| 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 Dec 2018 - 31 May 2019 | 08 Oct 2019 | 15 | 81% | 8% | 11% | 22% |
| 01 Jun 2018 - 30 Nov 2018 | 07 Jan 2019 | 25 | 78% | 17% | 5% | 28% |
| 01 Dec 2017 - 31 May 2018 | 25 Jun 2018 | 36 | 60% | 31% | 9% | 25% |
| 01 Jun 2017 - 30 Nov 2017 | 27 Dec 2017 | 29 | 82% | 12% | 7% | 21% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Finastra's standard payment terms are 60 calendar days from receipt of invoice. Finastra does not have a maximum contractual payment period. Finastra agrees payment terms with vendors prior to agreeing to the initial purchase with them.
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
60
With any concern or complaint related to payments (e.g. non-receipt of payment, incorrect payment amount, excess bank charges, etc.) vendors should contact Finastra Accounts Payable team in Bangalore on Finastra.AP@finastra.com email address. The internal timeline to respond to any email is 24hrs (however this does not mean the issue would be resolved within 24hrs – this is based on the nature of the issue). As a first step when a vendor receives the PO copy from our company it would mention the email ID of the AP team as well as the Purchasing team if they need to raise any concerns.
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
Finastra International Limited is a UK-registered company within the Finastra group, previously known as Misys International Banking Systems Limited and under earlier names including Midas-Kapiti International and BIS Software. Its registered activity is classified as other software publishing. The wider Finastra group is described as one of the largest fintech companies, offering software solutions to financial institutions of all sizes. This entity is controlled by Finastra Holdings Limited and holds two subsidiaries, reflecting its role as part of the group's UK corporate structure rather than an independent trading operation. It has held Home Office sponsor licensing status and files as part of the group's modern slavery statement.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk · companiesintheuk.co.uk