Mastercard Advances Instant Cross-Border Payments with TIPS Cross-Currency Pilot

By Dominic Sow · 1 June 2026

Mastercard today announced its participation in a Eurosystem-led pilot, conducted in collaboration with Danmarks Nationalbank and Sveriges Riksbank, on the TARGET Instant Payment Settlement (TIPS) platform, testing instant cross-currency payments (TIPS X-CCY). Participation in the pilot represents a key milestone in Mastercard’s strategy to build direct connectivity to payment infrastructures and demonstrates how instant cross‑border payments can be executed and settled instantly at infrastructure level. As part of the pilot, Mastercard Move, the company’s global money movement platform, was among the first participants to process transactions using the cross‑currency pilot functionality. Payments were settled atomically between euros (EUR) and Danish kroner (DKK), meaning both currency legs were completed simultaneously, helping to reduce settlement risk. What this unlocks

For banks and fintechs: The pilot demonstrates a more efficient model for delivering cross-border payments, combining real-time execution with settlement in central bank money. By enabling access to central bank infrastructure without the need to independently build and manage their own direct connectivity, it reduces integration complexity, improve liquidity management, reduce funding risk and enable more predictable, transparent payment outcomes.

For central banks and governments: Mastercard’s participation demonstrates that regulated non-bank payment service providers can operate safely and effectively at infrastructure level, aligned with ECB governance, EPC scheme rules, and ISO 20022 standards. The pilot supports public sector efforts to modernise cross‑border payments, strengthen resilience and expand access to instant payment systems, in line with the G20 Roadmap for Enhancing Cross‑Border Payments.

“This pilot shows how cross‑border payments can begin to match the speed, certainty and transparency of domestic payments,” said Pratik Khowala, Global Head of Transfer Solutions at Mastercard. “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" The pilot included the successful execution of both inbound and outbound transaction flows under the One Leg Out Instant Credit Transfer (OCT Inst) scheme, with Mastercard actively performing both entry-leg and exit-leg Payment Service Provider roles in a cross-currency setup. This validated full end-to-end processing of cross-border payments from initiation through to final settlement and demonstrates how Mastercard Move is extending its global network through deeper integration with payment infrastructures. The pilot builds on Mastercard Move’s broader approach of combining global network capabilities with direct access to payment infrastructures, enabling more efficient, resilient and interoperable cross-border payment solutions. https://www.mastercard.com/global/en/news-and-trends/press/2024/november/mastercard-joins-buna-the-arab-regional-payment-system.html Mastercard Move enables banks, corporates, fintechs and other payment providers—and their customers—to send and receive funds quickly, securely and transparently. Built on Mastercard’s trusted card and non-‑card networks, it supports domestic and international transfers across more than 200 countries and territories and in over 150 currencies, connecting to bank accounts, digital wallets, cards and cash endpoints.

Companies in this story: Mastercard

People in this story: Pratik Khowala

Mastercard Advances Instant Cross-Border Payments with TIPS Cross-Currency Pilot

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