Mastercard is taking part in a Eurosystem-led pilot on the TARGET Instant Payment Settlement (TIPS) platform to test instant cross-currency payments (TIPS X-CCY).
The pilot is being conducted in collaboration with Danmarks Nationalbank and Sveriges Riksbank, the central banks of Denmark and Sweden respectively.
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In a statement, Mastercard said the pilot is a “key milestone” in its strategy to build direct connectivity to payment infrastructures.
Under the pilot, Mastercard Move, Mastercard’s global money movement platform, was among the first participants to process transactions using the cross-currency pilot functionality.
Mastercard said payments were settled “atomically” between euros and Danish kroner. This means both currency legs were completed at the same time.
Mastercard Transfer Solutions global head 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.”
Mastercard added the pilot included the “successful execution” of both inbound and outbound transaction flows under the One Leg Out Instant Credit Transfer (OCT Inst) scheme. The company performed both entry-leg and exit-leg Payment Service Provider roles in a cross-currency setup.
The Mastercard Move platform is used by banks, corporates, fintechs and other payment providers to send and receive funds. It supports domestic and international transfers across more than 200 countries and territories and in over 150 currencies.
