What is bank master data in SAP FS-PE - Payment Engine?

SAP Term: bank master data

• Component: FS-PE

• Component Name: Payment Engine

• Description: Reference information about a financial institution that is required to conduct business transactions with this financial institution, for example: Contact information Offices Branches Clearing codes such as BIC Domestic clearing codes

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• Key Concepts: 
  Bank master data is a type of data stored in the SAP system that contains information about banks and their associated accounts. This data is used by the FS-PE Payment Engine component to process payments and other financial transactions. It includes details such as bank name, address, account number, and routing number. 
  
  How to use it: 
  Bank master data can be accessed and managed through the SAP system. It is typically used by finance departments to process payments and other financial transactions. The FS-PE Payment Engine component uses this data to ensure that payments are sent to the correct bank account. 
  
  Tips & Tricks: 
  It is important to keep bank master data up-to-date in order to ensure that payments are sent to the correct bank account. It is also important to ensure that all relevant information is included in the data, such as bank name, address, account number, and routing number. 
  
  Related Information: 
  Bank master data is related to other types of financial data stored in the SAP system, such as customer master data and vendor master data. This data can be used together to process payments and other financial transactions.