ConnectPay has launched Serdis, an AWS-native core banking platform built in-house, now available to other European EMIs and financial institutions.
The system took over ConnectPay's entire live operations in July 2025 and is now being offered to other financial institutions as an independent product under the Serdis brand. The name derives from the Lithuanian word šerdis, meaning 'core' – the essential part of a system.
Most core banking engines are developed by software vendors rather than by the regulated institutions that operate them. ConnectPay's approach differs in that Serdis was built and tested in live production by an active EMI before being made available externally. According to the company, because ConnectPay itself operates under regulatory obligations, compliance updates required for its own operations are incorporated into the platform and extended to Serdis clients.
The company said that the platform was designed to address operational constraints encountered while relying on third-party systems, including limitations around safeguarding accounts, regulatory reporting, and dependency on external vendor roadmaps.
Migration executed without downtime
ConnectPay ran Serdis in parallel with its previous core banking provider for nine months before switching over. In July 2025, the company migrated its full live business, including annual turnover of EUR 14 billion, onto the new platform in a single-weekend cutover, with no customer-visible downtime, according to the company.
Tadas Bakutis, CTO of ConnectPay, who led the migration, said the exercise demonstrated that a financial institution could take control of its core transactional infrastructure without disrupting existing users, and noted that infrastructure ownership was becoming more relevant as instant payment requirements and resilience standards increase across the sector.
Industry research cited by ConnectPay indicates that a significant share of Tier 1 banks continue to operate on legacy core banking systems. This comes as regulatory scrutiny of third-party infrastructure risk in the financial sector increases under the EU's Digital Operational Resilience Act (DORA), which sets requirements for the resilience of ICT systems used by financial entities.
Positioning within the European fintech sector
ConnectPay has framed Serdis as part of a broader effort to reduce dependency on external vendors among European EMIs and financial institutions. Marius Galdikas, founder and CEO of ConnectPay, said that institutions owning their core technology could see effects on operating margins and compliance processes, in addition to broader implications for infrastructure resilience within the sector.
Serdis is now being offered to European EMIs and financial institutions seeking to migrate their core banking infrastructure.
