What is customer initiated payment in SAP FI-CA - Contract Accounts Receivable and Payable?

SAP Term: customer initiated payment

• Component: FI-CA

• Component Name: Contract Accounts Receivable and Payable

• Description: Payment that the business partners address to the company.

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• Key Concepts: 
  Customer initiated payment is a payment method in SAP FI-CA Contract Accounts Receivable and Payable that allows customers to initiate payments directly from their accounts. This payment method is used to facilitate the transfer of funds from the customer's account to the vendor's account. 
  
  How to use it: 
  In order to use customer initiated payment, the customer must first set up an account with the vendor. Once the account is set up, the customer can initiate payments directly from their account. The customer can also set up recurring payments, which will be automatically processed on a regular basis. 
  
  Tips & Tricks: 
  When setting up customer initiated payments, it is important to ensure that all of the necessary information is provided. This includes the customer's name, address, and bank account information. Additionally, it is important to ensure that all of the payment details are accurate and up-to-date. 
  
  Related Information: 
  Customer initiated payments are a great way to streamline the payment process and reduce costs associated with manual processing. Additionally, this payment method can help improve customer satisfaction by providing customers with more control over their payments.