Mastercard, the global payments technology company, has taken part in a Eurosystem-led pilot on the TARGET Instant Payment Settlement (TIPS) platform to test instant cross-currency payment processing and settlement.
The pilot, conducted alongside Danmarks Nationalbank and Sveriges Riksbank, saw Mastercard Move, Mastercard’s global money movement platform, among the first participants to process transactions through the TIPS cross-currency (TIPS X-CCY) functionality. Transactions between euros (EUR) and Danish kroner (DKK) were settled atomically, meaning both legs of the currency exchange were completed at the same moment, reducing settlement risk.
For banks and FinTechs, the pilot presents a more efficient model for cross-border payments by combining real-time execution with settlement in central bank money. It allows access to central bank infrastructure without the need to independently build and manage direct connectivity, lowering integration complexity, improving liquidity management and reducing funding risk, while delivering more predictable and transparent payment outcomes.
For central banks and governments, the pilot demonstrates that regulated non-bank payment service providers can operate safely at infrastructure level, in line with ECB governance, EPC scheme rules and ISO 20022 standards. The exercise also supports public sector ambitions to modernise cross-border payments and strengthen access to instant payment systems, consistent with the G20 Roadmap for Enhancing Cross-Border Payments.
Mastercard Move is the company’s global money movement platform, enabling banks, corporates, FinTechs and other payment providers to send and receive funds quickly, securely and transparently. Drawing on Mastercard’s card and non-card networks, it supports domestic and international transfers across more than 200 countries and territories, in over 150 currencies, with connectivity spanning bank accounts, digital wallets, cards and cash endpoints.
The pilot covered both inbound and outbound transaction flows under the One Leg Out Instant Credit Transfer (OCT Inst) scheme, with Mastercard taking on both entry-leg and exit-leg Payment Service Provider roles within a cross-currency setup. This confirmed full end-to-end processing from initiation through to final settlement.
Mastercard Global Head of Transfer Solutions Pratik Khowala said, “This pilot shows how cross‑border payments can begin to match the speed, certainty and transparency of domestic payments. It points to a new model where payments can move across borders and currencies with fewer intermediaries and greater predictability.
“For Mastercard Move, this is a critical step in building direct connectivity to payment infrastructures that our bank, fintech and public sector partners can rely on. It also sets a clear path forward as we expand to additional schemes, currencies and corridors”
Copyright © 2026 FinTech Global
