What is beneficiary in SAP FIN-FSCM-TRM - Treasury and Risk Management?

SAP Term: beneficiary

• Component: FIN-FSCM-TRM

• Component Name: Treasury and Risk Management

• Description: The party that sells goods or provides services, and receives payments of a letter of credit.

Smart SAP Assistant

• Key Concepts: 
  A beneficiary in SAP Treasury and Risk Management (FIN-FSCM-TRM) is a person or entity that is entitled to receive payments from a company. This could include suppliers, customers, employees, or other third parties. The beneficiary is identified by a unique identifier such as an account number or bank details. 
  
  How to use it: 
  In SAP Treasury and Risk Management, beneficiaries can be created and managed in the ‘Beneficiary Master Data’ section. Here, users can enter the beneficiary’s details such as name, address, contact information, and bank details. Once the beneficiary is created, it can be used for payments and other transactions. 
  
  Tips & Tricks: 
  When creating a beneficiary in SAP Treasury and Risk Management, it is important to ensure that all the details are accurate and up-to-date. This will help to ensure that payments are made correctly and on time. It is also important to keep track of any changes to the beneficiary’s details so that they can be updated in the system. 
  
  Related Information: 
  For more information on how to create and manage beneficiaries in SAP Treasury and Risk Management, please refer to the official documentation here: https://help.sap.com/viewer/product/FIN_FSCM_TRM/latest/en-US