What is Payment Medium Workbench in SAP FI-BL - Bank Accounting?

SAP Term: Payment Medium Workbench

• Component: FI-BL

• Component Name: Bank Accounting

• Description: A tool for creating payment media, based on a generic payment medium program and specific Customizing settings.

Smart SAP Assistant

• Key Concepts: 
  The Payment Medium Workbench (PMW) is a component of the SAP Financial Accounting (FI-BL) module. It is used to create payment media files for electronic payments, such as direct debits and bank transfers. The PMW also allows users to define payment formats, create payment media files, and manage payment data. 
  
  How to use it: 
  The PMW can be accessed through the SAP Easy Access menu. Once in the PMW, users can create payment formats, define payment media files, and manage payment data. The PMW also allows users to generate payment media files in various formats, such as EDIFACT and SWIFT. 
  
  Tips & Tricks: 
  When creating payment formats, it is important to ensure that all of the necessary fields are included in the format. Additionally, it is important to ensure that the payment format is compatible with the bank's system. 
  
  Related Information: 
  The Payment Medium Workbench is closely related to the Bank Communication Management (BCM) component of SAP FI-BL. BCM is used to manage bank connections and communication with banks. Additionally, BCM can be used to generate payment media files in various formats.