What is 'ordering party' in SAP FS-PE - Payment Engine?

ordering party - Overview

• Component: FS-PE

• Component Name: Payment Engine

• Description: The financial institution that places a payment order.

ordering party - Details

• 
  Key Concepts: 
  Ordering party is a term used in the FS-PE Payment Engine component of SAP. It refers to the entity that initiates a payment order, such as a customer, supplier, or bank. The ordering party is responsible for providing the necessary information to complete the payment order. 
  
  How to use it: 
  In order to use the ordering party feature in SAP, you must first create an ordering party record. This record contains information such as the name and address of the ordering party, as well as any other relevant information needed to complete the payment order. Once the record is created, it can be used to initiate payment orders. 
  
  Tips & Tricks: 
  When creating an ordering party record, it is important to ensure that all of the necessary information is included. This will help ensure that payment orders are processed quickly and accurately. Additionally, it is important to keep ordering party records up-to-date in order to ensure that payments are made correctly. 
  
  Related Information: 
  For more information on using the ordering party feature in SAP, please refer to the official SAP documentation. Additionally, there are many online resources available that provide helpful tips and tricks for using this feature.