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EFF ID using Defaulting SQL does not work

We are currently utilizing Extensible Flexfields for Additional Assignment Information

Currently we are using an SQL as EFF entry ID to prevent same values being entered vs exisiting records for employee assignment.

However, despite utilizing Date and Time stamp within our SQL as Default ID Value it is still throwing an error as below:

here is the SQL we are using :

SELECT 'VM' || regexp_replace(TO_CHAR(SYSTIMESTAMP,'yy.MM.DD'), '[^0-9]', '') || '-' || regexp_replace(TO_CHAR(SYSTIMESTAMP,'HH24:MI:SS'), '[^0-9]', '') FROM dual

Any recommendations as to the approach how to not encounter error above?

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