Hi Sweta,
when you say 'The issue is that the repetitive codes did not get updated automatically with these changed bank details. We had to edit the repetitive code so that the new bank details get reflected.' - I believe these repetitive codes are not changed in earlier saved transactions, correct?
on the other hand, if you create new transactions with the updated bank details, they should contain the updated repetitive codes.
then this behavior is normal, as earlier saved transactions (before the update) where populated with existing Master data of Business partner.
the only question do you have big volumes of transactions, which requires update.
Kind regards,
Renatas