THE CO-OPERATIVE BANK P.L.C.

Company number: 00990937

Reporting period:
1 January 2019 to 30 June 2019

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

This report was filed on 30 July 2019

and approved by Nick Slape

Payment statistics

Average time taken to pay invoices: 44 days

Invoices paid:

within 30 days: 56%
in 31 to 60 days: 27%
in 61 days or more: 17%

Invoices due but not paid within agreed terms: 37%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

The Bank does not have set standard payment terms. Our preferred payment terms are 45 days as reported in previous submissions, however this submission accurately reflects our most commonly used payment terms for the reporting period (30 days).

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

45 days

No further comment provided

Any other information about payment terms

There were no changes to standard payment terms in the reporting period as the Bank does not have set standard payment terms. Our preferred payment terms are 45 days as reported in previous submissions, however our most commonly used payment terms for this and previous reporting periods is and was 30 days.

Dispute resolution process

Disputing an Invoice If the accuracy or completeness of an invoice is in question, a dispute will be filed with the supplier. A dispute can be defined as any discrepancy showing that something might not be true or accurate with the invoice/billing document that may result in the delay of payment. Notifying the Supplier > The supplier should be notified within 7 calendar days from the date the Co-operative Bank’s Accounts Payable department first receive the invoice. > Send an email notice of dispute to the supplier. State in the email that the referenced invoice is being returned for the following reasons: Supplier has not complied with the Accounts Payable Invoice & Credit note requirements policy There is a problem with the invoice provided (for example the Purchase Order number is not clearly detailed) Other > Include the invoice as an attachment to the email. > Maintain email communication and the invoice until the dispute has been resolved. > If the supplier is wrong: ─ Await the new invoice. ─ The baseline date will be the date the new/corrected invoice is first received. > If the Co-operative Bank is in error: ─ The baseline date will be the latter of the original invoice received date or the goods/services received date.

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?