The European Central Bank, Danmarks Nationalbank, and Sveriges Riksbank activated the cross-currency service on the TARGET Instant Payment Settlement platform on June 10. The service allows payment service providers to settle instant payments between TIPS accounts denominated in euro, Danish krone, and Swedish krona. Both legs of each currency exchange complete simultaneously in central bank money, eliminating sequential settlement risk.
The technical infrastructure was deployed in October 2025 and underwent testing before the formal activation. Payment service providers already participating in TIPS, TIPS-DKK, or RIX-INST can access the service through their national central bank.
Mastercard Move was among the first participants to process cross-currency transactions, settling EUR-DKK payments through inbound and outbound flows under the One Leg Out Instant Credit Transfer scheme.