Judo Bank migrates lending business to Thought Machine’s Vault Core
Australian challenger Judo Bank has migrated its lending business to Thought Machine’s cloud-based core banking platform, Vault Core.
Judo Bank migrates to Thought Machine’s Vault Core banking system
Founded in 2016 and based in Melbourne, Judo Bank specialises in providing financial services for small and medium-sized enterprises (SMEs).
Its lending business, at the core of this remit, supports a wide range of capital solutions across various industries, including business lending products, term deposits and home loans.
Adopting Vault Core, a process which has been underway since last year, will provide the business with “unique flexibility and control in the design and build of new financial products by using smart contracts”, as per the vendor’s website.
David Palmer, general manager of enterprise scale at Judo Bank, says the adoption of Vault Core will enable the challenger to enter “a new era of business banking” while operating “free from the constraints of legacy systems”.
Judo Bank landed its full banking licence back in 2019. At the time, its core banking platform of choice was Temenos.
It also signed for nCino’s Bank Operating System in 2020, and inked a partnership with Backbase last year to unite its customer onboarding, servicing, loyalty and loan origination functions using the vendor’s Engagement Banking Platform.
