STANDARD CHARTERED BANK
Company number: ZC000018
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
26 January 2022
Approved by:
Andrew Halford
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 2%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard Chartered Bank (‘SCB’) seeks to agree appropriate payment terms with each supplier, with the payment period ranging from between 30 to 60 days from receipt of a valid invoice. The most common payment terms agreed with suppliers is 30 days from receipt of a valid invoice. In the absence of agreed payment terms with the supplier, the payment terms of SCB include a payment period of 45 days from receipt of a valid invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
The maximum contractual payment period applicable to suppliers of SCB is 60 days from receipt of a valid invoice, where alternative terms have not been agreed with the supplier.
Any other information about payment terms
Invoices shall describe the services and any other products supplied in sufficient detail so that tax (including, but not limited to, import or custom duties, service tax or withholding tax) is charged correctly. Invoices are required to quote the Bank’s 10 digit Purchase Order (PO) reference number generated from the bank’s procurement system for purchasing goods and services where applicable. Suppliers are requested to submit electronic format invoices by email to APUeInvoice.UK@sc.com.
Dispute resolution process
The standard Contractual Agreement of SCB outlines the Dispute Resolution process. A party claiming that a dispute has arisen in relation to the Contractual Agreement must notify the Authorised Representative of the other party to the dispute giving details of the dispute. If any dispute arising out of the Contractual Agreement remains unresolved for five Working Days from the date on which the notice setting out the nature of the dispute is served by one party on the other, either party may request a meeting within a further five Working Days between senior personnel (as notified by each party to the other for this purpose) who shall have power to resolve the dispute. If the dispute is not resolved under this procedure either party shall be free to pursue alternative action in respect of that dispute.
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 Fair 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.
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