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The First SME Challenger Bank Operating in Australia Goes Live in Record Time with Temenos

Judo Bank, the first SME focused bank operating in Australia, has announced that it has gone live in record time with Temenos T24 Transact, Analytics, Financial Crime Mitigation and Channels – a module of Temenos Infinity – running on Temenos Cloud.

Judo Bank, which last year achieved the second largest pre-revenue fundraising round in Australian start-up history (AUD140m), runs on Temenos Cloud hosted on Microsoft Azure.

Judo Bank has built a system that enables traditional relationship banking backed by modern, legacy-free technology, processes and systems. Lending decisions are based on the performance of the business; not just the value of the available security, or “collateral” that the incumbent banks concentrate on.

The implementation took place in record time due to the speed, elasticity and flexibility offered by the cloud, allowing Judo Bank to focus on supporting businesses across Australia rather than managing IT systems.

Leveraging advanced API-first architecture, Temenos T24 Transact has integrated with Judo’s existing systems via its zero-trust-network and identity management system, allowing third-parties to connect easily and creating an open banking ecosystem.

Temenos assisted Judo in obtaining a full banking license with the Australian Prudential Regulation Authority (APRA) through its Australian Model Bank approach, with preconfigured country-specific functionality, allowing Judo to focus on its business in the knowledge that local regulatory requirements, business best practices and cost-efficient processes were already built-in.

Alex Twigg, Co-Founder and CIO, Judo Bank commented: “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, and 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.”

Max Chuard, Chief Executive Officer, Temenos, 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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