NORTHERN BANK LIMITED
Company number: R0000568
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
25 July 2024
Approved by:
Stephen Matchett
Payment statistics
Average time taken to pay invoices: 19 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 4%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
The Bank shall pay the undisputed amount of such invoices within 30 days of receipt of a valid and correct invoice, as per the contractual term for all goods and services
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
The Bank shall pay the undisputed amount of such invoices within 30 days of receipt of a valid and correct invoice, as per the contractual term for all goods and services. If any invoice payable by the Bank is not paid by its due date, the Supplier shall be entitled to charge interest on the overdue amount at the rate of 3% per annum above Barclays Bank plc’s base rate from time to time in force. Such interest will accrue on a daily basis from the due date up to the date of actual payment, after as well as before judgment. Each invoice shall, to be considered valid, include the information set out at Danske Bank’s website for suppliers at www.danskebank.com/invoice-terms No amount of any invoice shall be due or payable if it is subject to a bona fide dispute.
Any other information about payment terms
No further comment provided
Dispute resolution process
The business will reject the invoice on the accounts payable system with the reason. The account payable team revert to the supplier. When dispute is resolved the original or a revised invoice is resubmitted for payment.
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 Fair 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