What Happened

ConnectPay, a Lithuania-based electronic money institution (EMI) processing EUR 14 billion in annual turnover, has launched Serdis, an AWS-native core banking platform. The platform, built in-house, is now commercially available to other European EMIs and financial institutions.

Serdis took over ConnectPay's entire live operations in July 2025 after a single-weekend migration with no customer-visible downtime. The platform was developed to address constraints from third-party systems, including safeguarding accounts, regulatory reporting, and dependency on external vendor roadmaps.

Who Is Affected

European EMIs and financial institutions seeking to modernize their core banking infrastructure are the primary targets for Serdis. The platform is positioned as a way to reduce reliance on external vendors, a growing concern under the EU's Digital Operational Resilience Act (DORA).

ConnectPay's own operations, including compliance updates, are integrated into the platform, which the company says extends to Serdis clients. This makes the offering relevant for institutions facing similar regulatory pressures.

Market Impact

• Serdis enters a market where most core banking engines are built by software vendors, not regulated institutions, offering a differentiated, production-tested alternative.
• The launch aligns with DORA's focus on ICT resilience, potentially driving demand for platforms that reduce third-party risk.
• ConnectPay's move could pressure competitors to highlight their own resilience and compliance capabilities.

What to Watch

Monitor how quickly ConnectPay signs its first external clients for Serdis, which will validate demand beyond its own operations. Also watch for any technical or compliance challenges during client migrations, as these could impact the platform's reputation.

Additionally, track whether other EMIs follow ConnectPay's lead in building and selling core banking technology, potentially reshaping the vendor landscape in European fintech.

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