What is Selic in SAP FS-LOC-BR - Localization of Banking in Brazil?

SAP Term: Selic

• Component: FS-LOC-BR

• Component Name: Localization of Banking in Brazil

• Description: The computer system of the Central Bank of Brazil that is used as a central depository for government bonds. In Portuguese, the computer system is known as 'Sistema Especial de Liquidação e de Custódia'.

Smart SAP Assistant

• Key Concepts: 
  SELIC stands for Sistema Especial de Liquidação e de Custódia, which is a Brazilian interbank payment system. It is used to facilitate the transfer of funds between banks and other financial institutions in Brazil. FS-LOC-BR Localization of Banking in Brazil is a component of the SAP ERP system that enables customers to use the SELIC system for their banking transactions. 
  
  How to Use It: 
  The FS-LOC-BR Localization of Banking in Brazil component allows customers to use the SELIC system for their banking transactions. This component provides customers with the ability to process payments, manage accounts, and reconcile bank statements. Additionally, it provides customers with access to the SELIC system’s reporting and analytics capabilities. 
  
  Tips & Tricks: 
  When using the FS-LOC-BR Localization of Banking in Brazil component, it is important to ensure that all data is entered correctly and accurately. Additionally, it is important to ensure that all transactions are properly reconciled and that all reports are generated accurately. 
  
  Related Information: 
  For more information about the FS-LOC-BR Localization of Banking in Brazil component, please visit the SAP website or contact your local SAP representative. Additionally, there are several online resources available that provide detailed information about the SELIC system and how it works.