GOV.UK
MBNA LIMITED
Company number: 02783251
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 27 July 2018
and approved by Elyn Corfield
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 7%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 9 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms are 30 to 60 days after receipt of a correct, undisputed, timely provided, and properly due VAT invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
We are currently only able to record the date of receipt of invoices for circa 80% of reportable invoices within this report. Where the date we receive an invoice is not available, we have reported the date of the invoice itself, as we consider this the most justifiable alternative.
Dispute resolution process
With respect to contracts with suppliers, the general position is that the appointed supplier managers for each party first attempt to resolve the dispute (point of contact varies from contract to contract). Additionally, suppliers can contact the dedicated Accounts Payable team (mbnapaymentoperations@mbna.com). Such contacts would generally seek to deal with any disputes promptly (involving other senior contacts, as needed), in accordance with the terms of the contract.
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.
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