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Very insightful article, and I agree with your perspective on the future of banking and the need for banks to be more modular and agile in their quest for a composable architecture. Composable architecture is a game changer because it allows banks to modernize their systems without overhauling their entire infrastructure. By enabling modular, plug-and-play integration between core banking systems and third-party services or APIs, composable platforms create a far more agile and data-driven customer experience.

I have worked for many years with APIs in a major bank in the Nordics, and what you share here is true for that region as well as the majority of Europe. With the new directive (PSD3 + PSR) coming soon, we can only hope that banks will continue to shift their focus to building API systems to replace their old legacy systems. However, this modernization phase will take many years. Fortunately, the fintech space is growing and driving this innovation, highlighting the need for banks to shift their focus more rapidly.