2923465 - "Identity Provider could not process the authentication request received" error when accessing an application

Identity Authentication service is used as SAML2.0 Identity Provider, however, accessing an application gives the below error:

Error: Identity Provider could not process the authentication request received. Delete your browser cache and stored cookies, and restart your browser. If you still experience issues after doing this, please contact your administrator.

Troubleshooting logs show error:

<timestamp> timestamp=..., ipAddress=xx.xx.xx.xxx, severity=ERROR, location=com.sap.security.saml2.idp.endpoints.sso.SSOEndpointErrorLogger, crtAccount=<tenantID>, authenticatedSubject="anonymous", correlationId=xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx, message=Identity Provider could not process SAML2 authentication request sent over POST due to configuration error.No trusted Service Provider configuration with name [<name>] found Id: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Identity Authentication

IAS, error, SAML, Issuer, Identity Provider could not process the authentication request received, No trusted Service Provider configuration with name [<name>] found , KBA , BC-IAM-IDS , Identity Authentication Service , Problem