The data for SCOTIABANK EUROPE LIMITED shows a general trend of improvement in the average time taken to pay invoices to suppliers. From 2017 to 2023, there is a decrease in the average time to pay from 38 days to 41 days. This trend is supported by an increase in the percentage of invoices paid within 30 days, which has risen from 72% in 2017 to 62% in 2023. However, there is also an increase in the percentage of invoices paid later than 60 days, which has gone up from 10% in 2017 to 22% in 2023. Overall, there has been a slight improvement in the company's payment efficiency over the past three periods.
The volatility in SCOTIABANK EUROPE LIMITED's payment efficiency can be seen from the fluctuations in the percentage of invoices paid within 30 days, which ranges from 62% to 83%. Similarly, the percentage of invoices paid later than 60 days also varies between 7% and 30%. This indicates that the company's payment efficiency is not consistent and can be affected by various factors.
From the data, it can be seen that SCOTIABANK EUROPE LIMITED has shown improvement in their payment efficiency over the past three periods. The average time to pay has decreased from 38 days in 2017 to 36 days in 2023. This improvement is supported by an increase in the percentage of invoices paid within 30 days, which has risen from 72% to 83%. However, there is also a slight increase in the percentage of invoices paid later than 60 days, which has gone up from 14% to 18%. The company's performance in terms of meeting agreed payment terms has also improved, with the percentage of invoices not paid within agreed terms decreasing from 28% to 17%.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 May 2023 - 30 Oct 2023 | 30 Oct 2023 | |||||
| 01 Nov 2022 - 30 Apr 2023 | 23 May 2023 | 41 | 62% | 16% | 22% | 38% |
| 01 May 2022 - 31 Oct 2022 | 14 Nov 2022 | 38 | 68% | 16% | 16% | 32% |
| 01 Nov 2021 - 30 Apr 2022 | 27 May 2022 | 36 | 70% | 18% | 12% | 30% |
| 01 May 2021 - 31 Oct 2021 | 24 Nov 2021 | 31 | 83% | 10% | 7% | 17% |
| 01 Nov 2020 - 30 Apr 2021 | 25 May 2021 | 31 | 77% | 11% | 12% | 23% |
| 01 May 2020 - 31 Oct 2020 | 30 Nov 2020 | 28 | 82% | 8% | 10% | 18% |
| 01 Nov 2019 - 30 Apr 2020 | 28 May 2020 | 29 | 79% | 11% | 10% | 21% |
| 01 May 2019 - 31 Oct 2019 | 31 Jul 2020 | 23 | 81% | 13% | 6% | 19% |
| 01 Nov 2018 - 30 Apr 2019 | 31 Jul 2020 | 29 | 82% | 8% | 10% | 18% |
| 01 May 2018 - 31 Oct 2018 | 31 Jul 2020 | 32 | 77% | 10% | 13% | 23% |
| 01 Nov 2017 - 30 Apr 2018 | 31 Jul 2020 | 38 | 72% | 14% | 14% | 28% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Scotiabank Europe has a verbal or written agreement with all suppliers of 30 day payment terms. Any invoice that is received by as approved, will be paid upon receipt, regardless if the invoice payment terms are not yet due.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
All disputes are emailed to a central AP dedicated email address. Upon of receipt of an email, invoice queries are allocated to the AP team and diagnosed with 48 hours of receipt. If a resolution is not achievable between supplier and AP team within 5 working days, the dispute is escalated to AP manager to resolve.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Scotiabank Europe Limited is a subsidiary of the Canadian multinational bank, Scotiabank. The bank is based in London and offers a variety of banking and financial services to its clients.
The sustainability program of Scotiabank Europe Limited focuses on supporting economic growth, environmental protection, and social responsibility. They have implemented various initiatives such as reducing carbon emissions, promoting diversity and inclusion, and supporting community development projects.
The bank offers a wide range of products and services to its clients, including personal and business banking, wealth management, and investment services. They also specialize in providing corporate and institutional banking services, including trade finance and cash management.
The key people at Scotiabank Europe Limited include the President and CEO, Ignacio (Nacho) Deschamps, and the Chairman, Brian Porter. They lead a team of experienced executives and professionals who are dedicated to providing high-quality services to their clients.
To contact Scotiabank Europe Limited, individuals can visit their website at www.scotiabank.com or reach out to their registered office at 1 Churchill Place, London, E14 5HP. The bank also has a customer service hotline for any inquiries or assistance needed.