What is ordering party in SAP SRD-FIN-MOP - FIN-Payment Management?

SAP Term: ordering party

• Component: SRD-FIN-MOP

• Component Name: FIN-Payment Management

• Description: The initiator of a payment order placed at the bank. In the case of a bank transfer, the order is placed by the payer. For a direct debit, the order is placed by the payee.

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• Key Concepts: 
  Ordering party is a term used in SAP Payment Management. It refers to the person or entity that is responsible for initiating a payment order. This could be an individual, a company, or any other type of organization. The ordering party is typically the payer in a payment transaction. 
  
  How to use it: 
  In SAP Payment Management, the ordering party is specified when creating a payment order. This information is used to identify the payer and ensure that the payment is sent to the correct recipient. The ordering party can also be used to track payments and ensure that they are properly accounted for. 
  
  Tips & Tricks: 
  When creating a payment order, it is important to ensure that the ordering party information is accurate and up-to-date. This will help to ensure that payments are sent to the correct recipient and that they are properly accounted for. 
  
  Related Information: 
  The ordering party is just one of many terms used in SAP Payment Management. Other terms include payee, payment method, and payment status. Understanding these terms can help you better understand how SAP Payment Management works and how to use it effectively.