DEPLOYMENT · EU
Mastercard joins Denmark and Sweden's central banks in instant cross-currency payment pilot
Mastercard is collaborating with Danmarks Nationalbank and Riksbank to test real-time cross-currency settlement on the Eurosystem's Target Instant Payment Settlement (TIPS) platform. The pilot explores instant currency conversion without intermediary delays.
WHY IT MATTERS
Cross-border instant payments reduce FX settlement risk and operational friction. BFSI firms—especially smaller banks—can offer faster international transfers, disrupting correspondent banking. Success pressures US and APAC regulators to accelerate real-time rails.
Source: Finextra · 2026-06-01