What is bank process and relationship management in SAP FI - Financial Accounting?

SAP Term: bank process and relationship management

• Component: FI

• Component Name: Financial Accounting

• Description: Key functional area of mySAP Financials.

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• Key Concepts: 
  Bank Process and Relationship Management (BPRM) is a component of SAP Financial Accounting (FI) that helps companies manage their banking processes and relationships. It provides a comprehensive set of tools to help companies manage their banking activities, such as payments, collections, and cash management. BPRM also helps companies maintain relationships with their banks by providing a central repository for all banking information.
  
  How to use it: 
  BPRM can be used to manage payments, collections, and cash management activities. It provides a range of features to help companies manage their banking activities, such as payment processing, bank reconciliation, and bank statement processing. BPRM also provides a central repository for all banking information, which can be used to track banking relationships and monitor performance.
  
  Tips & Tricks: 
  When using BPRM, it is important to ensure that all banking information is up-to-date and accurate. This will help ensure that payments are processed correctly and that any discrepancies are quickly identified and resolved. Additionally, it is important to regularly review the banking information stored in BPRM to ensure that it is accurate and up-to-date.
  
  Related Information: 
  BPRM is part of the SAP Financial Accounting (FI) module. Other components of FI include General Ledger (GL), Accounts Payable (AP), Accounts Receivable (AR), Asset Accounting (AA), and Controlling (CO). Additionally, BPRM can be integrated with other SAP modules, such as Materials Management (MM) and Sales & Distribution (SD).