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May 9, 2019

Judo Bank taps Temenos for core banking solutions

By Douglas Blakey

ME focused, Judo Bank chooses Temenos to support its core banking strategy.

The Australian challenger bank is now live with Temenos T24 Transact, Analytics, Financial Crime Mitigation and Channels. This is a module of Temenos Infinity that runs on Temenos Cloud.

Judo Bank achieved the second largest pre-revenue fundraising round in Australian start-up history ($98m) last year. It now runs on Temenos Cloud hosted on Microsoft Azure.

Judo Capital launched in March 2018. It aims to support SMEs in Australia that they feel are being left behind by incumbent banks.

The name comes from the ‘Judo Strategy’ which is the art of defeating larger opponents by using the size as an asset. Furthermore, the nimbless of Judo Bank’s platform allows it to scale quicker and more efficiently.

Judo Bank’s system offers the traditional banking relationship but it’s built upon a legacy-free and modern platform. In addition, Lending decisions are based on the performance of the business not just the value of the available security.

Judo Bank T24 transformation

The Judo Bank T24 transformation occurred in record time due to the speed and flexibility of the cloud.

Furthermore, this allowed Judo Bank to focus on helping SMEs across Australia.

Temenos T24 Transact now integrates its solution with Judo’s existing systems. This also allows third-parties to connect easily and creating an open banking ecosystem.

Temenos also supported the challenger in receiving its full banking licence with the Australian Prudential Regulation Authority (APRA).

Co-Founder and CIO of Judo Bank, Alex Twigg, said: “We selected Temenos as our strategic technology partner to help us with our goal to become the most trusted business bank in Australia.

“Temenos worked closely with us from the beginning. With its cloud-native digital front and back office products enabled us to launch fast and with a low risk implementation. This allows us to cut through traditional bureaucracies and the sales-driven and property-secured status quo to transform SME banking in Australia through a focus on close customer relationships.”

Chief Executive Officer, Temenos, Max Chuard, said: “We worked closely with Judo Bank’s agile and passionate team to go live in record time. The pace of regulatory change in Australia combined with transformational cloud-native banking software – Temenos Infinity and Temenos Transact – has made new business models possible, and Judo’s customers are the ultimate winners. We are proud to be partnering with Judo to re-shape the Australian banking landscape.”

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