Baton Systems has launched Series A investment round, an investment to fund the continued deployment of Baton's distributed ledger-based technology.
The Baton platform integrates with financial institutions' current collateral and cash systems, leaving their existing business processes, systems, and ledgers in place.
Baton currently processes more than $12 billion each business day in payments between market participants and clearinghouse counterparties.
The Series A investment round is led by Trinity Ventures, with participation from Alsop Louie and Commerce Ventures.
Arjun Jayaram, CEO of Baton Systems, said: "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 modernisation while at the same time facing a daunting global regulatory environment."
Schwark Satyavolu, general partner at Trinity Ventures and a member of Baton's board of directors, commented: "Arjun Jayaram 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."
