Tinkoff and Sber will combine information about customer accounts in their applications.

This will allow users to manage cards from one bank in the mobile client of another.

Sberbank, in partnership with Tinkoff Bank, is implementing a project to exchange financial information of its clients in applications, RBC reports. VTB and Alfa-Bank have similar plans, and Gazprombank plans to join the program in the future.

This technology will improve the convenience of customers who have accounts and cards in several banks. The user will be able to see the status of their funds deposited in Tinkoff Bank in the Sberbank application and, accordingly, vice versa.

Banks will introduce this technology gradually. It is now being tested among employees. The first group of clients will be connected to it by the end of summer 2024. But only with their permission. However, application users may not consent to the exchange of financial information or withdraw it at any time.

At the initial stage, it is assumed that clients will be able to see the balance and status of accounts with the partner bank. Financial institutions will then combine the data to analyze spending. Only at the final stage will it be possible to manage accounts in one bank from the application of another.

As for combining data from clients of VTB and Alfa-Bank, the first tests with the participation of clients of these organizations will take place in October 2024. Information about accounts and transaction history will be exchanged.

Note that all these procedures are carried out as part of the implementation of open API technology, which is carried out by the Bank of Russia. It is planned that the system will cover the banking, insurance, brokerage and microfinance markets. It is being tested by banks on the site of the FinTech Association (AFT). The gradual universal introduction of this technology will take place in 2026.

All participants in the program will be required to undergo mandatory rigorous security checks, since the associated risks are key when using such technology.