Mastercard has completed a live pilot of cross-currency instant payments on the Eurosystem’s TARGET Instant Payment Settlement (TIPS) platform, processing real transactions between euros and Danish kroner with atomic settlement — meaning both legs of the currency exchange were finalised simultaneously.
The pilot, conducted in collaboration with Danmarks Nationalbank and Sveriges Riksbank, was led under the One Leg Out Instant Credit Transfer (OCT Inst) scheme. Mastercard Move, the company’s money movement platform, was among the first participants to process transactions using the cross-currency functionality, operating in both the entry-leg and exit-leg Payment Service Provider roles.
The significance is structural. Atomic settlement eliminates the window between sending and receiving funds in which counterparty or settlement risk typically sits. For correspondent banking and cross-border payment flows, that gap has historically been both a cost driver and a source of operational friction.
For banks and fintechs relying on Mastercard Move’s connectivity, the model removes the need to independently build and manage direct access to central bank infrastructure — a non-trivial technical and regulatory undertaking. The arrangement also aligns with ECB governance, EPC scheme rules, and ISO 20022 messaging standards.
Pratik Khowala, global head of Transfer Solutions at Mastercard, positioned the pilot as a directional shift for cross-border payments, describing it as a pathway toward payments that move across borders and currencies with fewer intermediaries and more predictable outcomes. He added that the pilot represents a critical step in building infrastructure connectivity that Mastercard’s bank, fintech and public sector partners can rely on.
Mastercard has framed the pilot as part of a broader strategy to build direct connectivity to payment infrastructures globally, with plans to extend coverage to additional schemes, currencies and corridors. The move also maps onto the G20 Roadmap for Enhancing Cross-Border Payments, which has pushed for instant settlement, cost reduction and greater transparency in international transactions.
Mastercard Move currently supports transfers across more than 200 countries and territories in over 150 currencies, connecting to bank accounts, digital wallets, cards and cash endpoints.