Settlement currency in contacts

Contacts have a preferred settlement currency. The preferred settlement currency on contact is in the Contact.PreferredSettlementCurrency property. PolicyCenter initializes the preferred settlement currency in the gw.account.AccountBaseEnhancement class.

In the base configuration, the preferred settlement currency is based on the primary address of the contract. For example, if the primary address is in California, which is in the United States, then PolicyCenter sets the currency to U.S. dollars. The createAccountForContact method sets the preferred settlement currency.

In the base configuration, the jurisdiction on the address maps to a country, and each country has a currency. However, if for some reason an address does not map to a currency, the createAccountForContact method initializes this property to the system default currency. A properly configured system always specifies the currency and does not rely on this fail-safe behavior.

The ContactCurrencyInitializer class contains methods for editing the currency for a contact. PCF files that enable a user to edit the currency for a contact use these methods. The ContactCurrencyInputSet PCF file uses this class to set the Preferred Currency for a contact. You can see an example of this Preferred Currency field when you view a contact on the Contact File Details screen.

The Account Summary screen uses the preferred settlement currency on the contact to aggregate policy, claim, and billing metrics and display them in the settlement currency. The contact’s preferred settlement currency becomes the default settlement currency for an account created from that contact.