What is 'beneficiary' in SAP AP - Application Platform?

beneficiary - Overview

• Component: AP

• Component Name: Application Platform

• Description: A party who receives the insurance benefit in a benefit case. A benefit in most cases is a monetary sum paid or payable to a recipient which is designated by the policy holder or is named in the insurance policy or is part of the insuring agreement.

beneficiary - Details

• 
  Key Concepts: 
  A beneficiary in the SAP Application Platform (AP) is an entity that receives a payment or other benefit from a payer. This could be an individual, a company, or any other type of organization. The beneficiary is the recipient of the payment or benefit, and the payer is the entity that initiates the payment. 
  
  How to use it: 
  In SAP AP, beneficiaries are managed through the Beneficiary Management module. This module allows users to create, edit, and delete beneficiaries. It also allows users to view and manage payments made to beneficiaries. 
  
  Tips & Tricks: 
  When creating a new beneficiary in SAP AP, it is important to ensure that all required information is entered correctly. This includes the beneficiary's name, address, and contact information. Additionally, it is important to ensure that all payments made to the beneficiary are accurate and up-to-date. 
  
  Related Information: 
  For more information on managing beneficiaries in SAP AP, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_APPLICATION_PLATFORM/latest/en-US/f8d7f9a2b3e14c8a9f3d7c2b6f5e4d1a.html