ONESAVINGS BANK PLC

Company number: 07312896

Reporting period:
1 July 2021 to 31 December 2021

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This report was filed on 27 January 2022

and approved by April Talintyre

Payment statistics

Average time taken to pay invoices: 11 days

Invoices paid:

• within 30 days: 93%
• in 31 to 60 days: 6%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 11%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Where we enter into standard terms with suppliers they would usually include payment terms requiring payment within 30 days of invoice date. Following receipt of a valid invoice, those invoices are processed and matched to an approved purchase order, and thereafter included in the next weekly payment run.

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

45 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Any complaints should be submitted to the OneSavings Bank plc member of staff managing the contract. If required, they may escalate the dispute to the relationship manager and thereafter the Executive. If there is any further dispute, this would be escalated and referred to the Legal team.

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