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WELLS FARGO SECURITIES INTERNATIONAL LIMITED

Company number: 03426903

Reporting period:
1 July 2022 to 31 December 2022

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

This report was filed on 30 January 2023

and approved by Richard Place

Payment statistics

Average time taken to pay invoices: 39 days

Invoices paid:

• within 30 days: 73%
• in 31 to 60 days: 14%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 15 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

45 days

Standard payment terms

Standard and agreed maximum payment terms for UK suppliers under Wells Fargo master agreement or limited services contracts is 45 days from receipt of invoice. Purchases made via purchase order have 30 day terms. Suppliers are notified of applicable payment period via contract negotiation

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

None

Any other information about payment terms

None

Dispute resolution process

Wells Fargo contract templates contain dispute resolution language/clause which sets out resolution process. This includes but is not specific to resolution of payment issues. Additionally, each contract will include invoicing requirements to be applied by suppliers as well as WF invoice address/contact points

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

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