April 13 2022, London: Baton Systems (Baton), the global fintech digitally transforming post-trade processing using distributed ledger technology (DLT), is delighted to announce that it has been awarded ‘Best Distributed-Ledger Technology Project’ at the Sell-side Technology Awards 2022.
In December 2021, Baton announced it had powered the world’s first interbank riskless settlement outside of CLS. The firm’s DLT-powered Core-FX platform is now being used in a live production environment to settle FX transactions on-demand, on a PvP basis everyday.
Distributed ledger technologies form the backbone of the Baton CORE™ platform which is now being used by several of the world’s largest financial institutions to address critical risk, capital and liquidity issues.
Baton’s use of interoperable permission-based DLT has been fundamental to the success achieved to date by the rapidly scaling Fintech, allowing Baton’s solutions to interact seamlessly with the bank’s existing ledgers, payment systems, and post-trade systems. This enables distributed workflows to execute across firms, transactions to be monitored in real-time with full transparency, all actions to be recorded as a single source of truth and assets to be exchanged directly between the counterparties with settlement finality. As a result, previously manual processes, that span the entire post-trade process from trade matching to settlement, can be completed significantly faster, more efficiently and cost effectively with reduced risk exposure.
The Sell-Side Technology Awards are now in their tenth year and aim to recognise market-leading technologies developed specifically for sell-side firms that allow them to operate more efficiently, transparently and judiciously.
Arjun Jayaram, Founder and CEO of Baton Systems, commented:
“We are thrilled to have been recognised in this year’s Sell-Side Technology Awards. I am incredibly proud of the super smart team we have here at Baton and the way they architected our DLT to take into consideration the system complexities and interdependencies prevalent across the post-trade environment. Doing so allowed us to build technology that delivers the core benefits of blockchain – flexibility, transparency and immutability, whilst securely interoperating with the systems and processes the bank already has in place. So firms don’t need to immediately replace their existing world to take advantage of innovative solutions that increase the transparency, speed, accuracy and security of their settlements.”
The 2022 awards were presented during the virtual ceremony that took place on April 8th 2022.