Any-to-Any Currency Option (Historical Equivalent Value)

📘

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?

This optional add-on enables payouts to be created in non-USD currencies, while giving recipients the flexibility to receive those payouts in the currency of their choice.

How It Works

At payout creation:

• Include a date with each payout record (we call this the HEV Date).
• Latitude looks up the USD equivalent on that particular date (using the official interbank/ECB rate).
• That USD value becomes the new payout value.

💡 We recommend using the original payment date—the day the recipient paid out-of-pocket—so the payout reflects the real value of their expense. But you can choose any date as the anchor.

When the recipient collects:

• They choose which currency they want from Latitude’s supported list.
• If they choose the same currency originally created in, they’ll get that exact amount.
• If they choose a different currency, we show them the amount they’ll receive, calculated from the fixed USD value and the exchange rate for their chosen currency at the time they collect.

Our Conversion Methodology: Why We Use USD

When the recipient collects in a different currency than the one it was created in, the conversion is not a direct one (e.g., GBP to AUD). Instead, we use a two-step process: converting the original currency to USD using the historical rate, and then converting that USD value to the final payout currency using the current 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.

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

Activating Any-to-Any requires including a few additional fields in your batch files or API calls. When a HEV Date is provided and the payout is indicated as SEND_AMOUNT type, we store the original payout currency and amount.

• Key Fields:
  • HEV Date: The date the original value is locked in.
  • HEV Currency: The original currency of the payout (e.g., MXN).
  • HEV Amount: The original amount in that currency (e.g., 2500.00).

Example 1: Payout in Original Currency

In this case, the HEV Amount and the Transfer Request amount match because no conversion is needed.

Example 2: Payout in a Different Currency

Here, the HEV fields represent the original refund value (£100). The Transfer Request fields represent the final disbursement to the recipient in AUD after the conversion from the locked-in value.

Note: Only selected columns are shown above. To explore all available fields, view the complete data file.