Baton Systems Core‑FX is an enterprise FX settlement solution designed to manage post‑trade foreign exchange settlement workflows between financial institutions. It provides coordinated, real‑time settlement orchestration using a shared, permissioned ledger to synchronise payments across currencies. The platform focuses on payment‑versus‑payment settlement to eliminate principal risk, while supporting flexible settlement strategies such as gross, net, or split settlement. Core‑FX enables institutions to control settlement timing, collaborate with counterparties, and optimise liquidity usage without relying on rigid settlement cycles. Core‑FX is intended for banks and financial institutions seeking to modernise FX post‑trade processes, improve liquidity efficiency, and reduce operational and settlement risk through automated and atomic settlement mechanisms.

Key Features

Payment‑versus‑Payment Settlement

Ensures synchronized settlement of FX legs.

• Atomic settlement across currencies
• Elimination of principal risk

Shared Permissioned Ledger

Coordinates settlement workflows.

• Secure distributed ledger architecture
• Tamper‑resistant transaction records

On‑Demand Settlement Orchestration

Controls when settlements occur.

• Flexible settlement timing
• Counterparty‑driven coordination

Automated Netting and Splitting

Optimises funding requirements.

• Continuous and dynamic netting
• Optional payment splitting strategies

Liquidity Management Support

Aligns settlements with funding availability.

• Reduced pre‑funding requirements
• Improved intraday liquidity efficiency

Interoperable Settlement Options

Supports multiple settlement assets.

• Commercial bank money
• Tokenised and digital settlement representations

Benefits

Reduces FX Settlement Risk

Improves safety of post‑trade processes.

• Atomic PvP settlement
• Synchronized payment execution

Improves Liquidity Efficiency

Optimises use of available funds.

• Lower liquidity buffers
• More efficient capital usage

Increases Operational Flexibility

Adapts to institutional needs.

• Choice of settlement timing
• Multiple settlement strategies

Enhances Transparency

Improves visibility across workflows.

• End‑to‑end settlement tracking
• Shared view for counterparties

Automates Post‑Trade Processing

Reduces manual effort.

• Automated settlement workflows
• Reduced operational complexity