Temenos AG (SIX: TEMN), a Switzerland-based banking software provider, announced on Thursday that Judo Bank (formerly Judo Capital), an Australian SME challenger bank, 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. This news comes just weeks after Judo Bank received it received its full banking license by the Australian Prudential Regulation Authority (APRA).
Temenos reported that it 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. Speaking about the launch, Alex Twigg, Co-Founder and CIO of Judo Bank stated:
“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 the SME banking in Australia through a focus on close customer relationships.”
Max Chuard, CEO of Temenos, added:
“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.”