VTB outlined the key conditions for the development of data exchange between banks.

      July 3, 2026 12:25 Economy The Deputy Head of the Technology Block of VTB, Sergey Bezboga, listed five main infrastructural and legislative solutions necessary for scaling Open API in Russia. He spoke about this at the Financial Congress of the Bank of Russia. Open API is a technology for fast and secure data exchange between different companies. To implement this tool in the financial sector, the Bank of Russia has developed a concept according to which Open API will be used in the banking, insurance, brokerage, and microfinance markets. Banks, including VTB, are developing and testing this technology on the platform of the FinTech Association (AFT).

      · Legislative framework. VTB expects that the regulatory framework in this area will emerge in 2027. As it is formed, the number of partner banks may increase, including through the involvement of systemically important credit organizations in data exchange with VTB.

      · Data exchange standards. Currently, the Central Bank has developed 14 standards, but it is necessary to work out a number of additional standards for key functionalities for legal entities.

      · Equidistant independent operator. As Open API scales, the presence of an independent arbitrator becomes a key condition for the trust of market participants. A single operator can ensure transparency of processes and reduce infrastructure costs, provided that the rules of interaction are uniform and mandatory for all.

      · Commercial consent platform. Market participants need to develop a unified approach so that customer data discussed simultaneously in several banks becomes available only with their consent. This requires a separate platform that provides correct procedures for both obtaining and revoking consents.

      · Basic minimum standardized connection processes. Such processes should be created based on the Bank of Russia or an equidistant platform, such as the FinTech Association (AFT).

      Bezboga also urged all banks to engage in the process of developing and piloting Open API standards, primarily for legal entities. "The Open API technology is particularly relevant for business, and standards are necessary to launch this functionality for both large companies and representatives of small and medium-sized businesses," explained Bezboga. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and operational information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+