Baton Systems, a California-based blockchain solution firm has raised $12 million in Series A funding led by Trinity Ventures, including Commerce Ventures and Also Louie, according to the report by Ledger Insights.
Reported Monday, the investment aims at providing support for the blockchain startup to modify, fasten, and scale their bank-to-bank payment solution for leading financial institutions, the CEO of Baton Systems, Arjun Jayaram noted.
“Baton provides a customizable software workflow engine to coordinate among multiple systems and institutions, achieving fast, transparent, and efficient settlement by moving real assets in real accounts, along with instant reconciliation and reporting for all parties,” the report reads.
The company reportedly has a strong presence in the industry, and it processes over $12 billion in payments on a daily basis between the market participants and clearinghouse counterparties.
Founded in 2016, Baton notably leverages on a Distributed Ledger Technology (DLT) to provide solutions that don’t require banking institutions to overhaul their existing systems.
Its DLT-based claims to address issues of interoperability with current business systems, given that, Baton platform integrates with financial institutions’ current collateral and cash systems, which perhaps leaves their existing business processes, ledgers, and systems in order.
The CEO Jayaram said; “We have developed a distributed ledger technology-based solution that significantly improves the speed and reduces the cost of payments without the need for cryptocurrencies and digital assets.”
The company further noted that it had already deployed its platform for three of the top ten global banks, exchanges, and Clearinghouses. Also, the company helped the Bank of England to test blockchain in real-time gross settlement (RTGS).
Meanwhile, Ripple is seeking to take over financial institutions with blockchain payments as the company’s CTO David Schwartz revealed their plans in June to enable enterprise customers to bypass Swift and other traditional payment systems, because “payments companies are much more aggressive than banks,” Coinfomania reported.