Recurring Payments

[govind_parmar]

Hi Experts

Do you know if we have recurring (outgoing Payments) functionality in SAP Insurance ( FS CD) ? I have seen payment plan, Installment plan which are based on due open items but was not able to find anything for outgoing payments.

My requirement is to periodically sent wires payments to business partners in an automated fashion. as of now we are doing doing the  manually payments at regular freq, Is there a way to automate the same using standard SAP functionality.

Thank you

Govind Parmar

[former_member220913]

Govind,

You can use SAP standard functionality -Payment Run ( FPY1)  to the make payment in automated way. You can sent wires or check payments depends upon your payment method. There are various Parameters in Payment run which will help you control the payments  .

Steps:1 Payment run 

Step 2:  Payment Media ( Wire for the bank)

Let  me know if you need more info on Payment Run.

-RD

[govind_parmar]

Thanks RD. I am looking for something Hubert has suggested.

We are using FPY1 currently for automated payments. but my requirement is something like one bulk payment which can be broken in sub payment and each have fixed interval due dates.

[hubert_schlees]

Hi Govind,

it the payment amount and payment frequency is the same for a longer period of time you

could use the payment plan:

Payment Plan - SAP Library

Credits are posted and can be paid out via the payment run FPY1.

Best regards,

Hubert

[govind_parmar]

Thanks Hubert, I will explore the payment plan options.

[former_member185321]

Making use of Payment plan and payment plan option is a good option as mentioned by Hubert so that once credit items are posted on the CA or IO at regular intervals then recurring payouts can take place using FPY1 for credit transfers.

I think it is better to have a separate IO where payouts take place using this IO and not disturb the existing IO(s) so that payouts can be effectively controlled and this shall offer better a reporting structure. Just a suggestion

Thanks