How To Fix FTR_TRADE_REP057 - No BIC defined for counterparty &1

FTR_TRADE_REP057 - Overview

• Message type: E = Error

• Message class: FTR_TRADE_REP - Trade Repository

• Message number: 057

• Message text: No BIC defined for counterparty &1

What causes this issue?

For business partners in the <LS>Counterparty</> role, you can maintain
a BIC at two locations:
In the
<DS:TRAN.BP>business partner master data</> on the <LS>Identifiers</>
tab
In the transaction
<DS:TRAN.FTR_BP_BIC>Assign BIC and External Security Account ID to
Business Partner</>
For business partner &V1&, both locations do not contain a BIC code.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.

FTR_TRADE_REP057 - Details

• The SAP error message FTR_TRADE_REP057 indicates that there is no Bank Identifier Code (BIC) defined for a specified counterparty in the system. This error typically arises in the context of financial transactions, particularly in the area of treasury and risk management, where BICs are essential for identifying financial institutions involved in transactions.
  
  Cause:
  
  Missing BIC: The primary cause of this error is that the counterparty (the entity you are transacting with) does not have a BIC defined in the system.
  Incorrect Configuration: The counterparty may not be properly configured in the SAP system, leading to missing or incorrect data.
  Data Entry Error: There may have been an oversight during data entry, resulting in the omission of the BIC for the counterparty.
  
  
  Solution:
  
  
  Define BIC for the Counterparty:
  
  Navigate to the relevant transaction in SAP where you can maintain counterparty data (e.g., transaction code BP for Business Partner).
  Locate the counterparty in question and check the details.
  If the BIC