VTB and Sber have launched "Multibank" — a service for corporate clients that allows managing accounts in both banks from a single window. According to the VTB press service, the system uses the open banking standards of the Bank of Russia.
Clients can add accounts, receive statements, view, export, and print data without switching between accounts. VTB views "Multibank" as part of its strategy to create a unified digital platform for business. Plans include expanding functionality and connecting other banks.
Previously, corporate clients had to manually consolidate data from different systems. "Multibank" automates liquidity management and cuts off the livelihood of third-party fintech aggregators. The two state giants are creating a domestic open banking system — an alternative to the Western PSD2, operating within the country.
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