NetSuite Electronic Payment: Edit or New Entity Bank Details with Custom Payment File Format Throws an Unexpected Error

If the use of Custom Payment File Format on Entity Bank Details (Vendor Record) resulted to the below error,

An unexpected error occurred in a script running on this page:

fieldChanged_fldValidation (fieldChange)
customscript_2663_field_validator_cs (XXXXX)

JS_Exception
SyntaxError Unexpected token <
 
then consider replacing the below characters (on the left) with the corresponding predefined XML entities:

& = &amp;
" = &quot;
' = &apos;
< = &lt;
> = &gt;

User may do the following:

1. Navigate to Payments > Setup > Payment File Templates 

2. Edit the Payment File Format which causes the error to be thrown

3. On the Field Validator field, look for <param name="specialChars">

4. In the syntax which follows, look for &,",',<, and > and replace them with the suggested XML entities.

 Example:
<param name="specialChars">!"#$%&'()*+,-.\/:;<=>?@\[\\\]^_`\{|\}~0-9</param>

should be replaced with

<param name="specialChars">!&quot;#$%&amp;&apos;()*+,-.\/:;&lt;=&gt;?@\[\\\]^_`\{|\}~0-9</param>

5. Click Save button