Score of 85.4/100 qualifies for PaymentCheck Certification
The average time to pay for ONFIDO LTD has remained relatively consistent, with a slight decrease in the most recent period.
The volatility of ONFIDO LTD's payment patterns has been relatively low, with only minor changes in the percentages of invoices paid within different time periods.
ONFIDO LTD has consistently paid invoices within an average of 30 days. However, there has been a slight decrease in the percentage of invoices paid within 30 days and an increase in the percentage of invoices paid between 31 and 60 days in the most recent period. The company has also improved in paying invoices later than 60 days, with a decrease in the percentage in the most recent 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 Aug 2023 - 31 Jan 2024 | 05 Mar 2025 | 24 | 73% | 25% | 2% | 0% |
| 01 Feb 2023 - 31 Jul 2023 | 17 Aug 2023 | 30 | 57% | 37% | 6% | 62% |
| 31 Jul 2022 - 31 Jan 2023 | 22 Mar 2023 | 32 | 52% | 40% | 8% | 56% |
| 01 Feb 2022 - 31 Jul 2022 | 26 Aug 2022 | 30 | 61% | 35% | 5% | 42% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our Standard Conditions of Purchase provide for payment Net 30 days in which an invoice is received, subject to (i) a valid invoice being properly provided by the supplier and (ii) the relevant goods and services being delivered and accepted by us, in accordance with the contract. Whilst the company does contract its business on the basis of bespoke terms and conditions, the relevant payment terms are largely consistent with those contained within the Standard Conditions of Purchase.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Where the date that an invoice has been received cannot be reliably established (primarily due to IT limitations), the supplier’s invoice date is used as day “0” for the purposes of the calculation of the reported payment statistics. It is not precisely known when payments credit into a supplier’s bank account (we do not have systems that accurately record this event) and the various payment methods that Onfido uses depending on the timing of payments. For the disclosed statistics, we have made a reasonable estimation of when payments have cleared into a supplier's bank account of 3 days. Where an invoice has been settled through the matching of a credit note, this invoice is not included in the payment statistics. If there is a partial match of a credit note against an invoice, the payment of the remainder of the invoice is included in the payment statistics.
Maximum contractual payment period agreed
60
As per our standard conditions of purchase, if a payment dispute arises, then the parties are required to resolve any issues that have been identified and use reasonable endeavours to resolve the dispute amicably. Either with the Accounts Payables team for administrative issues or with the vendor relationship manager, who is their primary point of contact. A valid invoice must be submitted to ensure that it is processed in accordance with Onfido policy, referencing a valid purchase order. Payment without a purchase order is only accepted in exceptional circumstances and must be done so in writing at the time of contract execution. And submitted via the authorised channel, as detailed on the purchase order.
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
ONFIDO LTD is a global technology company that focuses on identity verification and authentication. The company was founded in 2012 and is headquartered in London, UK.
The main activity of ONFIDO LTD is to provide secure and efficient identity verification solutions to businesses. Their products and services include document verification, facial recognition, and biometric authentication. These solutions are used by companies in various industries such as banking, healthcare, and sharing economy platforms to ensure the identity of their customers.
In addition to their core business, ONFIDO LTD also has a strong commitment to sustainability. They have implemented various initiatives to reduce their carbon footprint and promote environmental responsibility. This includes using renewable energy sources, minimizing waste in their operations, and encouraging employees to use sustainable transportation options.
The company also has a strong focus on diversity and inclusion. They have a diverse workforce and actively promote equal opportunities for all employees. ONFIDO LTD also works with organizations that support underrepresented communities and contribute to social causes.
The key people at ONFIDO LTD include the co-founders Husayn Kassai, Eamon Jubbawy, and Ruhul Amin, who are the CEO, COO, and CTO respectively. They are supported by a team of experienced professionals in the fields of technology, security, and business development.
For more information on ONFIDO LTD and their products and services, you can visit their website at www.onfido.com. Their registered office address is 4th Floor, The White Chapel Building, 10 Whitechapel High Street, London, E1 8QS, United Kingdom.
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