Terms and
conditions
Introduction and General Summary
Welcome, and thank you for using Cobre’s services and the Cobre Mexico & Colombia platform (hereinafter, the “Platform”).
The Platform is operated by Cobre (hereinafter “Pexto” or “Cobre”), which, for the purposes of these Terms and Conditions, is:
Place of Contracting: Colombia
Entity: Pexto Colombia S.A.S., a legally incorporated company
Place of Contracting: Mexico
Entity: Pexto México, S.A. de C.V., a company legally incorporated under the laws of the United Mexican States (Mexico).
As a user (a term defined below), by accessing and using the Platform, you fully and unconditionally accept these terms and conditions (hereinafter, the “Terms”), thereby giving your consent and expressing your agreement to them, as well as to the privacy policy and data processing policies contained in Pexto’s Privacy Notice. These govern the services and the relationship between Pexto and the user, making the USER consequently obligated to comply.
Please read them carefully before proceeding, as the use of the Platform is considered tacit acceptance of these Terms for all applicable legal purposes.
If the User does not agree with these Terms, they must not access or use the Services or the Platform, as such use is deemed tacit acceptance of these Terms for all applicable legal purposes.
The use of the Services is governed by the legislation of the country of contracting (Colombia or Mexico), and its scope is mainly limited to these places of contracting, which are the countries where Cobre offers its Services.
These Terms constitute, for all legal purposes, an agreement between the User and Pexto, as the administrators of the Cobre Platform, or any other name or brand it may freely choose in the future.
Pexto reserves the right to change these Terms at any time, unilaterally and without prior notice, by simply updating this publication. We recommend visiting this section periodically to review the applicable Terms.
How Does It Work?
The Platform is a technological tool designed and developed by Pexto, its parent company, affiliates, or subsidiaries, with the purpose of enabling users to provide and send instructions for the fulfillment of a mandate to disburse payments through electronic means (the “Service”) in a secure and efficient manner.
Our goal is to provide technological tools for payment disbursement, which are ordered and managed by the user and subsequently processed through the Platform in accordance with the user’s instructions.
The management and disbursement of payments is ordered and administered by the user in accordance with the agreement previously signed between Pexto and the User. Pexto acts solely as the User’s agent; therefore, the user is responsible for their own instructions. In the event of a conflict between the Agreement and these Terms, these Terms shall prevail.
Instructions submitted by the User through the Platform are considered firm and valid for execution.
The Service is provided with the indirect involvement of Pexto’s partners and collaborators; by using our Service, you authorize us to share your personal information with our partners, which we will do under the highest standards of confidentiality and security.
In general, the information we may share with our partners and collaborators includes: full name, general location (never precise location), email address, bank account details, address, and identification documents.
Pexto has the right to use the personal information and/or content provided by Users in accordance with these Terms and the Privacy Policy, and stores this information under the highest security standards. No one may access your information without your consent.
Pexto does not guarantee the availability, infallibility, or continuity of the Services and disclaims any liability for damages or losses of any kind that may arise from the use of the Services.
Who Can Use the Cobre Platform?
The Service is available to any person (the “User,” “You”) who has full legal capacity to enter into contracts in their country of residence and who meets the access and usage requirements of the Platform. We reserve the right to deny access to the Service or the Platform, as well as to cancel any user account if we determine that the user does not meet the conditions required to use the Platform or these Terms and Conditions.
The User understands and agrees that to use the application, they must:
- Create an Account, providing the Platform with the necessary information to do so.
- Have the physical means to receive or transmit information via the internet as required for use of the application.
- Have internet access necessary for the proper operation of the Services. All internet access charges are the sole responsibility of the User.
Without prejudice to any other use and/or processing stated in the data processing policies referenced above, the information provided to Pexto will generally be used for the following purposes, which are listed by way of example and not limitation:
- Establish communication channels with the holders of personal data in relation to the Services provided by Pexto through the Platform, including those mentioned above,
- Respond to inquiries and data messages sent by Users,
- Offer services and send content, communications, and information that Pexto believes may be of interest to the User,
- Evaluate the quality of services and products,
- Provide personalized advice and support to each User,
- Conduct marketing and advertising activities related to Pexto’s business purpose,
- Perform background checks.
If necessary and with the User’s consent, we may consult credit bureaus or any other credit risk databases to obtain relevant information regarding credit behavior, payment capacity, financial solvency, or to assess future risk.
The User declares that the information and documentation provided through the Platform is true, current, and either their own or they are authorized to provide it; and agrees to update such information if there is a change or an error is identified during registration, so that the information remains accurate, authentic, and complete.
Any falsehood or breach by the User releases Pexto from the obligation to provide the Service or grant access to the Platform.
Once registration is completed, Pexto will provide the User with an account on the Platform (hereinafter, the “Account”). The User is responsible for safeguarding their password and securing their account. The User is fully responsible for all activity that occurs under their account, whether or not they authorized it, and is obligated to immediately report any unauthorized use or other security breach.
In accordance with current legislation in the United Mexican States, the creation and use of the application through the User’s account and/or electronic systems will be considered equivalent to a handwritten signature and will signify acceptance of the Terms set forth herein.
User Declarations
The User hereby declares, under oath and under penalty of perjury, that:
- They have full legal capacity to enter into this agreement:
- In the case of an individual:
- They are of legal age and fully capable of entering into this agreement and being bound by its terms, in accordance with the laws of their country of residence;
- In the case of a minor or someone lacking full legal capacity to enter into this agreement, their legal guardian or representative is the one accepting this agreement on their behalf.
- In the case of a legal entity: That, in accordance with the laws of its country of incorporation:
- It is legally incorporated and fully authorized to enter into this agreement; and
- Its legal representative has the valid and sufficient powers and authority to execute this agreement on its behalf, and such powers have not been revoked or limited in any way.
- In the case of an individual:
- They hold all licenses, authorizations, certifications, and other permits necessary to enter into and use both the Services and the Platform.
- They have the express authorization of the final beneficiaries of the digital payments to collect, store, use, and transmit their personal and banking information to Cobre.
- The correct, current, and complete information is that which they provided when creating their access credentials to the Platform and which they will provide during the use of the Platform; and they possess all necessary documentation to prove the accuracy and authenticity of said information.
Relationship Between the Parties
The User acknowledges and agrees that neither they nor their representatives, employees, shareholders, or collaborators have any employment relationship with Pexto, and that only a civil and commercial relationship exists as a result of the provision of services and the specific mandate for the disbursement and collection of funds generated through the use of the Platform.
Therefore, the User hereby releases Pexto, its employees, executives, and officers from any such employment-related obligations and agrees to defend, indemnify, and hold them harmless from any claims or legal/administrative proceedings brought against them seeking to assign labor or social security responsibilities on the part of the User or their employees, representatives, or collaborators.
This contractual relationship shall be governed by the provisions set forth in the Agreement signed between the Parties, these Terms, and, for any matters not expressly agreed upon, by the applicable Commercial Code, and supplementarily by the Federal and National Civil Codes, depending on the applicable jurisdiction (Mexico/Colombia).
Authorized Use of the Cobre Platform
Use of the Platform is permitted for clients who have a professional and service-based relationship with Pexto.
As a user, you may, among other things:
- View balances and transaction history.
- Order and manage payments and transfers of funds to third parties pursuant to the specific mandate granted to Pexto.
Accessing the Platform signifies your acceptance that any use you make of the content and information contained therein will be for legitimate and lawful purposes and in compliance with these Terms and all applicable laws. Transactions are non-reversible; once authorized, they are debited from the user’s account.
By creating a user account, you are authorized by Pexto to use the Service solely as described in these Terms, for your personal, non-commercial use.
The information and materials provided through the Service may not be copied, transmitted, displayed, distributed, downloaded, licensed, modified, published, reproduced, used to create derivative works, or used for commercial purposes without the prior written consent of Pexto.
By using the Platform or accepting these Terms and Conditions, the User agrees, directly or through third parties, to the following:
- Not to infringe Pexto’s or third parties’ intellectual property rights.
- Not to engage in activities that constitute anti-competitive practices, unfair competition, or violations of consumer protection rights.
- Not to disseminate or promote misleading, inaccurate, false, harmful, hostile, abusive, problematic, threatening, damaging, or malicious information.
- Not to engage in activities that constitute criminal acts, especially those involving technology, identity theft, or fraud.
- Not to defame, abuse, harass, threaten, or violate any public freedoms or civil/human rights, or any other rights to property, privacy, and/or publicity of other users or third parties.
- Not to violate, whether intentionally or unintentionally, any personal data protection regulations or any applicable laws in general.
- Not to interfere or attempt to interfere with the proper functioning of the Services.
- Not to duplicate, distribute, transmit, or in any way transfer any of the rights granted to them as a User.
- To report any violation of these Terms by other users or third parties they become aware of, by sending an email to Pexto.
- Not to transmit or upload any material containing computer viruses or any other code, computer program, or application intended to interrupt, destroy, restrict, or harm the functionality of computers, software, information systems, telecommunications networks, or third-party infrastructure and services.
- Not to manage funds of illicit origin or funds whose origin is unknown.
It is strictly PROHIBITED to modify, reproduce, decode, decrypt, dismantle, disassemble, reverse-engineer, publish, transfer to others, or otherwise alter the Platform or its content, as well as to disclose its content without prior explicit written authorization from Pexto. Likewise, it is prohibited to copy any content, functionality, or business model from the Platform or the Services.
It is also forbidden to use any software intended to or resulting in damaging, interfering with, compromising the integrity of, or intercepting the systems supporting this application, its functionality, or its content.
The account number and password are non-transferable, and only the individuals who have registered may use them.
Failure to comply with the above will result in the suspension and permanent blocking of the account (including associated email address and personal identification number) within the application.
In the event of forgotten login credentials or identity theft, it is the user’s obligation to report this to Pexto’s operator.
Access to the Platform and use of the Services is permitted only for lawful purposes. The User is solely responsible for knowing and complying with all applicable laws and regulations regarding access to and use of the Services. Without limiting the foregoing, the User hereby acknowledges that the following constitute prohibited uses of the Platform and agrees to refrain from engaging in any conduct deemed unlawful under applicable law.
As a User, you are solely responsible for any damages that unauthorized access to the Platform using your login credentials may cause to others, to yourself, and/or to Cobre’s information and communication systems, including damages from computer viruses.
Any violation of these Terms will be investigated by Pexto, which may, at its sole discretion and within the limits of the law, take any measures and initiate any legal or extralegal actions deemed necessary against you to stop such behavior and seek compensation where applicable.
Communications
To properly deliver its Services, Pexto will need to maintain ongoing contact with the User. To that end, Pexto may adopt various tools to facilitate communication, including but not limited to: direct communications (via phone calls to any contact number provided by the User, text messages, WhatsApp messages, emails to the contact address(es) provided by the User, among others), administrative announcements, and messages. The User hereby provides their express consent for such communications.
When the User communicates with us electronically (for example, via email, text message, or by creating an account on the Platform), they agree to receive electronic communications from us, including all statements, notices, and disclosures. You agree that any communications we provide electronically satisfy any legal requirement that such communications be in writing.
Privacy Policy, Data Handling, and Authorization for the Processing of Personal Data
Pexto recognizes the importance of User privacy and their right to freely determine how their information is used and processed.
Pexto’s Personal Data Processing and Privacy Policy (the “Policy”) is an integral part of these Terms and Conditions. Therefore, by accepting these Terms and Conditions as set forth herein, the User is providing their prior, express, and informed consent to be bound by the terms of the Policy. The Policy can be accessed at the following link:
https://www.cobre.co/privacidad/politicas-de-privacidad
The information provided by Users is submitted voluntarily and freely, so that it may be managed by Pexto or by any party it designates to fulfill its obligations. This includes the collection, storage on servers or repositories managed by Pexto or third parties.
In this regard, the User, as the owner of the information, freely and voluntarily authorizes Pexto and/or any party representing its rights to access and disclose to its service providers both their personal data and the banking and financial information provided to Pexto either directly by the User or obtained through third parties or from databases accessed via information providers or database operators. This includes but is not limited to banks, blacklists, and credit information providers.
The User may exercise their ARCO rights (Access, Rectification, Cancellation, and Opposition) to manage their personal data stored in databases associated with the Platform. To do so, the User must submit a request for consultation, correction, or deletion as described in the Data Policy, specifying the changes to be made and providing any supporting documentation.
Accordingly, the User grants free, prior, express, and informed authorization — to the extent permitted by law — to Pexto, directly or through its employees, consultants, advisors, third-party data processors, and/or Affiliated Entities (as defined in the Personal Data Processing Policy), to access and process their information exclusively for the purposes set forth in this authorization.
All personal data and information provided to Pexto is governed by our Privacy Policy.
Such information is used for the proper identification of Users and for the purposes of operating the Platform.
In this regard, the User expressly authorizes Pexto to transfer their personal data to Affiliated Entities or to subcontract the provision of any part of the products and/or services with a third party, whether or not that third party operates in another jurisdiction or territory.
Confidentiality and Information Handling
Given the nature of the Services and the specific mandate, both Parties agree to maintain the highest confidentiality standards. They commit, during the provision of the Service and use of the Platform, and after its conclusion, to treat all data, information, and documents exchanged between them with the utmost confidentiality.
The Parties agree that any information shared due to the Services and Platform use, or derived from it—including these Terms (hereinafter, “Confidential Information”)—must be treated as strictly confidential and used exclusively by the Parties, regardless of whether such information is materialized or not, or explicitly marked as confidential.
The Parties agree to keep this Confidential Information secure, using at least the same level of care they use for their own confidential information, or the level commonly used in market practices—whichever is stricter. They must refrain from:
(i) making any public or private disclosure;
(ii) sharing it with unauthorized third parties; and
(iii) using it for any purpose other than performing the Services, unless authorized in writing by the disclosing party.
Each Party must use appropriate physical and legal safeguards to prevent unauthorized use or access to any documents, information, files—physical or digital—received or created during the Services.
All such information remains the property of the disclosing Party.
As a result, both Parties agree not to reveal, disclose, exploit, publish, transmit, transfer, trade, or disseminate the other Party’s information in any way, unless previously authorized in writing. Unauthorized use or disclosure may result in liability for damages.
If the breach involves the disclosure of a trade secret, the violator may face civil or criminal penalties under applicable law.
If the breach is committed by an employee, director, representative, or collaborator of any Party, the receiving Party (either Pexto or the User) will be considered legally responsible.
These confidentiality obligations remain in effect during the provision of the Services and for two (2) years after their conclusion.
Customer Service
You may contact Customer Service using the information on our Site or through our sales representatives. Customer service is not mandatory or guaranteed, and is provided at Pexto’s sole discretion.
Intellectual Property
Pexto is the sole owner or licensee of the Platform and its content. Reproduction, translation, transmission, storage, or access—by analog, digital, or any other means—is prohibited without Pexto’s prior written consent.
All Platform content (texts, images, etc.) is considered Pexto’s intellectual property.
The User acknowledges that all concepts, improvements, copyrights, trademarks, trade names, designs, inventions, discoveries, programs, systems, or creative works related to the Platform are, and will remain, Pexto’s exclusive property (including its Parent Company or Affiliates).
Pexto grants the User a temporary, non-transferable, royalty-free, revocable license for the duration of the Mandate Agreement to use the Platform as permitted by these Terms. This license may be revoked unilaterally by Pexto at any time.
The User understands these Terms do not grant them any intellectual property rights over the Platform.
All elements of the Platform (texts, processes, trade secrets, know-how, techniques, formats, images, logos, music, etc.) remain Pexto’s property.
Unauthorized use of any content may result in legal action.
Limitation of Liability and Disclaimer of Warranties
Pexto merely connects Users with its services and does not assume any responsibility for the operations carried out by Users or on their behalf under the mandate.
The User may not claim damages of any kind from Pexto arising from use of the Services or Platform.
Pexto does not guarantee the accuracy or reliability of the Services or Platform. The User uses them at their own risk.
Pexto does not guarantee uninterrupted or error-free operation, nor results from use of the Platform.
To the extent permitted by law, Pexto and its affiliates are not liable for any direct, indirect, or incidental damages, including but not limited to:
- data loss,
- technical failures,
- human harm,
- business losses,
- economic damages,
- or profits lost,
- even if a Platform feature fails to fulfill its essential purpose.
Shared Responsibility Model
For API, REST, or Web Service integrations, Cobre ensures perimeter security of its cloud infrastructure and source code/data protection.
However, it is the client’s responsibility to validate transaction security and monitor for misuse. Cobre is not responsible for fraud or vulnerabilities outside its control.
The User accepts full responsibility for vulnerabilities caused by their own actions or omissions, including those of their staff, and agrees to hold Pexto harmless.
Breach of Terms and Conditions
Violation of these Terms may lead to account suspension or termination and potential civil or criminal liability.
Unauthorized use of the Service/Platform is prohibited. Pexto may investigate any misuse and take necessary legal or extralegal actions, including injunctive relief and damages.
Indemnity
By accessing and using the Platform, the User agrees to indemnify and hold harmless Pexto, its shareholders, affiliates, employees, contractors, and representatives from any claims, damages, complaints, investigations, or legal actions arising from:
- (i) violation of these Terms,
- (ii) misuse of the Platform or Services,
- (vi) money laundering, terrorism financing, use of illicit funds, or similar actions related to resources dispersed through the Platform.
Pexto may assume control of legal defense in such cases, and the User must cooperate and cover related costs.
AML and Anti-Terrorism Financing Compliance
The User guarantees that they, their shareholders, or representatives are:
- not under investigation or conviction (nationally or internationally) for drug trafficking, terrorism, money laundering, etc.;
- not listed in AML/CFT databases.
If any such circumstance arises, the User must immediately notify Pexto, who may restrict or terminate access.
Pexto, acting as a payment agent, is not liable for the User’s compliance failures.
Modifications to the Platform, Services, or Terms
Pexto reserves the right to modify these Terms at any time by updating this notice, without prior notice.
Users must periodically review the Terms. Continued use of the Services implies tacit acceptance of any changes.
Pexto may also suspend, modify, or terminate the Platform or Services at any time without liability to the User.
The User waives any claim against Pexto for such actions.
Contact Details
Colombia
Entity: Pexto Colombia S.A.S.
Address: Calle 95 13-35, Bogotá
Email: cobrelegal@cobre.co
Mexico
Entity: Pexto México S.A. de C.V.
Address: Chihuahua 97-B, Colonia Roma Norte, Alcaldía Cuauhtémoc, CP 06700, Ciudad de México
Email: cobrelegal@cobre.co
Term and Termination
These Terms are effective indefinitely until modified or terminated by Pexto.
However, confidentiality, indemnity, and liability provisions survive for 5 years after termination.
Prohibited Industries
The following industries are prohibited from transacting through Cobre:
- Sale of illegal goods or services
- Narcotics or illicit drugs
- Child pornography
- Adult entertainment
- Cannabis and derivatives
- Wholesale trade in waste, scrap, junk
- Pawn shops
- Arms manufacturing or sales
- Mining/trade of gold, gems, or precious metals
- Currency exchange services
- Digital assets and microloans (via PSPs)
Violation may result in contract termination.
Governing Law and Jurisdiction
Colombia
- Law: Colombian law
- Jurisdiction: Colombian civil courts (unless arbitration agreed)
Mexico
- Law: Applicable law in Mexico City
- Jurisdiction: Courts of Mexico City
- The User waives any other applicable jurisdiction
If accessing from outside Colombia or Mexico, the User does so at their own risk and must comply with local laws.
