Factor Bank Account - Payment Factor Account Name

Hi,

We have Supplier ABC and we as a company need to pay all the invoices of this supplier to a Factor Bank Account. The Factor Name is 'Factor XYZ'.

We defined the Supplier ABC in Oracle and in Bank Account Details we have created a Factor Bank Account, setting up here the bank account of 'Factor XYZ' where the payments need to be done.

We are not clear about the 'Payment Factor Account Name' in the Payment Factor Account Owner region of the Factor Bank Account Definition.

- What is the use of this field?

- What is normally entered here? The name of the Factor (Factor XYZ) or the Name of the Supplier (Supplier ABC). We see that the system is defaulting here the Supplier Name but want to be sure of what is the best way of defining this.