
dollar remains the international currency of choice. Such a system would help ensure that the U.S. "The ability to move dollars in any amount on a 24-by-7 basis would be a game changer for global users of the dollar," McLaughlin said. But gaps in the service window remain that create long delays, he said. Improvements have been made in international payments, he said, citing Swift's Global Payments Innovation product, which lets members track and trace payments in U.S. dollar for international settlement," McLaughlin said. "So many commercial entities outside of the U.S. Sullivan & Cromwell provided legal services, and Deloitte provided advisory services. The technology was provided by Digital Asset and SETL and hosted by Amazon Web Services.

Bank, Wells Fargo, Mastercard and the Federal Reserve Bank of New York.

The ledger and network design was recently tested by several banks and other financial services players in a 12-week proof of concept that included Bank of New York Mellon, Citibank, HSBC, PNC Bank, Swift, TD Bank, Truist Bank, U.S.
