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VTB and Sberbank are the first Russian banks to test open banking service for businesses
Corporate clients can view all their accounts in the bank's familiar interface. The bank announced this in Sochi at the FINOPOLIS 2024 forum.
"Most enterprises are clients of several banks at the same time, and Multibank allows them to view information and work with accounts of different banks in one interface. This will significantly facilitate the interaction of businesses and financial institutions throughout the country. In fact, this is a confident step towards seamless open banking, a service necessary for the more active development of the Russian economy. The service is currently being tested at the FinTech Association site and is technically ready for launch in 2025," said VTB Board of Directors member Vitaly Sergeychuk.
"The strength of Open Banking as a technology lies, of course, in its versatility and ability to qualitatively transform the client journey for both individual and corporate clients. Today, we see a high level of market readiness and requests from legal clients for the emergence of complex integrated tools, and we are working on the implementation of these services," said Vadim Kulik, Vice President, Chairman of the Management Committee of the Bank.
Open API (Application Programming Interface) technologies include the latest integration standards and secure data exchange. This will ensure seamless digital interaction between banks, fintech services and end users. For customers, this technology means the ability to manage accounts from multiple banks through a single interface.