Baton Systems
Baton Systems provides DLT-based post-trade processing infrastructure — covering FX PvP settlement, collateral optimization, real-time payments and intraday liquidity — to 7 of the 9 largest Western GSIBs and a growing base of regional banks via its CORE platform and TrueNostro channel partnership.
- Company typePrivate
- Founded2016
- HeadquartersFremont, United States
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Baton Systems does
Baton Systems is a private fintech founded in 2016 that builds DLT-based post-trade processing infrastructure for global financial institutions. The company's Baton CORE platform provides real-time capabilities across four integrated solution areas: Core-FX for FX payment-versus-payment (PvP) settlement orchestration, Core-Collateral for collateral optimization across CCPs and custodians, Core-Payments for real-time wholesale payment control with no-code hold/release rules, and Core-Liquidity for intraday liquidity management (with modules including Balance Manager, Exposure Manager, Alerts Manager, Precision Forecasting, and Active Outflow Management). Baton has facilitated more than $25 trillion in cumulative settlements and 183 million transactions, processes nearly $30 billion daily, and serves 7 of the 9 largest Western globally systemically important banks (GSIBs) including HSBC, J.P. Morgan, BNY Mellon, Citi, DTCC, LCH and ICE Clear Europe, alongside a growing base of regional banks reached via the TrueNostro joint solution with Derivative Path.
The platform is built on institutional-grade distributed ledger technology with a cloud-native, modular architecture and an Integration Manager that supports REST APIs, ISO 20022, SWIFT MT/MX, FIX, MQ and SFTP, plus an MCP interface for LLM-driven workflow automation. Baton's DLT Settlement Networks layer supports PvP, DvP and DvD settlements, automated netting, payment splitting and dynamic routing across both traditional and digital settlement rails — and a BIS CPMI report has identified Core-FX as the only live FX PvP service. The company maintains offices in London, New York, San Francisco/Fremont and Chennai.
Baton operates an enterprise B2B SaaS model with annual subscription contracts, custom-negotiated pricing tied to institution size and module deployment, and direct field sales targeting GSIBs, regional banks, FCMs and clearing members. GTM is enterprise-direct (Global Head of Sales and EMEA, Head of Business Development and Client Success) with no channel partners historically, though the 2026 TrueNostro partnership with Derivative Path introduces a channel motion for the regional/mid-market segment. Revenue model is recurring subscription with implied usage-based components for transaction processing, supported by multi-year enterprise contracts.
Baton Systems firmographics
Firmographics- Name
- Baton Systems
- Legal name
- Baton Systems
- Website
- https://batonsystems.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Baton Systems provides DLT-based post-trade processing infrastructure — covering FX PvP settlement, collateral optimization, real-time payments and intraday liquidity — to 7 of the 9 largest Western GSIBs and a growing base of regional banks via its CORE platform and TrueNostro channel partnership.
- Ownership category
- akta.pro rank
Baton Systems industry classification
Industry- Product category
- Post-Trade Processing Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Software Publishers (513210)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts) (FSAGAAAC)
- akta.pro secondary industries
- Cash Settlement & DvP/PvP Settlement Agent Services (CSD-Integrated) (FSAFAGAK), Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA), Clearing & Settlement for Equities (Prime Broker Clearing Services) (FSACAFAL)
Keywords
Where Baton Systems is headquartered
LocationHeadquarters
- HQ city
- Fremont
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Baton Systems business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Enterprise Software Licensing and SaaS: Baton provides its CORE platform solutions (Core-FX, Core-Collateral, Core-Payments, Core-Liquidity) as enterprise software to financial institutions. Revenue is generated through software licensing, likely with annual subscription fees and usage-based components for transaction processing. The company operates as a managed SaaS solution deployed in cloud-native architecture.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Enterprise licensing - custom pricing based on institution size and scope |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Baton Systems product offering
Product offeringCore offering
Baton Systems provides a cloud-native, modular CORE Platform built on Distributed Ledger Technology (DLT) that delivers real-time post-trade processing for large financial institutions. The platform comprises four core solutions — Core-FX (FX PvP settlement orchestration), Core-Payments (real-time payment control), Core-Liquidity (intraday liquidity management), and Core-Collateral (collateral optimization) — supported by specialized modules including Integration Manager, Eligibility Service, and DLT Settlement Networks. The platform processes nearly $30 billion daily for 7 of the 9 largest Western G-SIBs.
Product overview
Baton Systems offers the CORE Platform as a modular cloud-based architecture providing real-time post-trade processing across liquidity, collateral, and payments. The CORE platform includes four integrated core products: Core-FX for FX PvP settlement orchestration, Core-Payments for real-time payment control and risk management, Core-Liquidity for intraday liquidity management, and Core-Collateral for collateral optimization. Supporting these cores are specialized modules including Balance Manager, Exposure Manager, Alerts Manager, Precision Forecasting, and Active Outflow Management within Core-Liquidity; the Integration Manager for low-code data integration; and the Eligibility Service for automated collateral eligibility evaluation. TrueNostro, a joint solution with Derivative Path, extends FX payments and nostro account management capabilities for regional banks. The platform processes over $25 trillion in settlements and serves 7 of the 9 largest Western G-SIBs with AI-ready, interoperable infrastructure that bridges legacy systems with digital asset markets.
Differentiator
Problem solved
Functional benefit
Brands
- Baton CORE: Core platform for post-trade processing solutions including liquidity management, collateral, and payments.
- Core-Collateral
- Eligibility Service
- TrueNostro
- Integration Manager
Products and services
- Baton CORE Platform A modular cloud-native platform that bridges legacy systems with digital innovation, providing AI-ready infrastructure for real-time post-trade processing across liquidity, collateral, and payments. Built on institutional-grade Distributed Ledger Technology and deployed for global banks processing nearly $30 billion daily.
- Core-FX FX PvP Settlement Orchestration solution providing automated netting integrated with on-demand, programmable PvP settlement orchestration across traditional and digital currencies. Increases liquidity efficiencies and reduces settlement risk for FX trading institutions.
- Core-Payments Real-time payment control solution providing enterprise-wide visibility, programmable controls, and intelligent payment orchestration to reduce settlement risk and prevent payment failures across wholesale payment flows. Features no-code hold and release rules.
- Core-Liquidity
Quantifiable outcome
- Nearly $30 billion processed daily for 7 of the 9 largest western GSIBs
- +2 more outcomes
Companies that use Baton Systems
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles3 records
Baton Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
AI capability5 records
Feature9 records
Baton Systems partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core.
- Derivative PathcoreJoint solution TrueNostro - combines Derivative Path's flexible liquidity access with Baton's real-time operational control for regional and mid-market banks to manage FX payments and nostro accounts directly while maintaining existing correspondent relationships.
- Nasdaq CalypsocoreNasdaq Calypso integrated Baton's distributed ledger technology platform to provide clients with advanced collateral workflow automation and real-time asset mobilisation capabilities across the global post-trade ecosystem.
- OSTTRAcoreOSTTRA and Baton partnered to launch FX PvP service mitigating settlement risk in FX markets. OSTTRA is a joint venture formed by CME Group and CLS Bank.
- FnalitycoreFnality joined OSTTRA and Baton Systems' FX PvP network to make institutional-grade digital settlement a practical reality. Fnality provides tokenized commercial bank funds for 24/7 settlement.
- PartiorcoreOSTTRA, Baton and Partior expanded FX settlement ecosystem with tokenized commercial bank funds and 24/7 access. Partior is a blockchain-based payment platform.
- J.P. MorgancoreJ.P. Morgan collaborated with Baton to expand CCP coverage for collateral management optimization. J.P. Morgan went live with Core-Collateral in 2019 and continues to expand coverage.
- BNY MelloncoreBNY Mellon and Baton announced collaboration to deliver enterprise collateral optimization solution for institutional clients.
- LCHcoreBaton integrated with LCH to deliver end-to-end automation of collateral workflows. LCH SA (Paris) also connected to Baton's expanding CCP network.
- ICE Clear EuropecoreBaton completed connection to ICE Clear Europe's Collateral API, allowing clearing members to automate collateral movements through Baton to one of the largest CCPs globally.
- DTCCcoreBaton connected with DTCC's FICC and NSCC clearing houses to support clients preparing for US Treasury clearing, enabling collateral efficiencies for clearing participants.
- Euronext ClearingcoreBaton expanded Core-Collateral network to include Euronext Clearing, providing clients with additional CCP connectivity.
- JSCC (Japan Securities Clearing Corporation)coreBaton added JSCC to its growing CCP network, expanding coverage for Japanese markets.
- OCCcoreBaton expanded CCP network by connecting to OCC (Options Clearing Corporation), the world's largest equity derivatives clearing organization.
Scale indicators7 records
Recent moves9 records
Expansion highlights5 records
Baton Systems competitors and assessment
Company assessmentDirect peers
- CLS Bank: Operator of the world's largest multi-currency cash settlement system and the dominant FX PvP utility. Directly comparable to Baton's Core-FX as both provide PvP settlement services for FX trades across major currencies.
- OSTTRA: Joint venture between CME Group and CLS Bank providing post-trade processing services across FX, rates, and securities. Direct partner with Baton on FX PvP services and a leading post-trade infrastructure provider serving similar institutional customers.
- Nasdaq Calypso: Capital markets technology platform for collateral management, treasury, and post-trade processing. Both Baton and Calypso serve GSIBs and clearing members with collateral optimization and have recently entered a strategic integration partnership.
- Partior: Blockchain-based interbank settlement platform for cross-border payments, FX, and securities. Partners with Baton in the OSTTRA FX PvP network and competes in the same DLT-based wholesale settlement space.
- Fnality: Provider of tokenized commercial bank money for institutional settlement. Recently joined the OSTTRA-Baton FX PvP network and competes/collaborates in the wholesale digital settlement infrastructure space.
- Murex: Enterprise platform for trading, treasury, risk, and post-trade processing across capital markets. Competes with Baton's post-trade capabilities and shares the same GSIB and large financial institution customer base.
- Derivative Path: Provider of capital markets technology for mid-market and regional banks, particularly in FX and interest rate derivatives. Partners with Baton on the TrueNostro joint solution and serves an overlapping regional/mid-market bank segment.
Broad incumbents
- Finastra: Large incumbent provider of financial software across banking, capital markets, and treasury. Overlaps with Baton in treasury and post-trade modules but as part of a much broader platform portfolio.
- Broadridge: Established post-trade processing, securities processing, and investor communications provider. Operates broadly in post-trade infrastructure with overlapping capabilities in fixed income, equities, and derivatives processing.
- FIS: Large incumbent financial technology provider serving banks and capital markets firms with treasury, payments, and securities processing. Competes broadly but does not specialize in Baton's DLT-based settlement niche.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Baton Systems social profiles
Digital presenceBaton Systems compliance and trust
Trust signalCompliance1 record
Baton Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Baton Systems leadership team
Management profileNumber of profiles
Profiles13 records
Baton Systems funding detail
Funding detailFunding overview
Funding rounds4 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Baton Systems M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Baton Systems
What does Baton Systems do?
Baton Systems provides a cloud-native, modular CORE Platform built on Distributed Ledger Technology (DLT) that delivers real-time post-trade processing for large financial institutions. The platform comprises four core solutions — Core-FX (FX PvP settlement orchestration), Core-Payments (real-time payment control), Core-Liquidity (intraday liquidity management), and Core-Collateral (collateral optimization) — supported by specialized modules including Integration Manager, Eligibility Service, and DLT Settlement Networks. The platform processes nearly $30 billion daily for 7 of the 9 largest Western G-SIBs.
Is Baton Systems a public or private company?
Baton Systems is a private company. It is classified as venture growth investor backed and is currently operating.
When was Baton Systems founded?
Baton Systems was founded in 2016. It employs 101 to 250 people.
Where is Baton Systems based?
Baton Systems is headquartered in Fremont, United States, in the North America region.
How does Baton Systems make money?
One revenue line is on record: enterprise Software Licensing and SaaS.
Who are Baton Systems's main competitors?
Direct peers on record are CLS Bank, OSTTRA, Nasdaq Calypso, Partior, Fnality, Murex and Derivative Path. Broad incumbents are Finastra, Broadridge and FIS.
Does Baton Systems have an API?
Yes. Baton provides robust APIs supporting industry-standard and event-based protocols including REST APIs, MQ (message queuing), and SFTP for streamlined connectivity. The platform supports FIX, SWIFT MT/MX, and ISO 20022 messaging formats. The Integration Manager enables data ingestion from various sources including XML, JSON, CSV, PDFs, TSVs, and text files. APIs are used for integrating with treasury, payment and risk platforms, CCPs, custodians, and nostro accounts. The platform exposes MCP (Model Context Protocol) interfaces for integration with client LLMs and enables agent-based automation of operational workflows.
What industry is Baton Systems in?
Baton Systems's product category is Post-Trade Processing Software. Its primary akta.pro industry code is FSAGAAAC, Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts), with a secondary code of FSAFAGAK, Cash Settlement & DvP/PvP Settlement Agent Services (CSD-Integrated). Its NAICS code is 522320 and its SIC code is 7372.