The first multi-banking in Russia was implemented by «T-bank» through open APIs (a secure interface for application interaction). It will combine debit accounts of «Sberbank», «VTB» and «Alfa-bank» in one application, a representative of the commercial organization told Vedomosti.
Multi-banking allows customers of partner banks to quickly and securely view the total balance and balances of individual accounts, transaction history in both applications, as well as transfer money from one bank to another without commission - all on one screen.
Currently, the service is operating in pilot mode, and customer participation is possible only with their consent. In the future, banks will be able to offer customers more personalized products and conditions. The functionality is planned to be expanded and more users connected by the end of this year. But already «T-bank» has agreed with «VTB» to also display balances on deposits and savings accounts.
The first users of the «T-bank» interaction service with «Sberbank» have already become more than 1 million customers. A similar project is being implemented between «VTB» and «Alfa-bank».
This is the first step in the concept of the Bank of Russia, published in 2022, according to which the transition to open APIs will become mandatory for large banks, insurance and brokerage companies, and will also cover the largest players in the sector. The full transition to open interfaces in the financial sector is scheduled for 2026.
Integration through APIs creates the basis for a unified ecosystem of open finance, where services will work in a coordinated and transparent manner.