Judo Bank, Australia’s first purpose-built challenger bank for small and medium businesses (SME), has successfully migrated its lending business to Vault Core, Thought Machine’s cloud-native core banking platform, and is operating live.
After an extensive market search, Judo Bank chose Thought Machine as the vendor capable of meeting its requirements as it continues to scale.
The project began in 2023 to upgrade Judo’s platform to a cloud-native, highly flexible and modern solution.
The migration was completed with support from Thought Machine’s in-house data migration experts and other specialist partners in delivery and architecture design.
Just nine months after the project’s initiation, the bank was able to pilot the offering to new customers, with existing customers migrating shortly afterwards to validate the system’s full capabilities.
“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,” said David Palmer, general manager, Enterprise Scale at Judo Bank.
Paul Taylor, founder and CEO at Thought Machine, said 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.
