What is 'stop payment' in SAP FS-LOC - Localization of Banking?

stop payment - Overview

• Component: FS-LOC

• Component Name: Localization of Banking

• Description: A service offered by banks to natural persons or companies for the customers’ bank accounts. Using this service, the bank’s customer can request the bank to withhold payment for a check or a direct debit posting before the check or payment has been processed.

stop payment - Details

• 
  Key Concepts: 
  Stop payment is a feature of the FS-LOC Localization of Banking component in SAP. It allows users to stop a payment from being processed, either temporarily or permanently. This can be done by entering a stop payment code into the system, which will prevent the payment from being processed. 
  
  How to use it: 
  To use the stop payment feature, users must first enter the stop payment code into the system. This code can be found in the FS-LOC Localization of Banking component. Once the code is entered, the payment will be stopped and will not be processed until the code is removed. 
  
  Tips & Tricks: 
  When using the stop payment feature, it is important to remember that it only works for payments that have not yet been processed. If a payment has already been processed, then it cannot be stopped using this feature. Additionally, it is important to remember to remove the stop payment code once it is no longer needed, otherwise payments may not be processed. 
  
  Related Information: 
  For more information on the FS-LOC Localization of Banking component and its features, please refer to SAP's official documentation. Additionally, there are many online resources available that provide tutorials and tips on how to use this component and its features.