The European Commission has proposed measures to modernize payment services, including the Payment Services Regulation (PSR) and the Payment Services Directive 3 (PSD3), which aim to tackle challenges such as payment fraud, enhance consumer rights, and promote an API-first approach. The new regulation encourages the use of APIs for data sharing and innovation in the financial sector, mandating their usage for access and providing a narrow set of exceptions. This will drive the market towards APIs, enabling secure and efficient data exchange between Payment Service Providers (PSPs) and Account Servicing Payment Service Providers (ASPPs). The regulation also aims to remove obstacles hindering open banking adoption, such as double redirects during authentication, and empowers PSPs to share fraud-related information. By promoting an API-first landscape, PSD3 and PSR promise a more dynamic, secure, and customer-centric financial ecosystem in the European Union, unlocking possibilities for innovation and convenience in financial services.