Temenos, the banking software company, has announced that Judo Capital has selected it to power its charge into the business banking sector. Judo will leverage Temenos’ global expertise and 25 years of experience in providing proven, packaged, upgradeable software to launch a challenger bank specifically geared toward SMEs.
Judo has created a fully cloud-based, API-centric, technology ecosystem and the Temenos Cloud was a perfect fit, allowing Judo to be focused entirely on its customers rather than managing IT systems. Temenos was the first banking software provider to launch a cloud offering running on Microsoft Azure and since 2011, T24 core banking has been available as a managed service on the Temenos Cloud.
Australia’s SMEs employ roughly 70% of the country’s workforce, and yet there is AU$70 billion of unmet credit demand coming from the SME sector. Judo seeks to fill the gap in this underbanked sector by turning the current banking model on its head with a relationship banking philosophy.
As a new ‘Challenger’ to the market, currently in the process of obtaining their full banking license with the Australian Prudential Regulation Authority, Judo was looking for a core banking platform that was well-known and established in Australia. Moreover, the technology needed to be able to support Judo in the long-term, and have a full set of products and features that would enable it to get to market very quickly. Temenos’ highly packaged platform and country model bank will allow Judo to quickly stand up a bank that automatically meets local requirements. By leveraging the API layer, T24 will integrate with Judos’ existing systems via its zero trust network and identity management system thereby opening the door to easily connect with additional third-parties and creating an open banking environment. This approach, underpinned by Temenos’ banking software, will enable Judo to transform seamlessly into a fully fledged bank as soon as its license is in place.
Alex Twigg, Co-Founder and CIO, Judo Capital, commented:
“With the big banks’ shift to industrialisation and centralisation, SMEs have lost the human interaction and tailored service that they so deserve and crave. Judo’s mission is to bring back the craft of relationship banking, powered by the best of modern technology. With Temenos’ commitment to providing core banking as-a-service, we can continue to focus on empowering our customers, the businesses that are the backbone of the Australian economy.”
Connie Leung, Senior Director, Financial Services Business Lead – Asia, Microsoft Corp. added:
“Judo Capital is creating new solutions that change the way that financial services are delivered in Australia.”