Mastercard participated in a Eurosystem-led pilot to test instant cross-border payments on the TARGET Instant Payment Settlement (TIPS) platform. The test involved the central banks of Denmark and Sweden. It processed and settled transactions between the euro and the Danish krone.
Mastercard demonstrated an "atomic settlement" process using its Mastercard Move platform. This process settles both currency legs of a transaction simultaneously in central bank money. The model reduces settlement risk and aims to make international transfers as fast, transparent, and predictable as domestic payments. This aligns with the G20's goals for enhancing cross-border payments.