Instant Payments with SAP FS-CD
Transfer money at any time of any day within seconds with real-time payments feature
The European Commission adopted a legislative proposal to make instant payments in euro, available to all citizens and businesses holding a bank account in the EU and in EEA countries.
The real-time payment feature enables insurers to be compliant with that upcoming legal requirement. The feature is available since FS-CD Enhancement Package 7 (SP08) for SAP ERP 6.0 and tested and proven. Our customers use FS-CD to process incoming and outgoing instant payments with various payment methods, like Pix in Brazil.
The blog describes the steps to easily activate SEPA Instant Credit Transfer for outgoing payments.
Set Up Company Codes for Contract Accounts Receivable and Payable
Activate real-time payments in the company code.
The feature uses external cash desk solution and settings under Real-Time Payments must be done.
To use SEPA CT a house bank account must be set-up as cash desk:
Define Payment Methods
With a specific payment method, the payment format for SEPA CT Inst is linked to the payment method.
The remaining customizing for the company code, clearing control or payment format is equal to the usual set-up of a payment method.
Define Customer-Specific Function Modules
Activate installation-specific function module from SAP Fioneer to trigger payments via SAP Multi-Bank Connectivity.
Prerequisity for this integration is the set-up of SAP Multi-Bank Connectivity.
Fiori App Instant Payments
With the Fiori App from SAP Fioneer a clerk could select open payables.
The selected item(s) are paid out via the house bank account:
The payment could be controlled in the account balance.
As an alternative there are OData Services available to trigger payments from an external application.
As you see, with a view steps FS-CD could be set-up for outgoing instant payments, more information on FS-CD and Real-Time Payments:
- Legislative proposal on instant payments
- Connector for SAP Multi-Bank Connectivity
- Video Instant Payment
- SAP Help FS-CD EHP7
Please check also the Q&A section for FS-CD.