What is correspondence type in SAP FS-CML - Loans Management?

SAP Term: correspondence type

• Component: FS-CML

• Component Name: Loans Management

• Description: A defining characteristic used to differentiate between internal and external correspondence, for which you can specify user-defined forms or standing instructions.

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• Key Concepts: 
   Correspondence type is a feature of the FS-CML Loans Management component of SAP. It is used to define the type of correspondence that is sent out to customers. This includes letters, emails, and other forms of communication. The correspondence type also defines the content and format of the communication. 
  
  How to use it: 
   Correspondence types are created in the SAP system and can be assigned to specific loan accounts. When a customer receives a loan, the system will automatically generate the appropriate correspondence type for that loan. The correspondence type can also be changed manually if needed. 
  
  Tips & Tricks: 
   When creating a correspondence type, it is important to consider the customer’s needs and preferences. For example, if a customer prefers to receive emails rather than letters, then an email correspondence type should be created. Additionally, it is important to ensure that the content and format of the correspondence type are appropriate for the customer’s needs. 
  
  Related Information: 
   Correspondence types are part of the FS-CML Loans Management component of SAP. Other features of this component include loan origination, loan servicing, and loan repayment. Additionally, there are other components of SAP that can be used in conjunction with FS-CML Loans Management, such as SAP Business Intelligence and SAP HANA.