MBNA LIMITED

Company number: 02783251

Reporting period:
1 January 2018 to 30 June 2018

This information is as reported by the business, and responses are in their own words.

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 periods

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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

No further comment provided

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, this business has signed up to: 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?

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