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ConnectPay recently launched Serdis, an independent core banking platform aimed at Electronic Money Institutions and financial firms across Europe. The Lithuania-based payments company developed the system in-house before moving its own live operations to the platform in July 2025.
Serdis started as an internal ConnectPay project called Mars. The company has now turned the technology into a separate product for institutions seeking more control over their core banking infrastructure.
Serdis runs on a distributed microservices architecture using Amazon Elastic Kubernetes Service from Amazon Web Services. The platform includes a tree-based general ledger, real-time account balances, automated IBAN lifecycle management, foreign exchange tools and treasury functions.
The system also supports SEPA, SEPA Instant and SWIFT payments. ConnectPay said Serdis targets companies that want to ‘move away from legacy core banking systems and gain full control over their infrastructure.’ The platform also offers white-label front-end services that institutions can use under their own brands.
ConnectPay began developing the technology after reviewing its dependence on an external core banking provider. CTO Tadas Bakutis previously described that reliance as ‘the single biggest operational risk an EMI can have.’ The company then built Mars to bring its core transaction technology under internal control.
Serdis takes its name from the Lithuanian word ‘šerdis,’ which means core. The company has positioned the platform as a standalone service for other regulated financial institutions after using it within its own business.
ConnectPay transferred its live operations to the system in July 2025. According to the company, the migration covered a business handling about EUR 14 billion in annual transaction volume and took place during one weekend.
The company said customers experienced no visible downtime during the switch. Before the migration, ConnectPay operated the new platform alongside its previous core banking system for nine months. The parallel setup allowed the company to test transactions and identify reconciliation issues before the final transfer.
ConnectPay said this process addressed reconciliation risks ‘upfront rather than during deployment.’ Bakutis led the migration and said the project showed that a financial institution could move its core transaction infrastructure without disrupting customers.
The company also built Serdis around requirements that it faces as a regulated EMI. ConnectPay said updates linked to compliance and its own operating requirements can also become part of the platform offered to external clients.
ConnectPay is offering Serdis to European EMIs and financial institutions that want to replace older core banking systems or reduce dependence on third-party technology providers.
The company said it developed the system after facing limits related to safeguarding accounts, regulatory reporting, and external vendor development schedules. Serdis gives institutions access to core account, payment and treasury tools through one platform.
ConnectPay founder and CEO Marius Galdikas also oversees Serdis, while Bakutis serves as chief technology officer. The company appointed Julien Douve as Serdis general manager in June. Douve previously worked in core banking sales at Oracle, Mambu and Tuum.
Serdis enters the European core banking market as financial firms review their technology infrastructure and third-party service arrangements. EU financial institutions also operate under the Digital Operational Resilience Act, which sets requirements for managing technology and ICT-related operational risks.
ConnectPay is now offering Serdis as a separate core banking product after testing and operating the system within its own regulated payments business.
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