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Find out how the City of London Corporation can pay your invoices on time; further information on our early payment discount scheme "City Accelerate"; and our campaign to reduce paper invoices.

Prompt Payment Code

The City of London Corporation takes part in the Chartered Institute of Credit Management's (CIMC) Prompt Payment Code. That means we pledge to:

Pay suppliers on time

We at the City of London Corporation, aim to pay undisputed invoices, that quote a valid purchase order number, within 10 days of the invoice arriving anywhere in the Corporation for SME's (small and medium enterprises with fewer than 250 employees) and 30 days for larger suppliers (250+ employees).

Give clear guidance to suppliers

All invoices should be sent by email to the Accounts Payable team and include the following information.

  • an identifying number
  • the supplier's name, address and VAT registration number
  • the time of supply
  • date of issue
  • the type of supply (e.g. sale, hire purchase, loan etc.)
  • a description of the goods or services supplied
  • the customer's name (or trading name) and address:

City of London Corporation
PO Box 270
London EC2P 2EJ

For the most prompt payments and in an effort to reduce our carbon footprint we prefer to pay our suppliers via BACS. We encourage suppliers to include their bank details on all invoices with a valid email address for remittance.

Encourage good practice

The City of London encourages adoption of the code throughout our own supply chains.

Prompt Payment Reporting

In accordance with regulation 113 of the Public Contracts Regulations 2015, please see the information below on the City of London's prompt payment performance.

Prompt payment performance

Financial Year Proportion of valid & undisputed invoices paid within 30 days in accordance with regulation 113 Interest paid to suppliers due to a breach of the requirement in regulation 113
2015/16 96% £0
2016/17 97% £0
2017/18 95% £0
2018/19 94% £165.15

City Accelerate

On 2 August 2018 the City of London Corporation launched an early payment discount scheme called City Accelerate. For several years the City Corporation has paid well over 90% of supplier invoices on time, so we are now in a position to offer not just prompt payment but early payment to our suppliers in exchange for a small percentage rebate.

This initiative is being launched in partnership with Oxygen Finance, who specialise in providing early payment discount programmes in the public sector.

City Accelerate is voluntary for suppliers to join, but we believe that this new scheme delivers tangible benefits for our suppliers, especially those on standard 30-day payment terms. The City Corporation recognises that we have a responsibility to the local economy, so it is important that our suppliers are able to take advantage of the benefits on offer, including:

  • Improved cash flow through the early payment of invoices
  • Reduced payment volatility – suppliers will be paid faster and more consistently
  • Prioritised invoice settlement, including daily payment runs
  • A single dedicated point of contact for query resolution
  • Increased Accounts Receivable efficiency through end-to-end invoice processing

For further information including the City Accelerate brochure, please visit the City Accelerate website, where suppliers can also sign up to the scheme.

Think Invoice, Think Email

No more paper invoices

Over the last 10 years an increased awareness of the benefits of reducing paper have been driving most organisations, including the City of London Corporation to find ways to minimise or eliminate their paper processes. This helps us to reduce our costs, be more efficient and be socially responsible.

In line with this commitment the City of London are launching a campaign to target a reduction in paper invoicing both internally and with all our suppliers – No More Paper Invoices, Think Invoice, Think Email.

Our ultimate aim is to eradicate paper invoices altogether and we are therefore encouraging suppliers to email invoices to us. Not only does this help the environment but it also means that we can guarantee to pay our suppliers more quickly.

All invoices can be emailed to the City Procurement Accounts Payable Team.

The preferred format is Adobe PDF, but other formats such as Word documents, Excel spreadsheets and JPEGs are all accepted.

If you are currently sending paper invoices to City of London Corporation please now send all your invoices directly by email to the City Procurement Accounts Payable team using the email address provided above.

The City of London Corporation receives and currently processes nearly 100,000 invoices a year and up to 25,000 of these are still received on paper. That's 7,423 meters of paper end to end, enough to cover the length of Tower Bridge 30 times over.

Here are just a few of the benefits of moving to a fully electronic system:

  • Savings on the cost of paper, envelopes, printing and postage
  • Faster delivery of invoices, facilitating prompt payments
  • A much better audit trail and no more invoices lost in the post
  • A far less damaging impact on the environment

This campaign supports the City of London Corporation's E-invoicing Policy Position 2015 (100KB). This policy position confirms e-invoicing as the preferred method of receiving invoices. If you have any questions in regards to this policy position or the No Paper Invoices, Think Invoice, Think Email campaign please email the Accounts Payable team.