What is electronic payment facilitator in SAP FI - Financial Accounting?

SAP Term: electronic payment facilitator

• Component: FI

• Component Name: Financial Accounting

• Description: In the US, an external company that the payment settlement entity has a contract with to settle third party payment transactions on its behalf. The EPF makes a payment settlement only when the entity submits the instructions to transfer funds to the account of the participating payee. &NOTE& The facilitator does not need to have any arrangement or agreement with the participating payee.

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• Key Concepts: 
  An electronic payment facilitator (EPF) is a component of SAP Financial Accounting (FI) that enables companies to process payments electronically. It is a secure, automated system that allows companies to send and receive payments quickly and securely. EPF also provides a range of features such as payment tracking, reconciliation, and reporting.
  
  How to Use It: 
  To use EPF, companies must first set up an account with SAP. Once the account is set up, companies can then configure the EPF system to their specific needs. This includes setting up payment rules, payment methods, and other parameters. Companies can then use the EPF system to process payments electronically.
  
  Tips & Tricks: 
  When setting up the EPF system, it is important to ensure that all payment rules and parameters are configured correctly. This will ensure that payments are processed quickly and securely. Additionally, it is important to regularly review the EPF system to ensure that it is up-to-date and functioning properly.
  
  Related Information: 
  For more information on SAP Financial Accounting (FI) and electronic payment facilitator (EPF), please refer to the SAP Help Portal or contact your local SAP representative.