Blockchain
Baton Systems Secures $12 Million Series A led by Trinity Ventures
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Baton Systems (“Baton”), a provider of high-speed, blockchain-inspired, bank-to-bank payments infrastructure, has raised more than $12 million to dramatically increase processing times and efficiencies within the $2 trillion global payments market. The Series A investment round is led by Trinity Ventures, with participation from Alsop Louie and Commerce Ventures.
The investment will fund the continued rapid global deployment of Baton’s distributed ledger-based technology, which has already been deployed at three of the world’s top ten global banks, as well as multiple exchanges and clearing houses. It was also used in a successful pilot with the Bank of England.
Baton is already processing more than $12 billion each business day in payments between market participants and clearing house counterparties, enabling more efficient management of the foreign exchange settlements and margining process. This increases transparency and reduces processing times from days to minutes, freeing up billions of dollars in tied-up capital.
The Baton platform integrates with financial institutions’ current collateral and cash systems, leaving their existing business processes, systems, and ledgers in place. Baton then provides a customizable software workflow engine to coordinate among multiple systems and institutions, achieving record-fast, transparent, and efficient settlement by moving real assets in real accounts, along with instant reconciliation and reporting for all parties.
Unlike blockchain solutions, Baton’s technology enables its clients to move real assets sitting in real bank accounts securely and nearly instantaneously without the need for digital conversion. This dramatically reduces risks and increases transparency and security, making Baton much easier than blockchain solutions for customers to adopt.
“This investment provides us with the strategic support and firepower to scale our bank-to-bank payment solution for the world’s leading financial institutions even faster and more effectively,” said Arjun Jayaram, CEO of Baton Systems. “Speed to market is critical in an industry that is crying out for modernization while at the same time facing a daunting global regulatory environment.”
“Bank-to-bank settlement today is slow and manual, trapping billions of dollars that could instead be used to grow businesses. Baton is completely transforming the global bank payments infrastructure, leveraging the best of blockchain’s potential while mitigating its key concerns,” said Schwark Satyavolu, general partner at Trinity Ventures and a member of Baton’s board of directors. “Arjun and his team are the ideal visionaries and practitioners capable of turning this tremendous need into reality — and are already doing so for their many top-tier banking clients.”
“We’ve been a firm believer in the potential of what Baton is doing for the payments industry since day one,” said Gilman Louie, partner of Alsop Louie. “Since those first conversations, Arjun and his team have rapidly moved from concept to reality with a top-tier set of initial clients, and advanced discussions taking place with the A-list of central banks and global financial institutions.”
SOURCE Baton Systems
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UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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