After the successful creation of the proprietary core banking system “Mars,” one of Lithuania’s largest financial technology companies, ConnectPay, presents this solution to the European financial market as an independent brand “Serdis.”
“Serdis” is a core banking platform that provides financial institutions with ownership of their data, uptime, and product plans. The company name comes from the Lithuanian word “šerdis,” meaning the essential part – because the core banking system is truly the core of a financial institution’s operations, accounting for all account balances, transactions, and payments.
A platform created by a market participant
Market analysis shows that 70% of systemically important banks still use outdated core systems, and most of these systems are developed by software providers without experience working in a regulated environment. “Serdis,” on the contrary, was created and tested within a regulated financial institution itself.
“Most core banking system developers have never had to report to a regulator or settle accounts with a central bank,” says Marius Galdikas, founder and CEO of ConnectPay. “Serdis” emerged as a response to the limited solutions of third parties and allowed the removal of core technological dependency.”
Migration without downtime
Migration is one of the riskiest projects a financial institution can undertake. ConnectPay’s transition to the “Serdis” system shows that it is possible to do so without disruptions.
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Over one weekend, without customers noticing any downtime, ConnectPay transferred its entire operation – 14 billion euros in annual turnover – to the new core system.
“The core banking system is the only proof of all transactions,” says Tadas Bakutis, ConnectPay’s technology director and migration leader. “By migrating ourselves to this system, we proved that a financial institution can regain control of its infrastructure without disrupting its customers’ operations.”
Goal – a more resilient European fintech ecosystem
“Serdis” allows European financial institutions to manage their infrastructure differently – focusing on the product and customer experience rather than adapting to constantly changing vendor plans.
“We want the European fintech ecosystem to have resilient infrastructure that institutions truly control themselves, not rent,” shares M. Galdikas, who also chairs the Lithuanian Fintech Association. “The ability to manage your core infrastructure not only facilitates compliance audit processes but also strengthens the entire financial market’s operations.”
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