ConnectPay has completed the transition to its own in-house core banking system, Mars, marking a major milestone in how we build, operate, and scale financial infrastructure.
Core banking systems are the backbone of any financial institution. They hold the single source of truth for account balances, transactions, and payments. Until now, like most fintechs and EMIs, ConnectPay relied on a third-party provider for this critical layer. However, with Mars, that dependency is gone.
Running our own core banking system fundamentally changes how we operate:
- Greater reliability: By owning the core technology, we remove our largest external dependency and can react immediately if issues arise.
- Faster innovation: Product improvements and regulatory changes that once took months can now be delivered in weeks.
- Stronger security: Security standards and controls are applied directly within our own infrastructure.
- Long-term efficiency: Eliminating external core licensing fees creates long-term cost efficiencies that benefit our clients.
“Core banking is the single source of truth for every balance and transaction,” said Tadas Bakutis, CTO at ConnectPay. “When it’s outsourced, you inherit someone else’s risks and timelines. With Mars, we control the technology ourselves – which makes us faster, more resilient, and even better positioned to serve our clients.”
A rare move in fintech
Building and operating a core banking system is one of the most complex and resource-intensive projects a fintech can undertake. As a result, most companies choose to rent or license their core infrastructure from third-party providers. By designing, building, and migrating to Mars in-house, ConnectPay joins a small group of fintechs that fully own and operate their core technology – a move that strengthens resilience and supports long-term scalability.
“Many fintechs talk about independence, but very few are willing to take on the complexity of building their own core,” added Bakutis. “It’s a move that gives us long-term freedom – both technically and strategically.”
For our clients, the impact is straightforward:
- More stable services, with fewer external risk factors
- Faster product updates driven directly by client needs
- Greater confidence in a platform built for regulatory alignment and growth
“From the client perspective, this isn’t about technology – it’s about trust,” said Bakutis. “Owning our core means we can prevent issues earlier, resolve them faster, and continuously improve without waiting on third parties.”
Over the coming months and years, this foundation will enable faster experimentation, tailored solutions for different client segments, and continued improvement across products.
