VTB talked about open banking projects

VTB and T-bank are launching a pilot project within the framework of open banking for retail clients. Users with active accounts in both banks will be able to see their deposit and savings account balances in one application. This became known within the framework of "Finopolis-2025".

The Open API technology (open software interfaces) allows, with the consent of users, to integrate products and services from different financial providers in a single interface. They will be able to receive information about their debit accounts and cards, and view their transaction history in one application. VTB is testing a similar project with Alfa-Bank.

"The functionality of open banking allows you to make a banking application a single wallet for viewing and managing all active accounts. According to our surveys, 78% of Russians would like to manage all bank accounts in one application. We are creating an end—to-end service for them, including advanced cost and revenue analytics tools," said Alexey Okhorzin, Senior Vice President and Head of VTB's Retail Business Products Department.

In the future, it is planned to expand the functionality of open banking by adding transactions with all accounts and products from a single application.

"In 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 when interacting with 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 VTB Management Board.

As part of the Open API concept, which the Bank of Russia published in 2022, financial institutions must necessarily exchange product data and customer account information. At the first stage, the largest banks, insurance companies and brokers should implement the new standard. A full transition to open interfaces in the financial sector is planned from 2026.

All important news is on the Izvestia channel in the MAX messenger.