EXCLUSIVE—Distributed ledger platform Baton Systems took home the prize for Bank Innovation’s 2018 DEMOvation challenge this week, beating out ten other companies presenting demos at this year’s conference.

Bank Innovation’s panel of DEMOvation judges chose Baton as the winner among ten other startups, including Clinc, Kony, Nuggets, Denoti, PrivaKey, and Active.AI. The three finalists competing for the prize included artificial intelligence provider Abe AI and financial SaaS provider Validis.

Validis is a SaaS provider which uses cloud-based technology to provide software for lenders and auditors, while Abe.ai provides AI-based solutions to banks that allows users to better deliver customer service and solutions to their end consumers.

The judges included Brad Leimer, managing director and head of fintech strategy for Explorer Advisory & Capital, Ryan Gilbert, general partner for propel venture partners, and Matt Wilcox, senior vice president, marketing strategy and innovation, Fiserv.

Baton Systems, founded in 2016 as Ubixi, is focused on revamping the payments process for global banking—which, to use its terminology, remains “remarkably archaic. The company’s flagship product, Asset Baton, uses distributed ledger technology to provide a more transparent platform for clearing and settlement.

The startup’s DLT enables its clients to fully control their money flow, while also providing a fast, efficient way to accelerate payments by reducing time and operations cost.