These General Conditions of Use are a contract between the Client, PAYMATICO PAYMENT INSTITUTION, S.L. (Payment Entity registered in the Spanish Central Bank (Banco de España) with number 6861) and Inversa Invoice Market, and applies to the use that the Client makes of the Services.
When registering to access the services provided by Inversa Invoice Market, the Client must carefully read and subsequently accept all the terms and conditions contained in these General Conditions of Use.
As a contractual basis prior to the acceptance of these General Conditions of Use, Inversa Invoice Market has signed a contract with the Client that authorises the company to act in their name and on their behalf before PPI in relation to sending payment orders.
The operation between PPI and the Client will always be carried out through Inversa Invoice Market exclusively, using the technical means offered by Inversa Invoice Market to the Client in accordance with the contracts signed between them.
In this sense, the Client declares that he is a person of legal age and legally capable, in the case of natural persons, or that he has the capacity and has received the necessary authorisations, in the case of legal persons, to use the Payment Service provided by PPI, the Client or, failing that, Inversa Invoice Market undertakes to hold PPI harmless from any liability derived from a false statement.
Inversa Invoice Market is responsible for analysing and documenting whether or not investors are considered accredited, and PPI will not be responsible for payments of amounts above its nature as non-accredited, exonerating Inversa Invoice Market PPI from any claim in this regard.
The Client, except in those cases in which they do not have the status of consumer, is protected by the recognised legal rights of the regulations applicable to payment services in “Título III de la Ley 16/2009, de 13 de noviembre, de servicios de pago”, as well as in article 23 , section 1, of said law, and its development provisions, among others, “Orden EHA / 1608/2010, de 14 de junio, sobre transparencia de las condiciones y requisitos de información aplicables a los servicios de pago”. Likewise, the Client is covered by the distance financial services trading law “ Ley 22/2007, de 11 de julio, sobre comercialización a distancia de servicios financieros destinados a los consumidores.”
These General Conditions of Use are available to the Client at all times on the Inversa Invoice Market website. We recommend that you keep or print a copy of the General Conditions of Use for your own use.
The purpose of these General Conditions of Use is to establish the terms and conditions that will govern the hiring of the payment services provided by PPI to the Client.
PPI will provide the following Services and carry out the following Payment Operations through the Client's Payment Account:
The Client may not request the execution of Payment Operations directly to PPI instead they must make such requests through their Inversa Invoice Market account. Inversa Invoice Market may be aware of the balance and all movements of the Client's Payment Account in order to reflect the balance and movements of the Payment Account in the system that Inversa Invoice Market has enabled to inform the Client. In no case may Inversa Invoice Market have for itself or operate with the funds reflected in these reflection accounts, except in the scope of the representation that has been granted by the Client and under the conditions of its contractual relationship as a client of Inversa Invoice Market .
No cash deposits can be made to the Client's Payment Accounts.
All operations will be carried out in Euros.
The Client will hold PPI harmless from any damage or harm that may be caused to it as a result of the breach, or defective fulfilment on its part of these General Conditions of Use. In particular, the Client exonerates PPI from any obligation and liability derived from the relationship between the Client, Inversa Invoice Market and any third parties, except for the provision of Services under these General Conditions of Use.
PPI is a subject bound by the money laundering prevention legislation and, therefore, must comply with its internal procedures regarding the prevention of money laundering and terrorist financing. For this purpose, Inversa Invoice Market, as a representative of the Client and as a direct interlocutor with the same, will carry out a series of actions and provide PPI with the necessary documents (which it will have previously received from said Client) in order for PPI to comply with its obligations.
In this sense, Inversa Invoice Market will verify the identity of the Client, ensuring who the real owner is and the purpose and nature of the business relationship and will provide said information to PPI in the terms set out in these General Conditions of Use.
Specifically, Inversa Invoice Market will collect from the Client and provide PPI with the following information and documents:
PPI reserves the right to request from the Client, through Inversa Invoice Market, any other document or additional information, in order to carry out verifications in relation to their legal obligations, especially those related to compliance with the legislation on prevention of money laundering and financing of terrorism.
PPI will keep all the documentation related to the identification of the clients, updated at all times and 10 more years after the end of the service, for which the Client agrees to update any document that PPI requires, through Inversa Invoice Market, and also inform through the FPF if any of the information provided in the process of opening the Payment Accounts varies over time.
PPI will have the right not to execute a Payment Operation if there are suspicions about the identity of the Client or its possible connection with money laundering or terrorist financing. In these cases, Inversa Invoice Market may provide PPI all the information in its possession about the Client.
The provision of services regulated here will be for an indefinite period of time.
PPI and the Client may resolve the legal relationship whenever they wish by means of a written communication addressed to the other party and always channelled through Inversa Invoice Market, with two (2) months' notice prior to the resolution date. The resolution of these General Conditions of Use will always imply the closure of the Client's Payment Account. In any case, the Client has a period of fourteen (14) days during which they can resolve their legal relationship under these General Conditions of Use without any type of cost for said cancellation and without giving any reason, in accordance with the current regulations.
The withdrawal of the Client as a user of the Inversa Invoice Market services will also imply the immediate closure of the Payment Account and the termination of the legal relationship between the Client and PPI.
Notwithstanding the foregoing, in any case, the legal relationship of the Parties under these General Conditions of Use will be terminated immediately for the following reasons:
The stated reasons for contractual termination must be understood without prejudice to the exercise of the pertinent legal actions to claim the appropriate compensation.
Inversa Invoice Market will be obliged to satisfy PPI, the fees accrued for the Services executed prior to the termination date of the legal relationship between the Parties under these General Conditions of Use.
It is a necessary condition for the provision of the Services that the Client opens a Payment Account with PPI of which the Client will be the holder.
The opening of a Payment Account will necessarily be linked to the prior or simultaneous existence of a payment order whose originator or beneficiary must be different from the Client.
Said Payment Accounts will have the exclusive use of carrying out Payment Operations and will not accrue interest rates. Each Payment Account will be associated with a current account owned by the Client opened in a credit institution authorised in the European Union. The corresponding international bank identification number (IBAN) will be provided by the Client through Inversa Invoice Market at the time of registering as an Inversa Invoice Market client and accepting these General Conditions of Use.
In no case the Payment Accounts may present a debit balance.
The Payment Account opened in the name of the Client will be assigned by PPI a unique identifier consisting of a combination of letters, numbers or signs. This unique identifier of the Client Payment Account will be reported to Inversa Invoice Market to facilitate the operation of the PFP itself.
Upon receipt of the corresponding registration information from Inversa Invoice Market, PPI may refuse to open a Payment Account for any reason and without justifying its decision, which will not give the right to claim any compensation. Likewise, PPI may proceed to temporarily and immediately suspend said Payment Account in the following cases: (i) if the Client has provided inaccurate, obsolete or incomplete identification data, (ii) in case of risk of fraud, money laundering or terrorist financing or any other risk that could affect your security, (iii) in case PPI receives a significant number of refunds, cancellations or disputes due to unauthorised orders, or (iv) in case the Client orders are not consistent with their profile in accordance with PPI policies.
Inversa Invoice Market will be responsible for communicating to the Client the confirmation of the opening of the Payment Account or the decision of PPI to reject its opening and, where appropriate, to block it, in the terms agreed between them.
When the Payment Account does not present any operation during a period of one (1) calendar year, PPI will transfer the funds to the current account associated with the Payment Account provided by the Client. For these purposes, the inflows and outflows of funds made by the Client himself will not be considered as an operation.
In the event that for any unforeseen reason there is no account associated with the Payment Account, PPI will make the funds available to the Client using any of the following means:
Both possibilities will be equally valid.
Information on all Payment Operations carried out under these General Conditions of Use will be made available to the Client through Inversa Invoice Market through the channel that Inversa Invoice Market deems most appropriate.
PPI will keep the supporting documents, records and documents of completed payment transactions, in digital files, during the legally applicable periods.
In accordance with the applicable regulations, PPI will safeguard the funds received for the execution of the Payment Operations. For this purpose, it will ensure that said funds are not confused with those of any individual or legal entity who is not a user of payment services in whose name the funds are available and, in the event that at the end of the business day following the day when the funds were received, these have not yet been delivered to the beneficiary, they will be deposited in a bank account separate from PPI's own funds in a credit institution. Said separate account will be opened in the name of PPI on behalf of its Clients.
Payment Operations will be authorised by the Client, and the corresponding orders will be channeled through Inversa Invoice Market.
Payment Operations will be considered authorised when the Client has given consent for their execution, and the corresponding order has been transmitted to PPI by Inversa Invoice Market. Together with the authorisation of the Payment Operation, PPI must be provided with all the necessary information to be able to execute said Payment Operation.
The moment of receipt of an order to execute a Payment Transaction will be that in which it is received by PPI. If the time of receipt is not a business day for PPI, the payment order will be deemed received the next business day.
In the case of the use of credit cards, the order will be considered received and irrevocable at the moment the payment introduction screen is accepted through the payment services platform enabled for this purpose.
In the case of bank transfers, PPI may establish, informing the Client, a maximum time from which any payment order received will be considered received the next business day.
If the Parties agree that the execution of the payment order begins on a specific date or at the end of a specified period, or on the day on which the funds are available to PPI, the time of receipt of the order shall be deemed to be the agreed day.
Upon receipt of the payment order with the requested data, PPI will proceed with the execution of the payment order provided that the Client has sufficient balance in their account for the transaction to be carried out and that the payment order includes all the required information to proceed. Among said information, it will be necessary to have, among others, the following:
This procedure must be carried out each time you want to execute a Payment Operation, without the possibility of automatic execution of Payment Operations.
If PPI rejects the execution of a payment order, it must notify the Client, through Inversa Invoice Market, of said refusal and, if possible, the reasons for it, as well as the procedure to rectify the possible errors that have motivated it, unless legally it is not allowed to make such notification.
PPI maintains anti-fraud procedures in its daily operations, such as operating limits in terms of quantity or recurrence in specific periods, which can generate operating restrictions, and cause the rejection of certain Payment Operations orders.
As a result, orders that have been rejected will not be considered received.
It is expressly agreed that the provisions regarding the execution period and value date will only apply to Payment Operations carried out in euros in which both payment service providers are located in the European Union.
The remaining Payment Operations are not subject to the provisions set forth herein regarding the execution period and value date. For these cases, the execution periods will depend on the beneficiary's payment service provider, PPI committing itself, only as the Client's payment service provider, as the originator, within a maximum period of three business days from the business day following the receipt of the order. However, the provisions for the value date of the payment in the beneficiary's account and the availability of the funds, as well as for the value date of the charge in the originator's account, will be applied in any case.
The value date of the credit to the beneficiary's account will not be later than the business day on which the amount of the payment transaction was credited to the beneficiary's account.
The value date of the charge in the Payment Account will not be prior to the moment in which the amount of the payment transaction is charged to said account.
When the Client or Inversa Invoice Market becomes aware that an unauthorised or incorrectly executed payment transaction has occurred, it must be communicated without undue delay to PPI in order to proceed with the rectification.
Except in cases where PPI, through Inversa Invoice Market, had not provided the Client with the information corresponding to the payment operation, when the Client is considered a consumer, the communication referred to in the preceding paragraph must be produced within a maximum period of thirteen months from the date of payment, depending on the case, of the amount of the operation.
PPI, in those cases in which it acts as the originator's payment service provider, will immediately return the amount of the unauthorised operation, always in accordance with the provisions of the applicable regulations at all times, in all those cases in which it was not possible to demonstrate that the transaction was authenticated, accurately recorded and accounted for, and that it was not affected by a technical failure or any other deficiency.
When a payment order is executed according to the unique identifier, it will be considered correctly executed in relation to the beneficiary specified in said identifier.
If the unique identifier provided by the Client, through Inversa Invoice Market, is incorrect, PPI will not be responsible for the non-execution or faulty execution of the payment transaction.
However, PPI will make reasonable efforts to recover the funds from the payment transaction.
When the Client, through Inversa Invoice Market, provides additional information to that required by PPI for the correct execution of payment orders, PPI will only be responsible, for the purposes of their correct execution, for the execution of compliant Payment Operations complaint with the unique identifier provided.
The liability established in this section shall not apply in the event of exceptional and unforeseeable circumstances beyond the control of the invoking party to avail themselves of these circumstances, whose consequences would have been unavoidable despite all efforts to the contrary.
When the Client intervenes as the originator, PPI will be responsible for the correct execution of the Payment Operation until the moment in which its amount is paid to the beneficiary's payment services provider, at which point the beneficiary's provider will be responsible before the latter for the correct execution of the Operation.
In the case of Payment Operations not executed or executed defectively, PPI will return to the client, without undue delay, the amount corresponding to the Payment Operation and, where appropriate, will restore the balance of the Payment Account to the situation in which it would have been if the defective Payment Operation had not taken place.
When a payment order from the Client is not executed or is executed defectively, PPI will try to find out immediately, upon request of the Client through Inversa Invoice Market, the data related to the Payment Operation and will communicate to Inversa Invoice Market the results of their efforts. When the person responsible, as indicated, is the supplier of the beneficiary, the latter must immediately make the amount corresponding to the Payment Operation available to the beneficiary, paying, where appropriate, the corresponding amount to the account of the former.
The responsibility for the execution of the Payment Operation when it is not under the direct control of PPI will be the payment service provider under whose control it is executed.
In the case of payment orders initiated by or through the beneficiary, PPI will be responsible for the correct transmission of the payment order to the supplier of the originator. When the Payment Operation is not executed or is executed in a defective manner for attributable reasons, PPI will immediately reiterate the payment order to the provider of the originator.
When a payment order from or through the beneficiary is not executed or is executed incorrectly, PPI will immediately try to find out, upon request from the Client, the data related to the Payment Operation and will notify the beneficiary of the results of its efforts.
Outside of the cases indicated, its provider will be liable to the originator, who must return, as appropriate and without undue delay, the amount corresponding to the Payment Operation to the situation in which it would have been if the Payment Operation had not taken place.
PPI is committed to using all reasonable resources at its disposal to ensure continued service. However, it does not guarantee continued and uninterrupted access to the service.
Therefore, PPI is not responsible for delays and / or other incidents that make it impossible to carry out Payment Operations or in the case of erroneous or partial service, due to factors beyond the reasonable control of PPI.
Likewise, PPI may occasionally interrupt access to part or all of its services: (i) to carry out repairs, maintenance, or add new features; (ii) if there are suspicions of attempted hacking, embezzlement or any other risk of infringement; (iii) when requested or instructed by persons or competent authorities to do so; (iv) to execute the Payment Operations of the Payment Accounts; or (vi) to close a Payment Account, among others.
Once normal service is resumed, PPI will use its best efforts to execute pending Payment Operations in the shortest possible time.
The Client may not assign, transfer or transmit to third parties the rights, responsibilities and obligations contracted by these General Conditions of Use, without the prior written consent of PPI. However, PPI may assign its position under these General Conditions of Use to any company in its group that has the appropriate authorisation to provide the Services, with no further obligation than to notify the Client, through Inversa Invoice Market, of said assignment.
The charges and credits generated by the different Payment Operations, as well as the interests, commissions and expenses that may derive from the Service, will be paid by Inversa Invoice Market to PPI. Inversa Invoice Market will charge the Client in accordance with the rates that apply to their legal relationship as a client of Inversa Invoice Market.
In the event that Inversa Invoice Market does not proceed with the corresponding payment of PPI's remuneration, PPI may suspend the Services under these General Conditions of Use.
PPI may retain all the necessary amounts from the Payment Account to face possible contingencies that may take place, or that PPI foresees that may take place, derived from the payment operation under these General Conditions of Use. In the case that said contingencies exceed the Client's balance in the Payment Account, the latter authorises PPI to charge the difference by direct debit receipt of said amounts against the Client's associated bank account in the registration process, with PPI reserving any other legal means to recover the money.
Inversa Invoice Market will inform PPI of any notification from the Client related to any fraudulent use or access to their Payment Account or any situation that may lead to such use, including but not limited to: loss, accidental disclosure or misappropriation of their user names , unauthorised access to all or part of the personal area of Inversa Invoice Market or any unauthorised payment.
Inversa Invoice Market and PPI will do everything possible to prevent any fraudulent use of the Client's Payment Account.
PAYMATICO processes a large number of Personal Data from business relationships with its customers, from its relationships with suppliers and with its employees, so compliance with the Applicable Law in this matter is essential.
Due to needs related to the provision of the Services, the Owner authorises PAYMATICO's access to Personal Data, at PAYMATICO's facilities. The obligations and responsibilities of the Parties are established below with respect to (a) the files that contain Personal Data for which the Owner is responsible for the file, and (b) the files that contain Personal Data of a Third Party Responsible for the File, regarding of which the Owner is in charge of the treatment, to which PAYMATICO accesses exclusively for the provision of the Services in accordance with article 12 of the Data Protection Law, “LOPD”.
For the purposes of this clause (Processing of Personal Data), the terms "responsible for the file" and "in charge for the treatment", have the meaning established in the Data Protection Law, “LOPD”.
Each Party takes on the responsibilities that may correspond by virtue of the Applicable Law regarding the protection of Personal Data.
The Owner, or the Third Party Responsible for the File, as the case may be, will be the exclusive owner of the Personal Data (and the files in which they are contained). This property includes all the elaborations, evaluations, segmentations or similar processes carried out by PAYMATICO on the Personal Data for the provision of the Services. The Personal Data are part of the Confidential Information, consequently subject to the strictest professional confidentiality, even once this Contract has been terminated, for whatever reason (payment or compliance, expiration of the term, non-compliance, etc.).
PAYMATICO (a) will use or apply the Personal Data exclusively for the provision of the Services object of access authorisation, (b) will not communicate them to other people, not even for the purposes of their conservation, (c) will not duplicate or reproduce them, either all or part of the information, the results or the relationships on them, (d) will ensure that the Personal Data is handled exclusively by its Staff and, within this definition, by the minimum possible number of its members. PAYMATICO expressly recognises the prohibition of carrying out any treatment on Personal Data for any purpose other than that established in this Contract and those to which it is bound by Applicable Law.
The Client and Inversa Invoice Market will be liable to PPI, and will hold it harmless from any direct damages that, due to claims, actions or any concept, result for PPI, and derive from causes attributable to the Client and Inversa Invoice Market, and in its case, to its employees, collaborators, subcontractors and employees of the same motivated by the breach or defective fulfillment of their legal obligations and / or those assumed in these General Conditions of Use.
The Parties undertake to treat all Confidential Information owned by the other Party with the utmost confidentiality and privacy, agreeing not to disclose them, as well as not to publish them, nor directly or indirectly, make them available to third parties, without prior notice and express consent of the other Party.
The Parties will use the Confidential Information received for the sole purpose and aim of providing and receiving the Services that are the object of these General Conditions of Use, to which the provisions set forth herein shall apply as long as it is not modified by another subsequent agreement.
The Confidential Information received may not be reproduced or disclosed in any way except for internal use when this is necessary for the fulfilment of the object described above, and provided that adequate measures are adopted to ensure strict compliance with the duties of confidentiality and use assumed.
When the Parties are legally required to deliver or disclose to a competent Public Administration, Judges and Courts information or data considered Confidential Information, the other Party will be notified in writing beforehand, with the utmost possible urgency and with a copy of the documents and information relevant to that legal action, whenever legally possible.
The obligation of confidentiality established in this stipulation will produce consequences between the Parties even after the legal relationship under these General Conditions of Use has expired.
PPI may modify at any time the conditions initially agreed for the provision of payment Services. PPI will make the updated conditions available to the Client through Inversa Invoice Market.
PPI will notify the Client, through Inversa Invoice Market, of the modifications two months in advance of the date on which they are expected to come into effect. However, those modifications that are favorable for the Client may be applied immediately, without prior notice to the Client being necessary.
The new conditions are understood to be accepted by the Client in case of use of the service with the modified conditions.
In the event that the Client rejects the new conditions, they will have a period of two months to cancel their legal relationship with PPI under these General Conditions of Use immediately and at no cost. During this period, the current conditions will continue to apply. Once the period has elapsed without the cancellation of your legal relationship with PPI under these General Conditions of Use, it will continue in force with the new conditions.
The Client will have the right to present complaints or claims to PPI's Customer Service on the matters and subject to the rules established in current legislation and in the PPI Client Defense Regulation, “Reglamento para la Defensa del Cliente”..
Complaints or claims must be made, personally or through duly accredited representation, on paper or by computer, electronic or telematic means, provided that these allow the reading, printing and conservation of the documents and meet the requirements established in the law on electronic signature, “Ley 59/2003, de 19 de diciembre, de firma electrónica”.
The procedure will begin by submitting a document stating:
The complaining Client must provide, together with the previous document, the documentary evidence in their possession on which their complaint or claim is based.
Complaints or claims may be submitted to the Customer Service at the registered address of PPI, at any office of the company open to the public or through the mail: firstname.lastname@example.org.
The presentation and claim to the Customer Service is free of charge.
The term for the presentation of complaints or claims will be two (2) years, counting from the date on which the Client became aware of the facts causing the complaint or claim. Complaints or claims submitted outside the period established in the previous paragraph will not be accepted by the Customer Service.
The Customer Service will resolve the complaints and claims presented within a maximum period of fifteen (15) days from their presentation.
In the event that the claim presented to the Customer Service was rejected or the period of two months to resolve it had elapsed without the aforementioned Customer Service having answered, the Client may submit their claim to the Spanish Central Bank Claim Service (Servicio de Reclamaciones del Banco de España) (C / Alcalá 50, 28014 Madrid) or through the Virtual Office of Spanish Central Bank (Oficina Virtual del Banco de España).
A copy of the PPI Client Defense Regulation, “Reglamento para la Defensa del Cliente”, is available to the Client at the registered address and on the website.
All communication made within the framework of these General Conditions of Use will be written in Spanish and will be sent through Inversa Invoice Market, by a medium that allows proof of receipt. Said communications shall be deemed to have been made at the time they are received by the recipient.
For these purposes, PPI designates the following addresses:
Address: Paseo de la Castellana 77, 28046 Madrid.
Any waiver of the terms of these General Conditions of Use and any excuse for a breach thereof, must be in writing, signed by the Party that consents to said waiver or excuse.
Any modification of data relating to the people, addresses or numbers where notifications should be made must be communicated through Inversa Invoice Market to the other Party in writing at least seven (7) days in advance.
These General Conditions of Use are governed by their own clauses and, in matters not foreseen, by the Spanish regulations applicable at all times. In particular, by law on payment services, “Ley 16/2009, de 13 de noviembre de servicios de pago” and its implementing regulations or any other that modifies or replaces it.
In the event that any conflict or discrepancy arises in the interpretation or application of these General Conditions of Use, the Parties submit, expressly waiving any other jurisdiction, to the Courts and Tribunals of Madrid capital (Spain).
|Client||Individual or legal person registered as a client of Inversa Invoice Market and who holds the ownership of the Payment Account|
|Payment Account||Account opened on the books of PPI in order to execute the Payment Operations, owned by the Client.|
|Confidential information||All economic, financial, technical, commercial, strategic or other personal information that is disclosed by the Parties orally, in writing, or in any medium, as well as any analysis, compilation, study or documentation in relation to these General Conditions of Use.|
|PPI||PAYMATICO PAYMENT INSTITUTION, S.L.|
|Payment Operations||Payment operations that PPI will execute within the framework of the provision of the Services.|
|Parties||Together the Client, PPI and Inversa Invoice Market|
|Services||The payment services that are described in these General Conditions of Use.|