Design Currency Settlement For Free

Settlement risk exists when the contributions of both parties to a transaction are not cleared simultaneously. For example, if a U.S. bank or investor purchased euros from a European bank at 2 p.m. EST, the European bank may not be open to settle the transaction until the next day.

Foreign-exchange transactions are settled via correspondent banks or via CLS, which is an international system for settlement of such transactions.

The system converts foreign amounts to domestic amounts based on the currency of the transaction and the company that the transaction is associated with. You control the exchange rates for your various currencies.

Multi-currency payment processing occurs when your business can accept credit cards from customers in foreign currencies. If your business charges customers in more than one currency (for example in US dollars and Canadian dollars) you are doing multi-currency processing.

Definition of multicurrency : involving or using more than one currency (such as Canadian currency and American currency) a multicurrency bank account ? the Japanese are promoting the use of their own currency as a way of expanding the multicurrency reserve system in order to lessen the importance of the dollar.?

In forex (fx) trading, the settlement currency (also referred to as payment currency) is the second currency listed in the currency pair description (example: EUR.USD). The transaction currency multiplied by the exchange rate will indicate the settlement currency amount for the transaction.

Settlement currency is the currency a vendor selects to be paid out in and the currency in which funds are sent to the vendor's bank account. You can have one settlement currency or multiple, depending on the functionality of your payment processor and the availability of accounts.