Thought Machine, the cloud-native banking technology company, today announces that its client 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.
David Palmer, General Manager, Enterprise Scale at Judo Bank, commented: "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, commented: "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."
Thought Machine is committed to the ANZ market and services these clients through its Sydney location. Thought Machine’s client roster includes the world's largest Tier 1 banks, such as Lloyds Banking Group, Standard Chartered Bank, and Intesa Sanpaolo. The company also has commercial banking and lending clients, including Morgan Stanley, Bpifrance, and Together Money.