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Open Banking Era Start Dates Announced
By mid-2025, VTB is ready to introduce open banking technologies for its clients, and the adoption of relevant legislation is expected. Russians will be able to view accounts of different banks through a single interface.
To deploy open banking capabilities, the bank is actively participating in a pilot project to use open APIs on the Fintech Association platforms and is collaborating with Alfa-Bank to test solutions.
While the technology is being tested on employees of both banks, this opportunity will be offered to individual clients as part of the trial. As part of the pilot, the financial institution built an architecture for the data storage and transmission system that ensures 100% data protection during information exchange.
"Open banking organically complements innovative technological solutions that are already transforming customer service. It also provides customers with new solutions and new opportunities for business development. We are talking about managing all your accounts and financial products from a single interface. We are currently carrying out key preparatory stages, including the development and testing of the service," said Vadim Kulik, Deputy Chairman of the Board of Directors of VTB.
"Our research shows that 27% of Russians use cards from only one bank, 33% - two banks, and 22% - three banks. Another 16% of Russians use four or more bank cards. Open banking technology allows customers to manage their accounts from one account, rather than "jumping" between several applications," explained Georgy Gorshkov, Deputy Chairman, Chairman of the Board of Directors.
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.