9 October 17:17
VTB and T-Bank are launching a pilot project as part of open banking for a million retail clients. Users with active accounts in both banks will be able to see their deposit and savings account balances in one application. The banks announced this within the framework of FINOPOLIS-2025.
Open API (open program interfaces) technology allows, with the consent of users, to integrate products and services from different financial providers in a single interface. For example, receive mutual information about your debit accounts and cards, view the history of transactions on them in one application. VTB is already testing such a project with Alfa-Bank.
In the future, it is planned to expand the functionality of open banking by adding operations with all accounts and products from one application. At the same time, clients will be provided with the highest level of protection during data exchange.
“When building the infrastructure for open banking projects, we used more advanced encryption of user data using a special gateway with support for GOST encryption. It uses certified Russian encryption algorithms, which are designed to ensure information security during the interaction of IT infrastructures of various organizations. All this is necessary for the absolute protection of user data when exchanging information,” said Vadim Kulik, Deputy President and Chairman of the Board of VTB.
“The open banking functionality allows you to turn your banking application into a single wallet for viewing and managing all active accounts. According to our surveys, 78% of Russians would like to manage all their bank accounts in one application. We create an end-to-end service for them, including advanced cost and income analytics tools. For example, in a couple of clicks you can analyze income and expenses by category, brand or your personal parameters, get a recommendation on the most profitable cashback, deposit, investment, etc.,” said Alexey Okhorzin, senior vice president of the VTB retail business product department.
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In 2022, the Bank of Russia published the Open API concept. Within its framework, financial organizations will be required to begin exchanging data about themselves and their products using the Open API standard, transferring information about client accounts and their products to each other, and initiating payments. At the first stage, data exchange will be mandatory for the largest banks, insurance companies and brokers, then other categories of financial organizations will be connected to the standards. A complete transition to open interfaces in the financial sector is planned from 2026.
