What is interbank recall in SAP FS-PE - Payment Engine?

SAP Term: interbank recall

• Component: FS-PE

• Component Name: Payment Engine

• Description: A recall by the ordering bank of an item that was already transferred to the recipient bank. If the item has already been processed by the ordering party bank, it is no longer possible to process a recall. The ordering party bank then has the option of transferring an interbank recall to the recipient bank. The recipient bank checks to see if there is a recall when it receives the item.

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  Key Concepts: 
  Interbank recall is a feature of the SAP FS-PE Payment Engine that allows banks to recall payments that have already been sent. This feature is used to ensure that payments are accurate and that the correct amount is sent to the intended recipient. It also helps to reduce the risk of fraud and errors. 
  
  How to use it: 
  In order to use the interbank recall feature, banks must first set up a payment order in the SAP FS-PE Payment Engine. Once the payment order is created, banks can then send out the payment. If there is an issue with the payment, such as an incorrect amount or incorrect recipient, banks can then use the interbank recall feature to recall the payment and make any necessary corrections. 
  
  Tips & Tricks: 
  It is important to double-check all payment orders before sending them out in order to reduce the risk of errors and fraud. Additionally, it is important to be aware of any fees associated with using the interbank recall feature as these can vary depending on the bank. 
  
  Related Information: 
  For more information on how to use the interbank recall feature in SAP FS-PE Payment Engine, please refer to SAP's official documentation. Additionally, there are many online resources available that provide tips and tricks for using this feature more effectively.