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LCS allows exporters and importers to transact in their respective domestic currencies. This plays a productive impact on transaction costs and processing time. Under this system, traders have the flexibility to choose the payment currency for efficient cross-border transactions.

For example, an investor wants to purchase 1,000 euros with Japanese yen. The exchange rate between these two currencies is 1 EUR to 130 JPY. Here, euros would be the transaction currency, and the Japanese yen would be the settlement currency.

SettlCurrency (Tag = 120, Type: Currency) Currency code of settlement denomination.

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.

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.

Currency describes the money or official means of payment in a country or region. The best-known currencies include the U.S. dollar, euro, Japanese yen, British pound and Swiss franc.

Currency (Tag = 15, Type: Currency) Identifies currency used for price. Absence of this field is interpreted as the default for the security. It is recommended that systems provide the currency value whenever possible.