Judo Bank, Australia’s SME-focused challenger bank, has successfully transitioned its lending business to Thought Machine‘s Vault Core platform, a cloud-native core banking system.
This transition marks a major step in Judo Bank’s efforts to modernise its operations with more flexible and scalable technology.
The project began in 2023, following Judo Bank’s decision to partner with Thought Machine after a comprehensive search for a vendor capable of supporting its growth.
Nine months into the project, the bank piloted the platform for new customers, later migrating existing customers to ensure the system’s full capabilities.
The migration was supported by Thought Machine’s in-house data migration experts and specialist partners.
Based in Sydney, Thought Machine also counts major global banks like Lloyds Banking Group, Standard Chartered, and Morgan Stanley among its clients.
David Palmer, General Manager, Enterprise Scale at Judo Bank, said,
“By adopting Thought Machine technology, we are stepping into a new era of business banking – doubling down on our commitment to being the most trusted SME business bank in Australia, powered by modern technology and free from the constraints of legacy systems.
With Vault Core, we look forward to offering our customers tailored products and offerings backed by world-class core banking technology.
Paul Taylor, Founder and CEO at Thought Machine, said,
“Judo Bank is a leader in Australia’s business banking segment, and Vault Core has proven itself to offer the flexibility and cutting-edge design to allow business banks to prosper and flourish, free from the constraints of monolithic, legacy technology.
We look forward to the next stage of migration and Judo Bank customers enjoying the benefits of their services running on our technology.”
Featured image credit: Edited from Freepik
