Third party name is not visible in drop down

Summary:

I am trying to create Third party payment setup(North America Legislation). I am following the steps given in
document.

When I am at 'To create a third-party organization payment method, follow these steps:' , under Third-Party Person Payment Methods task. I don't see any third party in the drop down. Please note third party has been setup as shown below.

Kindly help, if I am missing any steps.

Content (please ensure you mask any confidential information):

Note: Following information is from test instance. So no sensitive information is shared.

Following third party is created.

However when I am trying to create 'Third-Party Person Payment Methods', the third party is not visible in the drop down.