Baton Systems, a provider of post-trade solutions for capital markets, today announced it has joined the U.S. Faster Payments Council (FPC), an organization devoted to advancing faster payments in the United States. As a member of the FPC, Baton will act as a voting member in the Technology Providers segment on inclusive and collaborative approaches to issues that stand in the way of achieving faster payments.
Historically, institutional payments have been hindered by lengthy payments and settlement processing times and legacy systems. Baton is working with banks and systemically important payments hubs to accelerate the movement of assets between counterparties through a rules-driven engine. Baton enables on-demand settlement and payments – in minutes instead of days, regardless of currency or asset class. With multiple top ten global banks and large central counterparties fully deployed and live, Baton’s platform settles over $13 billion per day.
“The FPC is a unique organization that encourages a diverse range of perspectives from all stakeholders in the U.S. payment system to resolve the issues that inhibit broad adoption of faster payments,” said FPC Executive Director Reed Luhtanen. “We are excited to have Baton onboard and to benefit from their expertise in accelerating payments in the world’s largest financial markets.”
“Baton’s mission is to solve disparities between fragmented banking systems and reduce the burden of capital and operational inefficiencies that slow payments,” said Arjun Jayaram, CEO and Founder of Baton. “We are looking forward to collaborating with our fellow FPC members and sharing our insights, with the common goal of driving the adoption of faster payment solutions.”
In addition to accelerating institutional payments, Baton’s automated solutions help address the challenges of reducing settlement risk and increasing liquidity. Baton currently has offices in Fremont, CA, New York, London, and India, with future plans to expand into Singapore.