CROWN AGENTS BANK LIMITED demonstrates a generally prompt payment trajectory, with an average payment time of 27 days and 81% of invoices settled within 30 days. However, the 32% late payment rate indicates an inconsistent adherence to payment terms despite the majority being processed efficiently.
The company exhibits moderate payment volatility, with 19% of payments extending beyond 30 days, including 5% that are paid over 60 days late. This introduces a noticeable level of unpredictability for supplier cash flow planning, despite the typically quick average payment time.
While CROWN AGENTS BANK LIMITED generally pays within 30 days, the 32% late payment rate and instances of payments exceeding 60 days present a moderate payment risk for suppliers. Suppliers should factor in potential delays when managing their cash flow and consider negotiating clear payment terms and late penalty clauses. Proactive communication and invoicing strategies can help mitigate the impact of less predictable payment cycles.
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Crown Agents Bank processes supplier payments according to their individually agreed payment terms, rather than based on month-end due dates. While the standard payment period is typically 30 days, different agreements may apply depending on the supplier. Invoices that are approved for payment will be included in the next available payment run, even if they are not yet due, ensuring a timely and efficient payment process. If Crown Agents Bank Limited identifies any discrepancies in an invoice, the Supplier will be notified, and payment will only be processed upon submission of a corrected invoice. Crown Agents Bank Limited initiates payment instructions strictly in accordance with agreed payment terms, without considering fund transmission times. As a result, suppliers will receive funds within 1 to 5 days after the payment terms date, depending on the chosen transmission method.
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
Suppliers with invoice-related queries can reach out to the Accounts Payable (AP) team either by emailing accountspayablebank@crownagentsbank.com or by contacting a member of the AP team directly. The AP team will thoroughly investigate the query and provide a resolution to the Supplier. Additionally, if the team identifies an issue with an invoice, they will proactively contact the Supplier to address and resolve the matter.
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
CROWN AGENTS BANK LIMITED is an active private limited company that operates as a bank. Its core business, as identified by its name and company structure, is within the banking sector.
The company was incorporated on 12 January 1989 and is registered in London under company number 02334687. Its registered office is located at 3 London Bridge Street, London, England, SE1 9SG.
As a bank in the UK market, CROWN AGENTS BANK LIMITED typically provides a range of financial services. These commonly include the provision of deposit accounts, various lending and credit facilities, and payment processing solutions for clients.