Baton Systems (Baton), developers of a blockchain-inspired, bank-to-bank payments infrastructure, has raised more than $12 million in its latest Series A investment round.
Led by Trinity Ventures, with participation from Alsop Louie and Commerce Ventures, the funding is expected to “dramatically increase processing times and efficiencies.”
“This investment provides us with the strategic support and firepower to scale our bank-to-bank payment solution for the world’s leading financial institutions even faster and more effectively,” said Arjun Jayaram, CEO, Baton Systems.
“Speed to market is critical in an industry that is crying out for modernization while at the same time facing a daunting global regulatory environment.”
Money will be used to fund the global deployment of the firms distributed ledger-based technology, which is claimed to be used by “three of the world’s top ten global banks.”
The Baton platform integrates with financial institutions’ current collateral and cash systems – leaving any existing business processes, systems, and ledgers in place.
Software provided is customisable enabling the workflow engine to operate among multiple systems and institutions to increase transparency, speed and efficiency.
“Bank-to-bank settlement today is slow and manual, trapping billions of dollars that could instead be used to grow businesses,” explained Schwark Satyavolu, general partner, Trinity Ventures and a member of Baton’s board of directors.
“Baton is completely transforming the global bank payments infrastructure, leveraging the best of blockchain’s potential while mitigating its key concerns.
“Arjun and his team are the ideal visionaries and practitioners capable of turning this tremendous need into reality — and are already doing so for their many top-tier banking clients.”
Baton’s technology enables its clients to move real assets without the need for digital conversion – unlike typical blockchain solutions.
“We’ve been a firm believer in the potential of what Baton is doing for the payments industry since day one,” said Gilman Louie, partner, Alsop Louie.
“Since those first conversations, Arjun and his team have rapidly moved from concept to reality with a top-tier set of initial clients, and advanced discussions taking place with the A-list of central banks and global financial institutions.”
