Baton Systems (“Baton”), one of the industry’s fastest, on-demand platforms for clearing, settling and managing payments between financial institutions in capital markets and a Silver level member of Oracle PartnerNetwork (OPN), has announced that its high-speed payments solution is now available in the Oracle Cloud Marketplace and Oracle Digital Innovation Platform for Open Banking for banks and financial institutions.
Baton provides payment services that allow firms to clear and settle all asset classes and currency transactions securely and on-demand. Its post-trade platform works with the core ledgers of banks to easily execute business workflows over existing infrastructure and move real assets faster and more cheaply between participants. As a result, customers can be up and running in days instead of months.
“By collaborating with Baton Systems on the Oracle Digital Innovation Platform for Open Banking, we are offering the global banking system a unique, cloud-based open API cross-border institutional payments solution to address the inefficiencies that persist in the arcane payments networks. This sets the stage for a radical reduction in processing times that could reshape the world of payments in capital markets,” said Sanjay Mathew, Senior Financial Services Director of Industry Solutions Group at Oracle.
The Oracle Cloud Marketplace is a one-stop shop for Oracle customers seeking trusted business applications and service providers offering unique business solutions, including ones that extend Oracle Cloud Applications. Oracle Cloud is the industry’s broadest and most complete public cloud, delivering enterprise-grade services at every level of the cloud technology stack including software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS), and data as a service (DaaS).
“Baton addresses the antiquated processes that persist in financial institutions for post-trade payments,” said Arjun Jayaram, CEO and founder of Baton. “Our relationship with Oracle is a major step forward in alleviating these pressing issues among many of the world’s largest institutions, accelerating payments globally on a secure and modern infrastructure.”