California-based blockchain development firm Baton Systems has closed a $12 million Series A funding spherical led by Trinity Ventures.

According to a Ledger Insights report printed Sept. 2, the new funding are going to be used to scale Baton Systems’ blockchain-powered bank-to-bank payment solution.

Interoperability with legacy systems

Baton Systems has reported that it already processes over $13 billion in payments implementing its solution for market participants and clearinghouse counterparties.

The firm’s blockchain platform is intended to be practical with legacy systems and doesn’t need shoppers to overhaul their existing business systems. As Baton Systems printed in an exceedingly statement:

“The Baton platform integrates with monetary institutions’ current collateral and money systems, leaving their existing business processes, systems, and ledgers in place.”

The blockchain software system workflow coordinates between numerous systems and establishments to attain clear and economical settlement of assets, along with instant reconciliation and reporting for all parties concerned, the corporate has noted.

While using distributed ledger technology, the payments-focused answer doesn't involve cryptocurrencies or digital assets, Baton Systems’ chief executive officer Arjun Jayaram emphasized.

Existing clients

According to the report, Baton Systems contributed to the Bank of England’s blockchain pilot for period gross settlement, that spurred the institution’s later decision to build its RTFS system using the technology.

In a Barclays-hosted hackathon last year, Baton Systems won a prize for the most effective answer supporting the ISDA’s Common Domain Model (CDM) industry standard for derivatives. The firm later proclaimed support for the CDM standard on its blockchain platform, permitting shoppers to expeditiously connect their existing swaps and derivatives systems to the Baton platform.

Earlier this summer, the Italian Banking Association declared that Italy’s banks can integrate distributed ledger technology into internal settlement processes during a bid to boost transparency in inter-bank transactions and counterparty communication.

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