HSBC GROUP MANAGEMENT SERVICES LIMITED
Company number: 09231974
1 January 2018
to 30 June 2018
This report was filed on 25 July 2018
and approved by Andrea Colin
Average time taken to pay invoices: 28 days
- within 30 days: 87%
- in 31 to 60 days: 8%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 19 %
Standard payment period for qualifying contracts
Standard payment terms
30 days from date of receipt of valid invoice
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Precedents used in a very small proportion of supplier agreements entered into during the qualifying period contained HSBC’s old payment terms of 42 days. These have now been updated.
Any other information about payment terms
Dispute resolution process
Suppliers are asked to place their issue in writing to their HSBC main contact point. Business contact and Accounts Payable work with the supplier to resolve payment issue/dispute in accordance with internal investigation and escalation procedures.
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.
Yes – Prompt Payment Code
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?