EUROPE ARAB BANK PLC

Company number: 05575857

Reporting period:
1 January 2018 to 30 June 2018

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

This report was filed on 30 July 2018

and approved by Mohammad Shoaib Memon

Payment statistics

Average time taken to pay invoices: 23 days

Invoices paid:

within 30 days: 79%
in 31 to 60 days: 17%
in 61 days or more: 4%

Invoices due but not paid within agreed terms: 33%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

Answer not provided

Standard payment terms

Europe Arab Bank has preferred payment terms of 30 days. We make every effort to ensure our payments are made within our suppliers payment terms

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

30 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Europe Arab Bank aims to resolve any supplier disputes fairly and promptly. Disputes are handled in the first instance by discussion between the contracting business and the supplier. Suppliers can also contact the Accounts Payable department. Invoices are entered onto the AP system on receipt but will not be authorised until disputes are resolved.

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.

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.

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?