Any-to-Any Currency Option

📘

Getting Started

Any-to-Any Currency is an add-on feature to the base Latitude flow. For more information on how to enable the feature, please reach out to [email protected].

What is the Any-to-Any Currency Option?

The Any-to-Any Currency option allows payouts to be created in non-USD currencies, while giving recipients the flexibility to receive their funds in the currency of their choice. This feature uses Historical Equivalent Value (HEV) to lock in the value of a payout in USD, based on the official interbank/ECB rate from a given date.

How It Works

At payout creation:

When you create a non-USD payout (with a type of SEND_AMOUNT):

• Include a date for each payout record (this is the HEV Date).
• Latitude uses the Visa Enhanced Foreign Exchange Rates API to look up the historical USD equivalent for that date (based on the ECB benchmark rate).
• That USD amount becomes the fixed payout value (your new liability value).

💡 We recommend using the original transaction or expense date so the payout reflects the true value at the time it occurred.

When the recipient collects:

The recipient selects their preferred payout currency from Latitude’s supported list.

• If they choose the same currency the payout was created in, they receive that exact amount.
• If they choose USD, the payout is treated as a domestic transfer — no FX conversion is applied, and the recipient receives the USD equivalent of the original HEV value.
• If they choose a different non-USD currency, Latitude converts from the fixed USD HEV value to the selected currency using the current FX rate at collection time. As a result, the recipient’s final "take-home" amount will be reduced by the FX rate of converting the USD equivalent value to their chosen payout currency.

Our Conversion Methodology: Why We Use USD

When a recipient collects in a different currency than the one the payout was created in, Latitude performs a two-step conversion:

• Converts the original currency to USD using the historical benchmark rate (based on the HEV Date).
• Converts that USD amount to the recipient’s chosen currency using the current FX rate.

By using USD as a common intermediary, we can support a vastly larger number of payout currency options for recipients. This ensures that even if a transaction originates in a less common currency, the recipient still has the freedom to choose from our full list of supported currencies.

Conversion Outcomes

• If a recipient collects a non-USD payout in USD, it is treated as a domestic transfer (no FX applicable); they receive the exact USD HEV value.
• If a recipient collects a non-USD payout in a different non-USD currency, their final payout amount will be reduced by the FX rate applied to convert from USD to their selected currency.

Getting Started with the Any-to-Any Currency Option: Implementation Details

Activating Any-to-Any Currency with HEV requires adding one additional field to your payout submissions.

You must include a HEV Date field and value for every record where payout currency is non-USD, and the payout type is SEND_AMOUNT. Latitude uses this date to determine the equivalent USD value. You can find full data structure details in our Any-to-Any Batch File Specification & API Integration Guide.

At this time, Any-to-Any is only supported for certain non-USD currencies. If a payout is sent with a non-USD currency that is not eligible for HEV, the system will return an error.

Supported HEV currencies: EUR, USD, AUD, INR, NOK, BRL, BGN, CAD, CNY, NZD, HRK, CZK, DKK, GBP, HKD, HUF, ISK, IDR, ILS, JPY, KRW, ZAR, CHF, MYR, MXN, PHP, PLN, RON, RUB, SGD, SEK, THB, TRY

Reporting Implications

Latitude reports include new columns and updated value logic that reflect Any-to-Any Currency behavior, varying based on payout status and the recipient’s chosen collection currency.

Related Columns:

HEV Date: The date used to calculate the historical USD equivalent.
HEV Currency: The original currency the payout was created in.
HEV Amount: The original payout amount prior to USD conversion.

Payout Records in a PENDING Status

• The USD HEV value replaces the original request amount and currency in your reports.
• The original payout amount and currency are retained in the HEV Date, HEV Currency, and HEV Amount columns.

Payout Records in a SUBMITTED or COMPLETED Status

Scenario 1: Recipient collected in the original (non-USD) currency of the payout:

• The original payout amount and currency replace the USD HEV values upon submission.
• The payout type updates from SEND_AMOUNT to RECEIVE_AMOUNT.
• The original amount and currency (e.g., AUD) also appear in HEV Date, HEV Currency, and HEV Amount.

Scenario 2: Recipient collected in a different non-USD currency:

• The USD HEV value replaces the request amount and currency.
• The received amount shows the recipient’s chosen currency and converted amount.
• The original payout details remain in HEV Date, HEV Currency, and HEV Amount.

Scenario 3: Recipient collected in USD:

• The USD HEV value remains as both the request and received amount/currency.
• The original payout amount and currency appear in HEV Date, HEV Currency, and HEV Amount.