Baton Systems, a post-trade solutions provider for capital markets, has joined the US Faster Payments Council (FPC).
FPC is a membership organisation that aims to support faster payments in the US.
Baton will join the organisation as a voting member in the Technology Providers segment on inclusive and collaborative approaches to issues that hamper faster payments.
Lengthy payments and settlement processing times along with legacy systems are the key factors hindering institutional payments.
Baton is working with banks and systemically important payments hubs to speed up asset movement between counterparties leveraging a rules-driven engine.
The firm settles more than $13bn on a daily basis.
The settlement is completed in minutes, irrespective of currency or asset class.
Baton further claims that its automated solutions lower settlement risk as well as boost liquidity.
The firm has operations in Fremont, New York, London, and India. Plans are also on to expand its presence into Singapore.
Baton CEO and founder Arjun Jayaram said: “Baton’s mission is to solve disparities between fragmented banking systems and reduce the burden of capital and operational inefficiencies that slow payments.
“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.”