Corporate Multibanking: VTB and Alfa-Bank in a Single Interface
Corporate clients of VTB and Alfa-Bank no longer have to switch between separate banking applications to check account balances and download statements. The new Multibank service brings both institutions into a single interface.
To activate the service, corporate customers must authorize data sharing between the participating banks. Information is exchanged through VTB's API platform and follows Bank of Russia open API standards, providing a high level of data protection.
A Unified Financial Workspace
Corporate finance teams can now spend less time reconciling transactions with counterparties. Instead of moving between multiple banking platforms, they can monitor cash flows through a single digital interface, helping reduce operational costs.
"We are seeing tremendous interest in open banking technologies from our corporate customers, particularly large enterprises. Open banking addresses their need to manage multiple banking relationships through a single interface," said Sergey Bezbogov, Deputy Head of VTB's Technology Division.
Expanding the Platform
At present, Multibank supports only account and statement viewing, but the participating banks plan to expand the platform's capabilities. Doing so will require a supporting legal framework. Once the relevant legislation is adopted, corporate banking clients will be able to manage accounts held at multiple financial institutions from a single interface. Expanding participation to additional banks is the next logical step. The more financial institutions adopt common data exchange standards, the greater the platform's practical value for businesses that work with multiple banks. Further integration with accounting systems, enterprise information platforms, and ERP software for financial management, budgeting, and strategic planning could eventually automate many core business processes.
From Concept to Production Service
The Bank of Russia introduced its roadmap for open APIs in the financial sector, together with a phased implementation strategy, in 2022. The following year, at the central bank's initiative, the Association FinTech launched a pilot corporate multibanking project involving PSB and Tochka Bank. In 2024, the project entered its second phase, with five banks and 60 companies testing customer statement data exchange based on open API standards.
Following the pilot, the Bank of Russia updated its Open API standards package in 2025 and recommended the standards for industry adoption. That same year, VTB and Alfa-Bank launched a pilot version of Multibank for corporate customers. The service entered full-scale operation in 2026. In parallel, VTB also launched Multibank in partnership with Sber.
Open APIs as a Catalyst for the Digital Economy
The launch of Multibank represents more than another banking product. It signals the growing maturity of Russia's fintech ecosystem. Over the next three years, the platform is expected to add new capabilities while attracting more participants to the interbank data exchange network. Broader integration will require banks to modernize their systems and ensure interoperability across different architectures, driving demand for Russian IT solutions built for open finance. At the same time, banks themselves are emerging as significant technology developers, bringing solutions to market that are ready for enterprise-scale deployment.
Looking ahead, Russia is expected to move beyond isolated banking interoperability projects toward a systematically implemented open financial infrastructure. Such an ecosystem would give businesses broader tools for managing liquidity and accounts across institutions while accelerating the country's digital economy.
