Score of 95.05/100 qualifies for PaymentCheck Certification
From 2018 to 2020, there was a steady decrease in the average time to pay for SANTANDER FINANCIAL SERVICES PLC, from 34 days to 18 days. This shows an improvement in the company's efficiency in paying invoices to suppliers. However, in the most recent period (2020-2021), there is no data available, so it is unclear if this trend continues.
The volatility in the percentage of invoices paid within 30 days has been relatively low, with only a 3% decrease from 2018 to 2019. However, there has been some fluctuation in the percentage of invoices paid between 31 and 60 days, with a 6% increase in 2019 and a 5% decrease in 2020. The biggest change has been in the percentage of invoices paid later than 60 days, with a 9% decrease from 2018 to 2019 and a 3% increase from 2019 to 2020.
From 2018 to 2020, SANTANDER FINANCIAL SERVICES PLC has shown improvement in their payment efficiency, with a decrease in the average time to pay and a decrease in the percentage of invoices paid later than 60 days. However, there has been some fluctuation in the percentage of invoices paid between 31 and 60 days. In the most recent period (2020-2021), there is no data available, so it is unclear if this trend continues.
| 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 2022 - 31 Dec 2022 | 16 Feb 2023 | |||||
| 01 Jan 2022 - 30 Jun 2022 | 11 Aug 2022 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 09 Feb 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 02 Aug 2021 | |||||
| 01 Jul 2020 - 31 Dec 2020 | 08 Feb 2021 | 12 | 92% | 8% | 0% | 8% |
| 01 Jan 2020 - 30 Jun 2020 | 28 Jul 2020 | 18 | 94% | 3% | 3% | 6% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 30 | 92% | 5% | 3% | 9% |
| 01 Jan 2019 - 30 Jun 2019 | 26 Jul 2019 | 29 | 80% | 13% | 7% | 21% |
| 01 Jul 2018 - 31 Dec 2018 | 01 Feb 2019 | 34 | 69% | 16% | 15% | 32% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 24 | 84% | 10% | 6% | 16% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Abbey National Treasury Service payment terms are 30 days. There are no contracts for which there are longer payment terms and there have been no changes to this arrangement in the period.
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
If a supplier has a dispute regarding payment, there is an established escalation and investigation process in place. Should the supplier remain unhappy at the outcome of the initial escalation and investigation, they can refer the matter to an independent body. Information regarding this process is included in the standard contract terms.
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
SANTANDER FINANCIAL SERVICES PLC is a British multinational bank that offers a wide range of financial services to its customers. It has a strong focus on sustainability and corporate responsibility, with various initiatives and programs in place to support this.
The company's sustainability program includes efforts to reduce its carbon footprint, promote diversity and inclusion, and support local communities. It also has a Responsible Banking Policy that outlines its commitment to ethical practices and responsible lending.
SANTANDER FINANCIAL SERVICES PLC offers a variety of products and services including current and savings accounts, mortgages, loans, credit cards, and insurance. It also has a digital banking platform, making it convenient for customers to access their accounts and manage their finances.
Key people at SANTANDER FINANCIAL SERVICES PLC include CEO Nathan Bostock and Chairman Shriti Vadera. The company has a strong leadership team with decades of experience in the financial industry.
For more information on SANTANDER FINANCIAL SERVICES PLC, including its sustainability efforts, products and services, and key people, you can visit their website at www.santander.co.uk. The registered office address is 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom.
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