These Terms govern access to and use of the BORQR platform, API and related payment-connectivity, technology and operational services.
These Business Payment Services Terms govern access to and use of the BORQR website, platform, application programming interfaces, dashboards, documentation and related payment-connectivity and operational services.
These Terms apply to companies, merchants, payment service providers, fintech companies, financial institutions, platforms and other business customers.
The Services are intended for business use and are not offered for personal, household or consumer purposes unless expressly agreed otherwise.
By signing an Order Form, accepting a Service Schedule, completing onboarding, accessing the Platform or using a Service, you confirm that:
• you have read and accepted these Terms;
• you are authorised to act for the relevant business;
• all information provided by you is complete, accurate and not misleading; and
• you will comply with these Terms and applicable law.
Accessing the public website or submitting an enquiry does not create a customer relationship or require BOREAN SERVICES FZCO to provide a Service.
BOREAN SERVICES FZCO is the principal contracting entity operating the BORQR commercial brand and providing the technology, connectivity, orchestration and operational services described in these Terms.
BOREAN SERVICES FZCO is incorporated in the Dubai Multi Commodities Centre, Dubai, United Arab Emirates, under registration number DMCC204977 and holds Commercial Licence No. DMCC-1030436 with Commercial activity: Payment Services Provider.
Website:
https://borqr.com
Depending on the approved configuration, BORQR may enable access to, coordinate or technically support payment collection, merchant payment processing, business payouts, domestic and cross-border payment workflows, settlement and reconciliation, payment routing, transaction reporting, API connectivity and related operational capabilities through the Platform and relevant Service Partners.
The exact Services provided to a Business Customer will be identified in the applicable Order Form, Service Schedule or other service documentation.
BOREAN SERVICES FZCO provides the BORQR technology and operational layer directly and may use Banking Partners, payment institutions, payment service providers, Technology Providers and other Service Partners for the relevant financial, payment, settlement or technical components of a Service.
Where a Service involves regulated payment execution, acquiring, safeguarding, money transmission, receipt or holding of funds, or financial settlement, those activities are performed by the relevant authorised financial institution or payment service provider participating in the applicable payment flow.
Unless expressly stated otherwise in an applicable Service Schedule, BOREAN SERVICES FZCO does not receive, hold or safeguard Business Customer funds as a bank or payment institution. Funds are received, held, transferred and settled within the infrastructure of the relevant authorised Service Partner.
Lumier Private Bank is a banking partner of BORQR.
Company Number:
16341
International Banking License with Crypto Activity:
L16341/LPB
Issuing Authority:
Anjouan Offshore Finance Authority
Lumier Private Bank may operate under the Borean Bank commercial brand where applicable.
Website:
https://borean.io
KereX Technologies L.L.C-FZ is the technology provider supporting the BORQR platform, API infrastructure and technical integrations.
Registration Number:
2649066
Commercial Licence Number:
2649066.01
Jurisdiction:
Meydan Free Zone, Dubai, United Arab Emirates
Website:
https://kerex.io
BORQR may appoint other licensed banks, payment institutions, payment service providers, acquiring institutions, settlement providers and technology partners where required for a particular Service, jurisdiction, currency or payment route.
The entity responsible for a specific Service may be identified in the applicable Order Form, Service Schedule, account documentation or other service disclosure.
Each independent Service Partner remains responsible for the services it separately provides.
Unless stated otherwise in the applicable service documentation, BOREAN SERVICES FZCO remains the principal contracting entity and primary customer contact.
Depending on the approved configuration, BORQR may enable access to, coordinate or technically support the following capabilities through the Platform and relevant Service Partners:
• payment collection;
• merchant payment processing;
• business payouts;
• domestic and cross-border payments;
• settlement and reconciliation;
• payment routing;
• transaction reporting;
• API connectivity;
• webhooks and notifications;
• technical integration; and
• operational support.
To apply for or use the Services, the Business Customer must:
• be a validly incorporated and active legal entity;
• conduct a legitimate business;
• hold all licences, permits and registrations required for its business;
• operate from approved jurisdictions;
• successfully complete onboarding and compliance review;
• appoint authorised representatives;
• provide accurate and current information;
• use the Services only for approved business activity; and
• comply with applicable laws, payment network rules and these Terms.
Approval is not automatic.
Service availability depends on the Business Customer’s activity and risk profile, relevant jurisdictions and currencies, applicable laws, partner availability, technical readiness, transaction limits, cut-off times and compliance approval.
BORQR may approve, reject, restrict, change or discontinue a Service, currency, payment method or payment route where reasonably required for legal, regulatory, compliance, security, technical, risk or commercial reasons.
The Business Customer may not resell, sublicense, aggregate or provide the Services to another person unless BOREAN SERVICES FZCO has approved that arrangement in writing.
The Business Customer must provide all information and documents reasonably requested by BOREAN SERVICES FZCO or a relevant Service Partner.
This may include information about:
• corporate registration and licences;
• shareholders and ultimate beneficial owners;
• directors and authorised representatives;
• ownership and group structure;
• business activity and operating model;
• products and services;
• websites and applications;
• source of funds and source of wealth;
• expected transaction volumes and values;
• customers, counterparties and beneficiaries;
• countries, currencies and payment routes;
• purpose of payments;
• financial position;
• compliance procedures; and
• supporting contracts, invoices and transaction records.
The Business Customer confirms that all submitted information is complete, accurate and current.
The Business Customer must promptly notify BORQR of any material change to its ownership, management, registered address, business activity, licence status, websites, products, services, payment flows, expected transaction profile or financial condition.
BOREAN SERVICES FZCO or a relevant Service Partner may repeat or update due diligence at any time.
Failure to provide satisfactory information may result in delayed onboarding, transaction restrictions, suspension or termination.
The Business Customer must use the Services only for its approved business activities.
The Business Customer is responsible for:
• protecting passwords, API keys and access credentials;
• limiting access to authorised personnel;
• maintaining appropriate internal approval controls;
• ensuring that authorised users comply with the Agreement;
• reviewing account and Transaction activity;
• maintaining secure systems; and
• reporting suspected unauthorised access without delay.
Instructions submitted through authorised credentials may be treated as valid instructions issued by the Business Customer.
BORQR may refuse to act on an instruction where it reasonably believes that the instruction is unauthorised, unclear, incomplete, fraudulent, unlawful, inconsistent with the approved business profile or subject to additional compliance review.
The Business Customer must immediately notify BORQR if a password, API key or other credential is lost, compromised or used without authority.
Payment instructions submitted through the BORQR Platform may be transmitted to the applicable Service Partner for execution. Where regulated payment execution is required, the relevant bank, payment institution, acquirer, payment network or other authorised financial institution performs the financial execution of the instruction.
BORQR may provide instruction routing, transaction status information, operational coordination and reconciliation data in connection with that execution.
A payment instruction must contain all information required by BORQR and the relevant Service Partner.
BORQR may reject, delay or request clarification of an instruction where:
• information is incomplete or inaccurate;
• sufficient funds are unavailable;
• an applicable transaction limit has been exceeded;
• the instruction is outside the approved use case;
• compliance or fraud checks are required;
• a Service Partner rejects or delays the instruction;
• the instruction may breach applicable law or sanctions; or
• suspicious or unauthorised activity is identified.
A payment instruction may become irrevocable after it has been submitted to a bank, payment institution, payment network or beneficiary institution.
BORQR does not guarantee that a submitted instruction can be cancelled, amended or recalled.
Processing and settlement times may be described in an Order Form, Service Schedule or operational document.
Unless expressly guaranteed in writing, processing and settlement times are estimates.
Actual timing may be affected by banking operating hours, weekends, public holidays, cut-off times, currency conversion, compliance reviews, missing information, intermediary institutions, system incidents and circumstances outside BOREAN SERVICES FZCO’s reasonable control.
Settlement amounts may be reduced by:
• agreed fees;
• refunds and reversals;
• chargebacks;
• reserves or security amounts;
• taxes;
• penalties;
• third-party charges; and
• other amounts validly due under the Agreement.
Settlement information and amounts made available through the BORQR Platform are based on amounts confirmed as received and made available for settlement by the relevant bank, acquirer, payment institution, payment network or other applicable Service Partner.
Applicable fees are stated in the relevant Order Form, Service Schedule or pricing schedule.
Unless stated otherwise:
• fees are exclusive of VAT and applicable taxes;
• bank, payment network, correspondent and currency conversion charges may apply;
• the Business Customer is responsible for taxes arising from its business and Transactions; and
• fees may be deducted from settlement amounts or invoiced separately.
BOREAN SERVICES FZCO may change its own fees by providing reasonable prior notice.
Third-party fees may be passed through or changed with shorter notice where BOREAN SERVICES FZCO does not control the change.
BOREAN SERVICES FZCO may require reasonable financial security where justified by chargeback exposure, refund risk, delivery periods, fraud risk, financial condition, transaction profile, partner requirements or regulatory requirements.
Financial security may include:
• prefunding;
• a rolling reserve;
• a fixed deposit;
• a minimum balance;
• delayed settlement; or
• another agreed form of security.
Where a prefunding balance, reserve, deposit or other financial security involves the holding of funds, such funds may be maintained with the relevant Banking Partner, payment institution or other designated financial counterparty as specified in the applicable Service Schedule or operational documentation.
The Business Customer remains responsible for refunds, reversals, chargebacks, payment disputes, related fees, penalties caused by its breach and amounts already settled that are later reversed.
BOREAN SERVICES FZCO or the relevant Service Partner may deduct valid amounts from future settlements, apply available reserves maintained within partner infrastructure or require separate payment.
BOREAN SERVICES FZCO applies risk-based business onboarding, compliance and operational controls and coordinates relevant compliance information with participating Service Partners.
Relevant banks, payment institutions and payment service providers may separately perform customer due diligence, sanctions screening, transaction monitoring, suspicious-activity reporting and other financial-crime controls in accordance with their own legal and regulatory obligations.
The Business Customer must not use the Services for:
• money laundering;
• terrorist financing;
• proliferation financing;
• fraud or deception;
• sanctions evasion;
• illegal financial services;
• Transactions involving prohibited persons or jurisdictions;
• Transactions without a genuine commercial purpose;
• anonymous or fictitious activity;
• processing for an undisclosed third party;
• splitting Transactions to avoid applicable limits;
• concealing the actual merchant, payer or beneficiary; or
• another prohibited or unlawful activity.
BOREAN SERVICES FZCO and relevant Service Partners may:
• screen Business Customers, shareholders, beneficial owners, directors and counterparties;
• monitor Transactions;
• request contracts, invoices and supporting documents;
• apply limits or additional controls;
• delay or reject a Transaction;
• restrict or suspend access;
• restrict funds where legally permitted;
• report suspicious activity; and
• retain records as required by applicable law.
BORQR monitoring may include technical, behavioural, fraud and operational-risk indicators and supplements, but does not replace, regulatory transaction monitoring performed by the relevant regulated Service Partner.
Certain industries or business activities may require prior approval and enhanced due diligence.
The Business Customer must notify BORQR before materially changing its business model, products, markets, customers or payment flows.
BOREAN SERVICES FZCO may be legally restricted from explaining the reason for a compliance action, investigation or regulatory report.
Where API access is provided, the Business Customer receives a limited, non-exclusive, non-transferable and revocable right to use the API for the approved business purpose.
The Business Customer must:
• follow current technical documentation;
• protect API credentials;
• use appropriate encryption;
• restrict access to authorised users;
• comply with applicable rate limits;
• test material changes;
• install required security updates; and
• maintain secure systems.
The Business Customer must not:
• reverse engineer the Platform;
• bypass access or security controls;
• interfere with Platform operation;
• introduce malicious code;
• scrape data without permission;
• use the Platform for an unapproved third party; or
• copy or commercially exploit BOREAN SERVICES FZCO or Technology Provider systems.
BOREAN SERVICES FZCO and its Technology Providers may update the Platform, API and technical documentation where reasonably required for security, legal, technical or operational reasons.
Sandbox environments, technical examples and API documentation may differ from the final production configuration.
BOREAN SERVICES FZCO processes personal and business information in accordance with its Privacy Policy and applicable data protection law.
The Business Customer confirms that it has a lawful basis to provide relevant personal data and Transaction information.
Information may be shared with BOREAN SERVICES FZCO’s Banking Partners, Technology Providers and other Service Partners where reasonably required to provide the Services, support or execute Transactions through the applicable Service Partner, perform compliance checks, manage risk, maintain the Platform, comply with legal obligations or respond to competent authorities.
Information may be processed or stored outside the country in which it was collected, subject to applicable legal and contractual safeguards.
Privacy enquiries:
legal@borqr.com
BOREAN SERVICES FZCO will use reasonable efforts to maintain the availability and security of the Services.
Temporary interruptions may occur due to:
• planned or emergency maintenance;
• Service Partner outages;
• banking system availability;
• telecommunications failures;
• cybersecurity incidents;
• regulatory restrictions; or
• circumstances outside reasonable control.
BOREAN SERVICES FZCO does not guarantee uninterrupted or error-free operation.
BOREAN SERVICES FZCO may suspend or restrict the Services where reasonably necessary because:
• onboarding or due diligence is incomplete;
• information is inaccurate or misleading;
• suspicious or unauthorised activity is detected;
• the Business Customer breaches the Agreement;
• amounts are overdue;
• a bank, Service Partner, payment network or authority requires suspension;
• continued service creates legal, compliance or financial risk;
• a security incident occurs; or
• suspension is required by applicable law.
Where legally and operationally possible, BOREAN SERVICES FZCO will provide notice and explain the steps required to restore access.
Either party may terminate the Agreement as stated in the applicable Order Form or Service Schedule.
BOREAN SERVICES FZCO may terminate immediately where:
• there is a material or repeated breach;
• illegal, fraudulent or prohibited activity occurs;
• required due diligence cannot be completed;
• a required licence expires, is suspended or is withdrawn;
• a competent authority or Service Partner requires termination;
• the Business Customer becomes insolvent or ceases trading; or
• continued service would expose BOREAN SERVICES FZCO to unacceptable risk.
Termination does not affect accrued rights or obligations.
Reasonable amounts may remain reserved after termination to cover outstanding refunds, chargebacks, disputes, fees, investigations or other liabilities.
BOREAN SERVICES FZCO will provide the Services with reasonable care and skill and in accordance with the applicable Agreement.
Unless expressly agreed otherwise, BOREAN SERVICES FZCO does not guarantee:
• approval of an application;
• access to every currency or jurisdiction;
• availability of every payment method;
• completion within an estimated timeframe;
• acceptance of a Transaction by a third party;
• uninterrupted access to a Banking Partner, Service Partner or payment network; or
• recovery of a Transaction after it becomes irrevocable.
Neither party will be liable for indirect, incidental, special or consequential loss, including loss of profit, revenue, opportunity, goodwill, anticipated savings or business interruption.
BOREAN SERVICES FZCO is not liable for loss directly caused by:
• inaccurate information supplied by the Business Customer;
• failure by the Business Customer to protect access credentials;
• the Business Customer’s products, services or customer relationships;
• breach by the Business Customer of applicable law or payment network rules;
• sanctions or regulatory restrictions;
• failure or delay by an independent bank, Service Partner, payment network or telecommunications provider; or
• circumstances outside BOREAN SERVICES FZCO’s reasonable control.
Unless an Order Form states otherwise, BOREAN SERVICES FZCO’s aggregate liability relating to a Service will not exceed the fees paid by the Business Customer for the affected Service during the twelve months preceding the event giving rise to the claim.
Nothing in these Terms excludes or limits liability for fraud, wilful misconduct, gross negligence or another liability that cannot legally be excluded or limited.
The Business Customer will compensate BOREAN SERVICES FZCO for reasonable losses, liabilities, claims, fees and third-party costs arising from:
• breach of the Agreement;
• unlawful or fraudulent use of the Services;
• products or services supplied by the Business Customer;
• customer claims relating to the Business Customer’s activities;
• inaccurate onboarding or Transaction information;
• refunds and chargebacks;
• breach of applicable law or payment network rules; or
• unauthorised access caused by failure to protect credentials.
This obligation does not apply to the extent that a loss was directly caused by BOREAN SERVICES FZCO’s fraud, wilful misconduct or gross negligence.
Independent banks, payment institutions and Service Partners remain responsible for the regulated financial or payment services they separately provide.
BOREAN SERVICES FZCO may update these Terms to reflect changes in law, regulation, banking or payment network requirements, Services, technology, security, compliance controls or business operations.
The current version, effective date and last updated date will be displayed on this page.
Where a change materially affects an active Service, BOREAN SERVICES FZCO will provide reasonable notice unless an immediate change is required by law, security, a competent authority or a Service Partner.
Continued use of the Services after the effective date of updated Terms constitutes acceptance of those updated Terms.
Agreements, notices, instructions and communications may be delivered electronically through email, the Platform, an electronic signature service or another agreed electronic channel.
These Terms and any non-contractual obligations arising from them are governed by the laws of the United Arab Emirates as applied in the Emirate of Dubai.
The courts of Dubai, United Arab Emirates have exclusive jurisdiction unless an applicable Order Form provides for another forum or arbitration.
Before starting formal proceedings, the parties should make reasonable efforts to resolve the dispute through good-faith discussions.
If any provision is invalid or unenforceable, the remaining provisions remain effective.
A delay or failure to enforce a right does not waive that right.
Nothing in the Agreement creates an employment, partnership, joint venture or general agency relationship between the parties.
BOREAN SERVICES FZCO may appoint qualified Service Partners to perform parts of the Services.
Each independent Service Partner remains responsible for the services it separately provides.
BOREAN SERVICES FZCO
Unit 4501-010-D59
Mazaya Business Avenue BB2
Jumeirah Lakes Towers
Dubai, United Arab Emirates
All legal, compliance, privacy, operational and formal complaint enquiries:
legal@borqr.com
A formal complaint should include:
• the Business Customer’s full legal name;
• the authorised representative’s contact details;
• the relevant Transaction or reference number;
• a clear description of the issue;
• the date on which the issue occurred; and
• relevant supporting information.
BOREAN SERVICES FZCO will review complaints in accordance with applicable law and its internal complaints procedure.
Where a complaint primarily concerns an independent Service Partner, BOREAN SERVICES FZCO may refer or escalate the complaint to that entity.
BOREAN SERVICES FZCO will remain the primary customer contact unless the Business Customer is informed otherwise.
Nothing in these Terms prevents a Business Customer from contacting a competent authority or court where legally entitled to do so.