Industry ranking
Score of 98.7/100 qualifies for PaymentCheck Certification
The average time to pay for REASSURE MIDCO LIMITED has consistently decreased over the past three periods, from 50 days in the first period to 13 days in the most recent period. This indicates an improvement in their payment process.
The company has shown a relatively stable trend in their payment process, with only small changes in the percentages of invoices paid within 30 days and between 31 and 60 days. However, there has been a significant decrease in the percentage of invoices paid later than 60 days, indicating a more consistent and timely payment process.
| 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 | 05 Feb 2024 | |||||
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 13 | 98% | 1% | 1% | 2% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 17 | 96% | 3% | 1% | 4% |
| 01 Jan 2022 - 30 Jun 2022 | 25 Jul 2022 | 18 | 92% | 6% | 2% | 8% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 23 | 92% | 5% | 3% | 8% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 50 | 74% | 16% | 10% | 26% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The business' standard payment terms are for all undisputed invoices to be paid within 30 days of invoice date. The maximum contractual payment period is 30 days from the invoice date and there have been no changes to the business' standard payment terms in the reporting period. We will agree to shorter terms if the contractual negotiations require it.
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
ReAssure relationship managers oversee individual supplier contracts and are the first contact point for dispute resolution as they hold the relevant knowledge of individual contracts and services. The dispute resolution process is supplemented from a supplier facing perspective with the relevant contractual provisions for invoice query, escalation and dispute processes. The Finance payables team also support the business with any supplier interaction, credit notes and other activities that may be delaying payment of an invoice.
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
Reassure Midco Limited is a holding company registered in the UK, with a SIC classification for financial services holding activities. It sits within the corporate structure of the ReAssure group, which is now part of Standard Life. The wider ReAssure group is a life and pensions consolidator, administering around 3 million policies and approximately £70 billion of customer investments, having grown by acquiring large books of pensions, insurance and investment business from other providers since its founding in 1963. Reassure Midco Limited itself does not appear to trade directly with customers; its role is as an intermediate holding entity within this group structure, rather than as an operating business providing policies or services.
Generated from the company's website and Companies House records. Sources: reassure.co.uk · reassure.co.uk