Temenos, a banking software company made the announcement that Judo Capital would use its suite of products to power its new bank.
Judo has created a fully cloud-based, API-centric, technology ecosystem for its challenger bank aimed at SMEs and the Temenos Cloud will manager and power the system.
Co-founder and CIO of Judo Capital Alex Twigg said that SMEs employ roughly 70 per cent of the workforce but there was a gap in the sector for a new banking model.
“SMEs have lost the human interaction and tailored service that they so deserve and crave. Judo’s mission is to bring back the craft of relationship banking, powered by the best of modern technology,” he said.
Judo Capital is currently in the process of obtaining their full banking license. By partnering with Temenos, Mr Twigg said they would be able to transform seamlessly into a fully-fledged bank.
“With Temenos’ commitment to providing core banking as-a-service, we can continue to focus on empowering our customers, the businesses that are the backbone of the Australian economy,” he said.
Temenos APAC managing director Martin Frick said he was excited to partner with Judo and help them deliver their product to market.
“Judo is challenging the status quo and bringing relationship banking back to SME’s. Temenos technology will enable Judo Capital to benefit from a modern, end-to-end digital banking system, giving them the ability to offer their clients a fully digital and personalized experience that will scale,” he said.
Mr Frick said the partnership demonstrates the momentum in the Australian market and the process that banks are going through to redefine the customer experience.
“We are proud to be partnering with both neo banks like Judo and volt bank, as well as more established banks such as ME Bank and Goldfields Money to reshape the banking landscape,” said Mr Frick.