Translated with AI from the Russian original.
"Multibank" is built on the basis of open banking standards of the Bank of Russia.
Sber and VTB have launched industrial data exchange according to open API standards for corporate clients. The new "Multibank" service allows businesses to work with accounts opened in two banks in a single interface without having to switch between systems.
The first clients are already using the service in pilot mode. Clients can add accounts, receive statements, view, export, and print data in a single window. VTB considers "Multibank" as part of its strategy for developing open banking and creating a unified digital platform for business. Further expansion of opportunities and connection of new banks are planned.
The open API (application programming interfaces) technology involves the use of modern integration standards and secure data exchange. It allows for seamless digital interaction between banks, fintech services, and end users.
