance

5.1 KYC Collection

All Users must complete KYC procedures prior to activation.

5.2 Due Diligence:

Applied based on transaction profile and category.

5.3 Ongoing Monitoring:

Transactions are continuously monitored for suspicious or fraudulent activity.

6. Rejection or Termination of Onboarding

Kortya Softcom reserves the right to:

6.1 Reject onboarding for incomplete, unverifiable, or fraudulent submissions.

6.2 Suspend or terminate accounts upon regulatory breach or detected misconduct.

7. Consent and Declarations

As part of the onboarding process, Users shall:

7.1 Provide consent for data processing and sharing under the Privacy Policy.

7.2 Declare that all submitted data is accurate and valid.

7.3 Agree to the Terms & Conditions, AML Policy, and Acceptable Use Policy.