Multicurrency overview

Multicurrency in ClaimCenter

By default, all ClaimCenter financial transactions are calculated and displayed in a single currency. You can configure ClaimCenter to make use of multiple currencies. This functionality is often referred to as multicurrency.

When multicurrency is enabled, a claim can make use of multiple currencies at different levels.

  • Every claim has a claim currency. This is the base currency for the claim.
  • Every reserve has a reserving currency, which could be set to a currency different from the claim currency.
  • Every reserve and payment has a transaction currency. This could be set to a currency different from either the claim currency, the reserving currency, or both.

There is also a default currency for each instance of ClaimCenter. This is the currency that objects default to when the object is created through the user interface. It is also referred to as the reporting currency.

In order to convert between different currencies, ClaimCenter stores a set of exchange rates. When a transaction requires currency conversion, the ClaimCenter default behavior is to use whichever stored exchange rate has been marked as the active rate. However, for a given transaction, you can specify a custom exchange rate.

For more information on multicurrency business functionality, see the Application Guide. For more information on multicurrency configuration, see the Configuration Guide.

Multicurrency in Cloud API

Cloud API provides support for multicurrency transactions.

Multicurrency and reserves

When you create a reserve, you must always specify the currency. This is true whether or not multicurrency has been enabled.

  • If multicurrency has been enabled, you can specify a currency other than the claim currency.
  • If you specify an alternate currency, you can also specify a custom exchange rate.

Multicurrency and checks

When you create a check set, you must always specify the currency of each payment. This is true whether or not multicurrency has been enabled.

  • If multicurrency has been enabled, you can specify a currency other than the claim currency or the reserve currency.
  • If you specify an alternate currency, you can also specify a custom exchange rate.

Multicurrency and exchange rates

As of this release, there are no endpoints to create or modify exchange rates.

However, as noted above, you can specify a custom exchange rate for a transaction, as well as override the automatically calculated values for the amount properties.