Baton Systems has been selected to help FIA Tech, a FinTech provider for the futures industry, improve brokerage payments and shorten the settlement cycle for its customers.
The deal is set up to reduce the time it takes for futures brokers to see revenues, which has historically been a problem as they have struggled with long collection periods, increased costs and write-offs with disparate and error-prone processes across the global network of futures exchanges, clearing and executing brokers.
This is something FIA Tech has been working on over the past four years. The result of these efforts was the Atlantis platform, which Baton Systems will now be integrated in.
“While Atlantis has brought brokerage processing into a continuous and highly automated operation for our customers, the final settlement and payment processes were lagging the new speed of the industry and subject to exceptions and breaks,” said Nick Solinger, president and CEO of FIA Tech. “Working with Baton allows us to easily and seamlessly accelerate payments with precision and greater controls across our network of participants. We are very excited to launch this collaboration with Baton.”
Baton Systems closed a $4m funding round in January 2020.
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