The average time taken for ICAP MANAGEMENT SERVICES LIMITED to pay invoices has fluctuated over the last three periods, with a decrease in 2020 followed by a slight increase in 2021. However, there is not enough data available for a clear trend to be identified.
There has been significant volatility in the percentage of invoices paid within 30 days, with a high of 74% in 2020 and a low of 54% in 2019. There has also been volatility in the percentage of invoices paid later than 60 days, with a high of 25% in 2019 and a low of 7% in 2018.
Between 2018 and 2020, there was a significant improvement in ICAP MANAGEMENT SERVICES LIMITED's payment process, with the average time taken to pay invoices decreasing from 42 days to 36 days. This was accompanied by an increase in the percentage of invoices paid within 30 days from 57% to 70%. However, there was a slight decline in 2021, with the average time taken to pay invoices increasing to 50 days and the percentage of invoices paid within 30 days decreasing to 60%.
| 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 2023 - 31 Dec 2023 | 29 Jan 2024 | |||||
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | |||||
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | |||||
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 21 Jan 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 27 Jul 2021 | |||||
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 26 | 74% | 16% | 10% | 26% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 36 | 70% | 15% | 15% | 30% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 50 | 60% | 21% | 19% | 40% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 52 | 54% | 21% | 25% | 46% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 42 | 57% | 24% | 19% | 43% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 29 | 74% | 19% | 7% | 26% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
30 Calendar Days from Date of Invoice
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Isolated contract's Payment Terms may Differ from standard terms above. Review of T&C's by Category Managers in conjunction with Finance.
Maximum contractual payment period agreed
1825
Purchasing - If there is a dispute, this is reviewed by the Contract Owner (Business) and the Procurement Owner (Category Manager) to review agreed terms and update finance/supplier accordingly. Accounts Payable(AP) - Within AP they have a dedicated mail box for dealing with all AP queries and are contactable by phone. Vendors are requested to contact the mailbox with invoice queries. If the team are not able to resolve the query this is escalated to AP Manager. The AP team in addition reach out to the business contact if it's not clear why the invoices has not been approved/paid. All invoices in query are processed at header level on the supplier account with comments/hold reasons.
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
ICAP Management Services Limited is a registered UK entity with the SIC classification of head office activities, forming part of the TP ICAP Group. The wider ICAP brand, under which this entity sits, operates as an intermediary in wholesale financial, energy and commodities markets, facilitating and executing trades for financial institutions through broking services covering rates, equities, FX, money markets, fixed income and credit, as well as energy and commodities asset classes. The group also runs electronic trading platforms and trading venues, operating across 22 countries from 33 locations. This entity's own role is that of a management services company within that wider group structure, rather than a direct trading business.
Generated from the company's website and Companies House records. Sources: icap.com · icap.com