File Format with payment type

HI to All,
there are two types of format one is Payment file and second is Bank Statement in File Format setup..
So what is the exact meaning of payment file or why we use this in SAP ?
Thanks & Regards
Manvendra Singh Niranjan

Hi Manvendra,
Payment file is the file you need to send to your bank. Each country may have different formats based on banks' requirements. If your banks support those files, the reconciliation with bank will become much easier.
Thanks,
Gordon

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