Reduce counterparty settlement risk Extend FX netting and PvP settlement Across all currencies and counterparties


Settling $billions everyday

Take control of post-trade with unfettered access to automated FX payment netting integrated with PvP settlement


Access the ability to safely settle cross-border payments via PvP across all currencies, with all counterparties and complete the settlement process in minutes.

Improve intraday liquidity

Lower intraday liquidity usage, more effectively manage nostro accounts, reduce overdraft fees and the need for credit facilities.

Flexible and completely configurable, automated bilateral FX payment netting, on a currency pair basis, that's fully integrated with on-demand PvP settlement.


Immediate and on-demand, secure PvP settlement for real assets, held in real accounts at commercial banks

Governed by the Baton Rulebook, Core-FX extends the benefits of PvP settlement across all currencies (including emerging market currencies) and counterparties – enabling banks to take control and settle transactions on-demand and immediately with settlement finality. With Core-FX:

  • FX settlement processes that previously took 24 hrs can be completed in 3 minutes
  • FX settlement participants can choose how and when they net, or if they want to settle in gross, with access to automated configurable payment netting processing (both the calculation and agreement of netted values) and the safe settlement of those netted values.
  • FX settlement participants can pre-agree when they settle and do so multiple times a day – without the liquidity and funding constraints pre-funding introduces
  • FX settlement participants can align settlement timeframes with corresponding liquidity events – allowing for more effective use of funding
  • Previously opaque processes can be monitored with full transparency and, because we use DLT technology, with a single source of truth
  • Nostro accounts can be managed with full transparency enabling improved intraday liquidity usage

All of which can be achieved without the need to immediately replace existing systems, processes and communication rails.


Baton Systems’ DLT Now Risklessly Settling CNH Transactions in World First

Offshore Yuan (CNH) added to currencies now being safely and efficiently settled, in production, on a Payment-vs-Payment (PvP) basis between large financial institutions – less than 1 year after initial roll-out of USD, GBP, CAD and EUR transactions

Reduce FX settlement risk. Improve intraday liquidity. Build with optionality

FX is changing. FX settlement risk is gaining growing regulatory attention, market volatility and cost pressures continue to increase, whilst corridors offering emerging market opportunities remain inaccessible. These factors compete for attention as banks prepare for 24/7 trading, T+5 min settlement and the need to process and settle the new universe of digital assets now firmly on the horizon.

The industry’s innovators are now exploring Core-FX, built using interoperable distributed ledger technology (DLT), as a practical and flexible solution. With Core-FX banks can really take control with greater transparency and unfettered access to more secure and efficient FX settlement processes.

The result: With Core-FX firms can achieve improved risk, liquidity, funding and credit management today. Along with using technologies that will provide much needed optionality as they build the bank of 2030.

With Core-FX you can:

  • Eliminate Herstatt risk – extend PvP across all currencies and counterparties
  • Choose if, how and when you net with flexible, configurable payment netting
  • Settle on-demand and immediately multiple times intraday – without pre-funding 
  • Align settlement timeframes with liquidity events, for more effective use of funds
  • Reduce 24hr FX settlement processes to a matter of minutes and release available liquidity
  • Eradicate time-consuming reconciliation processes with DLT’s single source of truth
  • Improve intraday liquidity usage with full nostro account transparency

All without the need to immediately replace post trade legacy systems, processes or communication rails

Watch Core-FX in action

CPMI publishes consultative report on facilitating increased adoption of PvP

Interested parties were invited to share potential approaches to increase PvP adoption. The report cites 11 submissions that provided solutions: of which Baton’s Core-FX™ is the only live solution.

Latest News:

Baton Systems’ DLT Now Risklessly Settling Offshore Yuan Transactions in World First


Wells Fargo and HSBC Expand DLT Solution to Include Offshore Yuan

Baton Systems’ technology powers the world’s first interbank riskless settlement outside of CLS

Wells Fargo and HSBC establish bilateral agreement to settle FX transactions through a blockchain-based solution


Want to learn more about using DLT for forex transaction netting and PvP settlement?

Baton Systems’ Distributed Ledger Technology (DLT) wins award at the Sell-Side Technology Awards 2022

Baton Systems wins “Best Settlement Initiative” for the second year running at the FX-Markets e-FX Awards 2022


See Baton Core-FX™ in Action - Book a Demo with our team Today!

Learn about Baton's CORE solutions for Liquidity, Payments and Collateral Management


With Core-Liquidity, asset ownership can be transferred in real time, on demand, 24/7, in a legally enforceable way.



Core-Payments operates across product silos. Business-defined rules provide complete control and visibility over payments and settlements.



With Core-Collateral, FCMs and CCPs can automate and optimise collateral holdings and expedite the movement of cash and securities.