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BRITISH ARAB COMMERCIAL BANK PUBLIC LIMITED COMPANY

Company number: 01047302

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 1 February 2023

and approved by Louise Fitzerald

Payment statistics

Average time taken to pay invoices: 29 days

Invoices paid:

• within 30 days: 73%
• in 31 to 60 days: 20%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 39 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

60 days

Standard payment terms

BACB's preferred payment term is 30 days. We strive to ensure all payments are made with in a timely manner and within terms. However, some vendors terms range between 0, 14 and 15 days, making it difficult to pay within those terms.

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

No

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Invoices in dsipute will be entered onto the system but not approved until i) queries are resolved, ii) costs are agreed, iii) a credit note is received. The vendors' Credit Control team/ dedicated account manager are contacted by BACB's Finance team or spend owner to query or request clarification of costs before payment is made.

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