Baton Systems are a California-based provider of bank-to-bank payments infrastructure modeled on blockchain technology. The company announced that they raised $12 million in series A funding from Trinity Ventures, with participation from Alsop Louie and Commerce Ventures. This venture now brings the three-year-old company’s total raised to over $15 million, following a seed round and convertible note in November 2016 totaling over $3.1 million.
Founder and CEO Arjun Jayaram commented on the triumph saying:
“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,” he added. “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.”
So the main solution is the hybrid cloud platform that acts as a gateway between bank ledgers for real-time reconciliation, the accounting process that confirms whether money leaving an account matches the amount that’s been spent, cleaver eh?. This is done using a shared and permissioned ledger, clients can clear and settle asset classes and currencies in real time and gain visibility into the flow of funds across banks and exchanges, all without disrupting existing ledgers.
Lastly, Baton has made substantial progress into the $2 trillion payments market, with a pilot involving the Bank of England and a client base that includes three of the world’s top 10 global banks. The company says its network currently make in excess of $12 billion each business day in payments between market participants and clearinghouse counterparties.
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