Several Russian Banks Launch Unified Account Management in a Single App
Russians can now view and manage accounts from multiple banks within one mobile application thanks to open API technology.
At the Finopolis forum, VTB and T-Bank announced the launch of their joint multibanking project. The technology allows users to integrate checking, savings, and deposit accounts from one bank into the mobile app of another. All data aggregation occurs strictly with the client’s explicit consent.
The service already works with other financial institutions. More than one million customers can now link their Sberbank accounts to T-Bank’s app—and vice versa. In the near future, users will also be able to connect accounts from VTB and Alfa-Bank.
Open APIs Expand Banking Options for Russians
Open APIs play a central role in this process. The technology enables secure data exchange between banks through encrypted communication channels. The initiative is being implemented with the support of the Bank of Russia. In the future, users will be able to share data not only between banks but also with microfinance institutions and telecom operators.
Multibanking eliminates boundaries between financial institutions, giving users the convenience of a unified financial hub.
