The average time taken for FIS SYSTEMS LIMITED to pay invoices has increased over the three periods, from 30 days in the first half of 2020 to 35 days in the first half of 2021. This suggests that the company may be facing financial challenges or may be experiencing delays in processing payments.
The percentage of invoices paid within 30 days has fluctuated between 67% and 77%, with a decrease of 10% from the first period to the third period. This indicates that FIS SYSTEMS LIMITED may not have consistent payment processes in place.
FIS SYSTEMS LIMITED has seen an increase in the average time taken to pay invoices over the three periods, with a 5-day increase from the first period to the third period.
| 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 Jul 2020 - 31 Dec 2020 | 25 Jan 2021 | 32 | 73% | 19% | 8% | 56% |
| 01 Jan 2020 - 30 Jun 2020 | 22 Jul 2020 | 30 | 77% | 17% | 6% | 59% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
30 Days
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/a
Maximum contractual payment period agreed
60
N/a
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
FIS SYSTEMS LIMITED is a leading provider of technology solutions for the financial industry. They offer a wide range of products and services to help financial institutions improve their operations and achieve their business goals. The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact.
Their sustainability program focuses on reducing energy consumption, minimizing waste, and promoting responsible sourcing practices. FIS also works with their clients to help them adopt sustainable practices and technologies. This includes offering solutions to digitize paper-based processes and reduce paper usage.
The company's products and services include core banking systems, risk management solutions, electronic payment systems, and data analytics tools. Their solutions are designed to streamline processes, increase efficiency, and provide valuable insights for their clients. FIS also offers consulting services to help financial institutions identify opportunities for growth and improvement.
Key people at FIS SYSTEMS LIMITED include CEO Gary Norcross, who has been with the company for over 30 years, and Executive Vice President Bruce Lowthers, who leads the company's global banking and payments division.
For more information about FIS SYSTEMS LIMITED and their products and services, you can visit their website at www.fisglobal.com. The company's registered office address is 25 Canada Square, Canary Wharf, London, E14 5LQ, United Kingdom.