Is bancor decentralized?

Excuse me, could you please clarify if Bancor is truly decentralized in nature? I've heard conflicting opinions on the matter, and I'd like to understand the technicalities behind it. Specifically, how does its decentralized architecture work, and are there any central authorities or intermediaries involved in the process? Additionally, could you elaborate on the security measures implemented to ensure the decentralization of Bancor remains intact? Thank you in advance for your insights.