AFTAs 2022: Best new technology introduced over the last 12 months (trading, risk and compliance)—Baton Systems

Project: Core-FX

Overview

In December 2021, Baton Systems’ Core-FX technology supported the world’s first interbank riskless settlement outside of CLS, extending the benefits of payment-vs.-payment (PvP) settlement across currencies and counterparties. Core-FX is designed to enable firms to reduce operational risk with automated, bilateral netting, and eliminate Herstatt risk by settling transactions via PvP. Settlement can take place on demand or multiple times each day, reducing 24-hour FX settlement

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