GOV.UK
J.P. MORGAN EUROPE LIMITED
Company number: 00938937
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 27 July 2023
and approved by Matthew Melling
Payment statistics
Average time taken to pay invoices: 15 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 10%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 1 %
Payment terms
Shortest standard payment period
45 days
Longest standard payment period
60 days
Standard payment terms
Each JPMorgan Chase group company’s (JPMC) standard payment terms are “2% 10; net 60”, unless different terms are negotiated under contract or mandated by law in a particular country, meaning JPMC pays undisputed amounts within 60 days from receipt of an accurate invoice and may take a two percent discount off any amounts due under an accurate invoice as long as it pays within 10 business days from receipt.
JPMC’s standard form contract typically used for higher risk engagements has standard payment terms of 2% 10; net 60 (as above).
JPMC’s standard form contracts typically used for lower/minimal risk engagements have standard payment terms of 45 days after receipt of a correct invoice.
JPMC’s standard purchase order terms and conditions typically used for minimal risk engagements have standard payment terms of 2% 10; net 60.
Historically, Law Firms have been on pay immediate terms, but this has been problematic as it has effectively meant that JPMC is in breach of its payment obligations on receipt of legal invoices. As part of a holistic review and restructure of our master engagement terms with Law Firms, we have updated and aligned our payment obligations to our standard payment terms for other, non-legal vendors.
Where payments are made by credit card (virtual card payment), payment terms have been aligned to our standard payment terms and will be evaluated against net 60-day terms rather than pay immediately upon invoice approval.
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
A qualifying contract may set out a dispute resolution process. The sophistication of this process depends on the risk rating and therefore complexity of the contract, with contracts used for higher risk engagements containing a multi-tiered (or escalation) dispute resolution clause.
Practically, and even in the absence of an escalation/dispute resolution clause in a qualifying contract, an internal escalation process is followed which is materially consistent, as regards JPMC, with a multi-tiered contractual clause.
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.
Yes
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