diff --git a/admin-api/admin-api-specification-v1.0.md b/admin-api/admin-api-specification-v1.0.md
index a7151a22..c60063e8 100644
--- a/admin-api/admin-api-specification-v1.0.md
+++ b/admin-api/admin-api-specification-v1.0.md
@@ -522,7 +522,7 @@ The following data is returned for each settlement model in the case of a succes
 | `settlementGranularity`  |  yes | [String](#string) | Specifies whether transfers are settled one by one or as a batch. Possible values are: <br> `GROSS`: Settlement is executed after each transfer is completed, that is, there is a settlement transaction that corresponds to every transaction. <br> `NET`: A group of transfers is settled together in a single settlement transaction, with each participant settling the net of all transfers over a given period of time.|
 | `settlementInterchange`  |  yes | [String](#string) | Specifies the type of settlement arrangement between parties. Possible values are: <br> `BILATERAL`: Each participant settles its obligations with each other separately, and the scheme is not a party to the settlement. <br> `MULTILATERAL`: Each participant settles with the scheme for the net of its obligations, rather than settling separately with each other party.|
 | `settlementDelay`  |  yes | [String](#string) | Specifies if settlement happens immediately after a transfer has completed or with a delay. Possible values are: <br> `IMMEDIATE`: Settlement happens immediately after a transfer has completed. <br> `DEFERRED`: Settlement is managed by the Hub operator on-demand or via a schedule.|
-| `currency`  |  yes | [CurrencyEnum](#currencyenum) | The currency configured for the settlement model. |
+| `currency`  |  yes | [CurrencyEnum](#currencyenum) | The currency configured for the settlement model. If it's not defined, the settlement model is Default and all transfers which are in currency that doesn't have associated settlement model, will use the default settlement model.  |
 | `requireLiquidityCheck`  |  yes | [Boolean](boolean) | A flag to indicate whether or not the settlement model requires liquidity check. |
 | `ledgerAccountTypeId`  |  yes | [String](#string) | Type of ledger account. Possible values are: <br> `INTERCHANGE_FEE`: Tracks the interchange fees charged for transfers. <br> `POSITION`: Tracks how much a DFSP owes or is owed. <br> `SETTLEMENT`: The DFSP's Settlement Bank Account mirrored in the Hub. Acts as a reconciliation account and mirrors the movement of real funds.|
 | `autoPositionReset`  |  yes | [Boolean](boolean) | A flag to indicate whether or not the settlement model requires the automatic reset of the position. |
@@ -541,7 +541,7 @@ The `POST /settlementModels` request sends the following data in the request bod
 | `settlementGranularity`  |  yes | [String](#string) | Specifies whether transfers are settled one by one or as a batch. Possible values are: <br> `GROSS`: Settlement is executed after each transfer is completed, that is, there is a settlement transaction that corresponds to every transaction. <br> `NET`: A group of transfers is settled together in a single settlement transaction, with each participant settling the net of all transfers over a given period of time.|
 | `settlementInterchange`  |  yes | [String](#string) | Specifies the type of settlement arrangement between parties. Possible values are: <br> `BILATERAL`: Each participant settles its obligations with each other separately, and the scheme is not a party to the settlement. <br> `MULTILATERAL`: Each participant settles with the scheme for the net of its obligations, rather than settling separately with each other party.|
 | `settlementDelay`  |  yes | [String](#string) | Specifies if settlement happens immediately after a transfer has completed or with a delay. Possible values are: <br> `IMMEDIATE`: Settlement happens immediately after a transfer has completed. <br> `DEFERRED`: Settlement is managed by the Hub operator on-demand or via a schedule.|
-| `currency`  |  yes | [CurrencyEnum](#currencyenum) | The currency configured for the settlement model. |
+| `currency`  |  no | [CurrencyEnum](#currencyenum) | The currency configured for the settlement model. If no currency is provided, the settlement model act as Default Settlement Model |
 | `requireLiquidityCheck`  |  yes | [Boolean](boolean) | A flag to indicate whether or not the settlement model requires liquidity check. |
 | `ledgerAccountTypeId`  |  yes | [String](#string) | Type of ledger account. Possible values are: <br> `INTERCHANGE_FEE`: Tracks the interchange fees charged for transfers. <br> `POSITION`: Tracks how much a DFSP owes or is owed. <br> `SETTLEMENT`: The DFSP's Settlement Bank Account mirrored in the Hub. Acts as a reconciliation account and mirrors the movement of real funds.|
 | `settlementAccountType`  |  yes | [String](#string) | A special type of ledger account into which settlements should be settled. Possible values are: <br> `SETTLEMENT`: A settlement account for the principal value of transfers (that is, the amount of money that the Payer wants the Payee to receive). <br> `INTERCHANGE_FEE_SETTLEMENT`: A settlement account for the fees associated with transfers. |
diff --git a/admin-api/central_ledger_api_v1.0.json b/admin-api/central_ledger_api_v1.0.json
index b7f40df8..a53a5cd4 100644
--- a/admin-api/central_ledger_api_v1.0.json
+++ b/admin-api/central_ledger_api_v1.0.json
@@ -1788,7 +1788,6 @@
                     "name",
                     "requireLiquidityCheck",
                     "settlementDelay",
-                    "currency",
                     "settlementGranularity",
                     "settlementInterchange",
                     "settlementAccountType"