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Baton Systems

Can a DLT-powered post-trade infrastructure platform become the real-time settlement and liquidity operating system for tier-1 and mid-market banks globally?

Founded2016
HQFremont, California, United States
Total raised$34.0M
IndustryInfrastructure / Payments
The story

Founded in 2016, Baton Systems built post-trade processing infrastructure targeting the world's largest banks, focusing on real-time liquidity management, collateral, and settlement orchestration. The company established itself as a DLT-powered FX settlement platform through flagship relationships with HSBC and Citi, settling over $25 trillion to date. As institutional demand shifted toward intraday liquidity control and multi-currency operations, Baton expanded its product suite beyond FX settlement to include Core-Payments (outgoing payment control) and Core-Collateral. Most recently, the company extended into the regional bank segment through TrueNostro, a partnership product with Derivative Path targeting mid-market institutions seeking FX independence from correspondent banking.

Last 12 months
2026-04
Product timeline
2016
Baton Systems founded to build post-trade processing and settlement infrastructure for large financial institutions.· pivot
2018
HSBC FX Everywhere went live on Baton's Core-FX technology, beginning FX settlement for 13 currencies.· banking
2022
Citi partnered with Baton Systems to enhance treasury functions for cleared derivatives.· banking
2024
HSBC reported $8.1 trillion settled across 16 million FX trades using Baton's Core-FX technology since 2018.· banking
2026
Baton Systems and Derivative Path launched TrueNostro, a joint FX payments and nostro management solution for regional and mid-market banks.· banking
The stack
Payments / PSP
Core-Payments® (self-operated)
FX & payouts
Derivative Path (TrueNostro joint solution)
Accounting gap: none