By the end of 2023, VTB plans to offer all routine banking services. Photo by Oberon Copeland @veryinformed.com on Unsplash.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Russian lender VTB has introduced digital banking services on the cloud-based instant messaging platform Telegram, TASS reported.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

According to VTB, the launch will happen in phases.

Initially, customers will be able to monitor the balances of their cards and VTB accounts, send money using the Faster Payment System, and pay for mobile services.

VTB Board Member Svyatoslav Ostrovsky said: “Launching a new digital service on Telegram is a first for the Russian and global financial markets, combining simplicity and security.

“We are introducing a new customer service today, with plans to gradually increase its capability to the level of a full-fledged application. The speed of daily operation will more than double thanks to modern technologies.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Later, the bank intends to roll out QR payments, as well as the ability to generate QR codes, monitor transactions, transfer money between accounts, and other features.

By the end of 2023, VTB hopes to offer customers access to all routine banking services as well as certain new digital products.

“The service will be available to owners of smartphones of all operating systems, and it will become a reliable alternative to the AppStore application for iOS users,” the lender said.

Recently, VTB closed the acquisition of bailed-out lender Otkritie Bank for RUB340bn ($5.03bn).

Meanwhile, last month, the US Department of the Treasury Office of Foreign Assets Control (OFAC) sanctioned 17 subsidiaries of VTB.