Mastercard Move processed its first transactions in the Eurosystem's TIPS cross-currency pilot on June 1. Payments between euros and Danish kroner were settled atomically, with both currency legs completing simultaneously.
The pilot was conducted with Danmarks Nationalbank and Sveriges Riksbank. Mastercard performed both entry-leg and exit-leg payment service provider roles under the One Leg Out Instant Credit Transfer scheme.
The initiative extends TIPS instant settlement capability to cross-currency corridors between the euro, Danish krone, and Swedish krona.