Banks spend more than $60 billion a year on core banking, yet much of the industry still runs on decades-old technology.

In this episode of the WRAP UP, I sit down with Martin Della Chiesa, CEO of Skaleet, to discuss why replacing legacy core banking systems remains so difficult and how cloud-native, modular and real-time infrastructure is changing the market.

We discuss why the biggest competitor for next-generation core banking providers is often the status quo, why major migrations can still take 18–24 months, and how modern platforms can help banks and fintechs launch new products in as little as six months.

We also get into AI and agentic commerce. Martin explains why banks cannot fully take advantage of AI agents if their underlying infrastructure is not API-based and real-time, how AI could make legacy migrations easier, and why Skaleet is building infrastructure that could allow AI agents to trigger payments on behalf of customers.

We cover:

• Why core banking remains such a fragmented market
• Legacy systems vs next-generation core banking
• Why banks keep postponing core modernization
• Modular architecture and faster product launches
• The real cost and complexity of core migrations
• AI agents and the future of payments
• Why real-time infrastructure matters for agentic commerce
• How AI could help banks understand and replace legacy code
• The three things banks should evaluate when choosing a core banking provider
• Why an 800-row RFP spreadsheet may be the wrong way to choose banking technology

A practical conversation about the infrastructure sitting behind modern financial services and what has to change as banking moves into the AI era.

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