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By mid-2025, VTB is ready to implement open banking technology, which will allow Russians to view their accounts in different banks through a single interface. The mayor is currently waiting for the approval of the relevant law.
To implement the possibilities of open banking, VTB is actively participating in a pilot project on the use of open program interfaces (open APIs) on the platforms of the FinTech Association. The bank is working with Alfa-Bank to test the solution.
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.
While the technology is being tested on employees of both banks, this opportunity will be provided to VTB clients and individuals as part of the testing. As part of the pilot, VTB and Alfa-Bank built the architecture of the data storage and transmission system, ensuring 100% data protection during the exchange of information.
Open banking organically complements innovative technological solutions that are already changing the quality of 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% from two banks, and 22% from three banks. Another 16% of Russians use four or more bank cards. Open banking technology allows customers to manage their accounts from one account instead of moving between several applications. This will be in demand among our customers, so we are working to provide them with this service as quickly as possible," said Georgy Gorshkov, Deputy Chairman of the Management Board, Chairman of the Board of Directors of VTB.