Processing variant &3 does not exist

What causes this issue?

Entry: &V1& &V2&
The processing variant &V3& entered does not exist.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Check your entries and enter a valid processing variant.
To do this, use IMG activity <DS:SIMG._ISPSFM_FMLGD_H_CUST>Define Note
to Payee Control</>.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.