FINASTRA INTERNATIONAL LIMITED
Company number: 00971479
Reporting period:
1 December 2017 to 31 May 2018
Report filed on:
25 June 2018
Approved by:
Christian Jehle
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 31%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 25%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Finastra's standard payment terms are 60 calendar days from receipt of invoice. Finastra does not have a maximum contractual payment period. Finastra agrees payment terms with vendors prior to agreeing to the initial purchase with them.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
With any concern or complaint related to payments (e.g. non-receipt of payment, incorrect payment amount, excess bank charges, etc.) vendors should contact Finastra Accounts Payable team in Bangalore on Finastra.AP@finastra.com email address. The internal timeline to respond to any email is 24hrs (however this does not mean the issue would be resolved within 24hrs – this is based on the nature of the issue). As a first step when a vendor receives the PO copy from our company it would mention the email ID of the AP team as well as the Purchasing team if they need to raise any concerns.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No