What is standard settlement instruction in SAP FS-PE - Payment Engine?

SAP Term: standard settlement instruction

• Component: FS-PE

• Component Name: Payment Engine

• Description: Payment processing and settlement information such as bank account details for a specific currency and payment category to be used for a financial institution. The financial institution specifies this information.

Smart SAP Assistant

• Key Concepts: 
  Standard Settlement Instruction (SSI) is a feature of the SAP FS-PE Payment Engine component that allows users to define and store payment instructions for a particular vendor or customer. This includes information such as the payment method, bank account details, and payment currency. SSI can be used to streamline the payment process, as it eliminates the need to manually enter payment information each time a payment is made.
  
  How to use it: 
  To use SSI, users must first create an SSI record for each vendor or customer. This record contains all of the necessary payment information, such as the payment method, bank account details, and payment currency. Once an SSI record has been created, it can be used when making payments to that vendor or customer. The user simply selects the appropriate SSI record from a list of available records and the payment information is automatically populated.
  
  Tips & Tricks: 
  When creating an SSI record, it is important to ensure that all of the necessary information is included. This includes not only the payment method and bank account details, but also any additional information that may be required by the vendor or customer. Additionally, it is important to keep SSI records up-to-date in order to ensure that payments are processed correctly.
  
  Related Information: 
  For more information on Standard Settlement Instruction (SSI), please refer to the SAP Help Portal at https://help.sap.com/viewer/product/FS-PE/latest/en-US/f9f8d7a2b3e14c8a9f7d6b3c2f5e4d1a.html