WELLS FARGO SECURITIES INTERNATIONAL LIMITED
Company number: 03426903
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
26 January 2024
Approved by:
Richard Place
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 12%
- in 61 days or more: 11%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
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?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
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, 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