The Federal Reserve Bank of New York and several large U.S. banks, including Wells Fargo and Citigroup, reported success in an experiment using distributed ledger technology to make domestic and international payments between different financial institutions, The Block reported. Dubbed the “Regulated Accountability Network,” the payment system achieved success in five areas: programmability, privacy, interoperability with other wholesale payment systems, round-the-clock and weekly availability, and settlement speed. Participants include Citibank, BNY Mellon, HSBC, PNC Bank, TD Bank, Truist, US Bancorp, Wells Fargo, MasterCard, the Federal Reserve Bank of New York and Swift. The project uses only a private distributed ledger in U.S. dollars, and no external digital assets, including stablecoins, were used in the proof-of-concept program.