Judau Bank, an Australian challenger bank specialising in small and medium-sized businesses, has successfully transitioned its lending operations to Australia. Thinking MachineVault Core platform, a cloud-native core banking system.
This transition is Judo BankAn effort to modernize operations by leveraging more flexible and scalable technology.
The project began in 2023 after Judo Bank decided to partner with Thought Machine after an extensive search for a vendor that could support their growth.
Nine months after the project began, the bank piloted the platform with new customers and then migrated existing customers over to ensure the system was fully functional.
The migration was supported by Thought Machine’s in-house data migration experts and specialist partners.
Sydney-based Thought Machine’s clients include some of the world’s largest banks, including Lloyds Banking Group, Standard Chartered and Morgan Stanley.
“Judo Bank is committed to delivering on our vision for digital transformation,” said David Palmer, general manager of enterprise scale at Judo Bank.
“Adopting Thought Machine’s technology marks our step into a new era of business banking – harnessing the latest technology and freeing ourselves from the constraints of legacy systems, further strengthening our commitment to becoming Australia’s most trusted business bank for small businesses.”
With Vault Core, we look forward to offering our customers customized products and services backed by world-class core banking technology.
Paul Taylor, founder and CEO of Thought Machine, said:
“Judo Bank is a leader in the business banking sector in Australia and Vault Core has proven to be able to free itself from the constraints of monolithic legacy technology, providing the flexibility and cutting edge design that allows business banks to thrive.
We look forward to the next stage of the migration and to Judo Bank’s customers enjoying the benefits of services running on our technology.”
Featured Image Credit: Free Pick
