Terms and Conditions for Financial Information Inquiry under the “Open Banking Joint Service”
Article 1 (Application of Terms)
These Terms and Conditions apply to individuals (hereinafter referred to as the “User”) who wish to view their financial information through the services provided by a participating institution based on the Open Banking Joint Service, and to Travel Wallet Co., Ltd. (hereinafter referred to as the “Company”).
Article 2 (Definitions)
① “Open Banking Joint Service” refers to a set of operations for the standardized open API platform jointly established and operated by financial institutions and electronic financial businesses to enable participating institutions to provide fintech services.
② “Participating Institution” refers to a company that has entered into a usage agreement for the Open Banking Joint Service with Korea Financial Telecommunications & Clearings Institute (KFTC) and has been approved for use.
③ “Financial Information Inquiry” refers to the service in which the Company provides the User’s financial information in response to a request made by the User via the Participating Institution, as described in Article 5.
④ “Open Banking Relay Center” refers to the system that operates the Open Banking Joint Service, intermediates between the Company and Participating Institutions, and is managed by KFTC.
Article 3 (Application for Financial Information Inquiry)
① To inquire about their financial information, Users must apply through the webpage or app provided by the Participating Institution or the Open Banking Relay Center, and related information will be forwarded to the Company.
② When applying for a Financial Information Inquiry, the User must give consent per Article 32(1) of the Act on the Use and Protection of Credit Information, by means such as written consent (including electronic documents with electronic signature), ARS, or recorded phone call, enabling the Company to provide financial information to the Participating Institution via the Open Banking Relay Center.
③ For the protection and management of their information, Users must renew their consent to provide financial information every one (1) year.
④ The Company shall manage User information in accordance with the Personal Information Protection Act, the Act on the Use and Protection of Credit Information, and other applicable laws. Detailed matters regarding this shall be specified in the Company’s Privacy Policy, which is posted on the Company’s website for Users to review.
Article 4 (Service Hours for Financial Information Inquiry)
The service hours for financial information inquiry shall be from 00:10 to 23:50, year-round.
Article 5 (Types of Financial Information)
The types of financial information provided by the Company are as follows:
- Prepaid Instrument List Inquiry: Real-time inquiry of the identifiers (e.g., Travel Pay prepaid balance and held foreign currency) and status (e.g., application/enrollment date) of prepaid electronic payment instruments owned by the User.
- Prepaid Account Linkage Inquiry: Real-time inquiry of account information linked for recharging the User’s prepaid electronic payment instrument (e.g., bank name/account number for which withdrawal consent was given, recharge reference information).
- Prepaid Balance Inquiry: Real-time inquiry of the balance of the User’s prepaid electronic payment instruments, classified by category (e.g., user-recharged amount, Company-granted amount, amount subject to expiration).
- Prepaid Transaction History Inquiry: Real-time inquiry of the User’s prepaid instrument transaction details (e.g., transaction amount per entry, post-transaction balance, counterparty details).
Article 6 (Provision of Financial Information)
When the User requests a financial information inquiry via a Participating Institution, the Company shall provide the User’s financial information to the Open Banking Relay Center without separate notice, and the Relay Center shall transmit the information to the Participating Institution based on the User’s unique identifier.
Article 7 (Suspension of Financial Information Inquiry)
① The Company may suspend financial information inquiry services in the event of unavoidable circumstances such as system failure or maintenance related to the Open Banking Joint Service.
② In such cases, the Company shall provide advance notice. However, if prior notice is not feasible due to unavoidable reasons, the Company may notify the User afterward.
Article 8 (Termination of Financial Information Inquiry)
① The User may request to terminate the financial information inquiry through the webpage or app provided by the Participating Institution or the Open Banking Relay Center.
② The Company may terminate the inquiry after issuing a notice with a reasonable grace period if any of the following applies, unless such a notice is not required by relevant laws or if resolution of the cause is impossible:
- The User has stolen another person’s information or registered false information.
- No inquiry request has been received from the Participating Institution for over one (1) year.
③ If the Company terminates the inquiry per Paragraph 2, the Company shall provide prior notice, and the User may file an objection.
Article 9 (Disclaimer)
Disclaimers under these Terms and Conditions shall follow the provisions set forth in the Company’s Terms and Conditions for Electronic Financial Transactions.
Article 10 (Jurisdiction)
In the event of a dispute between the Company and the User regarding financial information inquiry under these Terms and Conditions, jurisdiction shall be determined in accordance with the Civil Procedure Act.
Article 11 (Amendment of Terms and Conditions)
Any amendments to these Terms and Conditions shall be subject to the amendment provisions of the Company’s Terms and Conditions for Electronic Financial Transactions.
Article 12 (Relationship with Other Terms and Conditions)
① The Company’s Terms and Conditions for Electronic Financial Transactions shall also apply to financial information inquiry. In case of conflict, these Terms and Conditions shall take precedence.
② For matters not provided in these Terms and Conditions or in the Company’s Terms for Electronic Financial Transactions, relevant laws such as the Electronic Financial Transactions Act and the Act on the Use and Protection of Credit Information shall apply unless otherwise agreed.
Addendum [Enactment]
These Terms and Conditions shall take effect on July 8, 2021.